Titan Medical (TSX:TMD;OTC:TITFX) today announced the closing of a $23 million bought deal.
The Toronto-based surgical robotics company conducted the sale by way of a short form prospectus in each of the provinces of British Columbia, Alberta and Ontario — as well as a private placement in the U.S. Last month, Titan Medical raised an additional $21.5 million in two additional bought-deal offerings announced on Jan. 5 and Jan. 26.
“It’s been a very active season for Titan Medical Inc. We are in better shape than we have ever been, and we’re looking forward to an exciting 2021,” CFO Monique L. Delorme told MassDevice.
Titan president & CEO David McNally noted in an earnings news release out on Feb. 22 that the company in 2020 executed a license agreement and a separate development and license agreement with Medtronic. The result was the company’s first revenue of $20 million, by way of license payments.
“We believe Titan is in an excellent position to validate our vision of providing an innovative single access robotic surgical system,” McNally said.
The latest $23 million bought deal included an offering of roughly 8.3 million units of the company sold on a “bought deal” basis for gross proceeds of roughly $20 million. Bloom Burton Securities acted as the offering’s underwriter and exercised its over-allotment option in full for an additional 1,250,250 units and additional gross proceeds to the company of roughly $3 million.
The money will fund the continued development of Titan Medical’s single-port robotic surgery system.
