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.
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."
The company announced in September 2013 that it had developed the 1st working prototype of its robot-assisted SPORT Single Port Orifice Robotic Technology, which allows surgeons to conduct surgeries using only instruments inserted in a 25mm-diameter opening in the abdomen. Ximedica, Titan’s development partner, said it was planning a pilot launch of the SPORT system, but dates for a potential launch were not disclosed.