The placement with Chinese private equity player Shanghai Jugu Equity Investment Fund, announced June 1, is now due to close on or before August 15, the Toronto-based robot-assisted surgery firm said.
“We have extended the closing date of the transaction with Shanghai Jugu at the request of the fund’s management,” president Reiza Rayman said in prepared remarks. “Meanwhile our board continues to consider other unsolicited proposals for financing received from interested investors and also continues to explore other financing options.”
Shanghai Jugu paid about 56.9¢ apiece (C74.6¢) for some 27.9 million TMD shares, the Toronto-based robot-assisted surgery company said in June.
The cash is earmarked for the Sport surgical platform Titan is developing. The company said the placement consists of a 16.4 million-share transaction and a 2nd tranche of 11.5 million shares, to be triggered by Toronto Stock Exchange clearance of Shanghai Jugu’s personal information form.
“The Sport surgical system is expected to provide value clinically, financially, and operationally. As such, new markets that were not previously served can be addressed with our technology,” chairman & CEO John Hargrove said at the time.
“We are very pleased that Shanghai Jugu has recognized Titan as a valuable investment opportunity,” Rayman added. “This is an indication of emerging market interest in our technology and the value that it can bring to healthcare.”
In May, Titan inked a 3-month extension on negotiations with distributor Longtai Medical for the exclusive rights to its Sport surgical robot in the Asia-Pacific region. Longtai put more than $24 million into Titan last November.
A March offering of shares and warrants grossed about $11.5 million (C$15.1 million) for Titan Medical.
(C$1 = $.763045)