Titan Medical (TSX:TMD) said today that it raised nearly $6 million in a public offering, with company insiders putting up another $166,000.
Toronto-based Titan, which is developing the Sport robot-assisted surgery platform, had said it might float up to 100 million shares, which would have fetched $11.5 million. In the event the company floated nearly 48.4 million shares at 11.5¢ (C15.0¢) apiece, for gross proceeds of almost $5.5 million (C$7.3 million). Each unit in the offering consisted of a stock share and a 5-year warrant priced at 15.3¢ (C20.0¢).
Titan said another 1.4 million shares were issued to company insiders, including all directors and officers, for gross proceeds of $165,662 (C$216,896). Bloom Burton Securities was the sole offering agent for the flotation, the company said.
Earlier this month, its shareholders approved a reverse stock split at a range of one share for 5 to 30 shares.
In April, Titan Medical said it spiked talks with Chinese distributor Longtai Medical over its Sport robot-assisted surgery platform so it can focus on winning regulatory approvals in the U.S. and Europe.
Back in October 2015, Titan inked a private placement deal with Longtai, a subsidiary of Chinese medical device distributor Ningbo Long Hengtai International Trade Co., that could have ended up being worth more than $24 million.
($1 = C$1.30927)
