Titan Medical (TSX:TMD) said today that it closed a funding round that brought in nearly $4 million more than it was originally expecting, grossing more than $18 million for the Sport robot-assisted surgery device it’s developing.
Last month the Toronto-based company upsized the previously announced offering to between $14.1 million and $18 million ((C$18 million to C$23 million), up from between $10.2 million and $11.7 million (C$13 million to C$15 million). Today the company said the round came in at the high end of the range, grossing C$23 million, or nearly $18.2 million.
“We are very pleased with the results of this most recent offering, which based on demand, was significantly upsized from the original offering. We intend to use the capital raised to further the development of our SPORT Surgical System,” president & CEO David McNally said in prepared remarks.
Titan floated 46 million shares are C50¢ apiece (~39.5¢), with each consisting of a common share plus a one-year warrant priced at C60¢ (~$47.4).
Titan is the third-place player in the surgical robotics field, chasing TransEnterix (NYSE:TRXC) in the race to take market share from Intuitive Surgical (NSDQ:ISRG) , which has enjoyed a more than a decade of virtual monopoly in the abdominal surgery space.
($1 = C$1.26636)