Titan Medical prices $12m offering

By Fink Densford | November 15, 2017

Titan Medical (TSX:TMD) today priced a previously announced offering of units, looking to raise between $10.2 million (CDN $13 million) and $11.7 million (CDN $15 million) by floating units at 39¢ (CDN 50¢) each.

Each unit in the offering is comprised of one common share of the company and the purchase warrant for an additional common share, exercisable at 47¢ (CDN 60¢) per share for a period of five years following the offering.

Proceeds from the offering will be used to support continued development of the company’s Sport robotic surgical platform in addition to working capital and other general corporate purposes, according to a press release.

Earlier this month, Titan medical reported its third quarter financial results, touting that the the company met all its published milestones for the fiscal quarter.

About The Author

Fink Densford

Fink Densford received a masters degree in science journalism from Boston University in 2015 after earning dual bachelor degrees in psychology and journalism from the University of Kentucky. Before joining MassDevice, he covered topics ranging from optogenetics, robotics and animal cognition to issues at the intersection of medicine and technology.