Titan Medical raises $12.8M for its surgical robotics

February 20, 2014 by Arezu Sarvestani

Titan Medical sells more than 9.1 million shares in an over-allotted offering that brought in nearly $12.8 million to support development and commercialization efforts.

Titan Medical raises $12.8M for its surgical robotics

Canada-based Titan Medical (CVE:TMD, OTC:TITXF) raised C$12.8 million in an over-allotted public offering, planning on using the new funds to support general needs as well as ongoing development and commercialization for the company's surgical robotics.

Titan sold out its base offering of nearly 8 million units as well as full over-allotment of about 1.2 million units at C$1.40 apiece, the company said. Each unit includes 1 common share and 1 purchase warrant to acquire 1 share at C$2, according to a company statement.

The offering was not available in the U.S.

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Titan earlier this month boosted the value of the offering, which was originally slated to bring in about C$9 million. Titan said alongside the original announcement that the ultimate size of the offering would be determined by "the context of the market."