Profound Medical (Nasdaq:PROF) announced today that it priced an underwritten public offering worth proceeds of approximately $35 million.
Toronto-based Profound is offering nearly 4.7 million shares of common stock at $7.50 per share. The company also granted underwriters a 30-day option to purchase up to an additional 700,005 common stock shares at the public offering price.
Profound plans to use the proceeds from the offering to fund the continued commercialization of its TULSA-PRO system in the U.S.
TULSA-PRO performs the company’s transurethral ultrasound ablation (TULSA) procedure. It uses real-time MR guidance for precision while killing targeted prostate tissue through sound absorption technology.
The system enables surgeons to ablate whole- or partial-gland prostate tissue in patients with low- intermediate- or high-risk prostate cancer. It also treats benign prostatic hyperplasia (BPH). It can treat prostate cancer patients on active surveillance seeking treatment of their cancer and relief from symptoms of BPH. Profound recently inked a deal to collaborate on TULSA-PRO with Siemens Healthineers.
Additional uses for proceeds include the continued development and commercialization of TULSA-PRO and the Sonalleve system globally. Sonalleve is designed for ablation of uterine fibroids and bone metastases. The company may also use funds for working capital and general corporate purposes.
Profound expects to close the offering on or about Dec. 10, 2024.
