Titan Medical (TSX:TMD) said today it raised $2.3 million (CDN $2.9 million) in a private placement round looking to support continued development of its Sport robotic surgical system.
In the offering, the Toronto-based company said it floated 11.5 million common shares at 20¢ (CDN 25¢) per share to a group including more than a dozen robotic surgeons across the US, alongside other investors.
“Our group of surgeon investors from around the country shares great optimism for the promising future of single-port robotic surgery and view it as the next logical advancement in the evolution of minimally invasive surgery. Surgeon investors representing our group met with Titan Medical’s executive team and operated an advanced prototype Sport surgical system. We collectively share tremendous excitement for the potential clinical benefits of the multi-articulating, single-incision technology, and the company’s strategic plans for commercialization. Initial trials conducted at Florida Hospital Nicholson Center have contributed to our group’s growing enthusiasm for the Sport system. Observations by group members and surgeon feedback from these trials indicate the performance exceeded expectations and the platform’s capabilities may be far greater than originally anticipated,” robotic surgeon Dr. John Adams Jr. of the Mississippi Urology Clinic said in prepared remarks.
Proceeds from the round will support continued Sport development and other general corporate purposes.
“We are pleased to complete this surgeon-led private placement. We view the investment by experienced robotic surgeons as affirmation that our Sport surgical system will address a significant underserved segment of the multibillion-dollar market for abdominal surgeries performed with robotic technology, and serves as a proxy for our product’s commercial potential,” prez & CEO David McNally said in a press release.
Late last month, Titan Medical said it inked a deal to add Columbia University Medical Center to the feasibility and validation studies of its robotic Sport surgical system.