Titan Medical (CVE:TMD) today shifted the size of its upcoming offering, which it previously expected to bring in $6 million (C$8 million) raising the amount of shares offered to put it in the range of $7 to $8 million (C$10-11 million) to support developing its sport robot-assisted surgery platform.
Last week, Canada-based Titan said it would put up 8.9-million-shares at about 65¢ per share, but has bumped its offering to a minimum of 11.1 million units and a max of 12.2 million.
The company said it granted Bloom Burton & Co., its agent for the sale, an over-allotment option at a price of 18¢ per over-allotment warrant, exercisable in part or in whole for up to 30 days following the closing date.
Bloom Burton & Co., will take a 7% cash commission on the offering plus 7% of the issued warrants, Titan said. The company still hopes to close the offering on February 12.
Titan Medical’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 Toronto, Ontario-based 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.