Profound Medical (TSX:PRN) said today that it pulled in a $13.2 million (C$17.4 million) funding round that includes an over-allotment option that could bring in another $2 million (C$2.6 million).
Led by GMP Securities, the syndicate of underwriters agreed to buy 15.82 million shares at about 84¢ (C$1.10) apiece, with an optional over-allotment of 2.373 million shares for the 30 days following the offering’s expected close Nov. 14.
Toronto-based Profound said it plans to use the proceeds for working capital and general corporate purposes.
In August, the company moved CEO Steven Plymale to COO and put former Novadaq CEO Arun Menawat in the corner office. In April, Profound won CE Mark approval in the European Union for its Tulsa-Pro ultrasound ablation device designed to treat prostate cancer.
A month later Royal Philips (NYSE:PHG) extended its deal with Profound to include a sales and marketing agreement for the Tulsa-Pro system, guided by Philips MRI machines.