Titan Medical (CVE:TMD) said today it closed its most recent offering, raising $7.6 million (CAD $10.5 million) by floating 11.7 million shares at 65¢ (CAD 90¢) per share to support its Sport robotic surgical system.
Each unit sold in the offering, which was managed by Bloom Burton & Co. Limited, consists of 1 common share of stock and one common share purchase warrant, which entitles the holder to acquire one share of the company at 72¢ per share for 60 months following closing.
Toronto-based Titan Medical said it received conditional approval from the Toronto Stock Exchange to trade the shares under the symbol TMD, and warrants under the symbol TMD.WT.G, according to a press release.
The amount raised falls between the company’s 1st and 2nd estimations for the round. Last week, Titan Medical said it hoped to raise $6 million, then boosted the amount to $8 million earlier this week.
The company said it intends to use proceeds from the offering to complete 5 1st-in-human units of its Sport surgical system, as well as for working capital and other general corporate purposes.
Titan’s Sport surgical system is a minimally invasive robotic surgery system featuring the company’s Single Port Orifice Robotic Technology and 3D imaging and interactive instruments, the company said.
Last month, Titan Medical introduced the prototype of its Sport robot-assisted surgery device to investors in New York as it gears up for 1st-in-human trials this year.
Titan is chasing TransEnterix (NYSE:TRXC) in the race to challenge robot-assisted surgery’s dominant player, Intuitive Surgical (NSDQ:ISRG), and its da Vinci system. TransEnterix’s SurgiBot is expected to hit the U.S. market during the 1st half of this year; Titan’s Sport offering is anticipated for mid-2017.