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Home » Titan Medical inks $35m financing deal with Aspire Capital

Titan Medical inks $35m financing deal with Aspire Capital

August 30, 2019 By Sean Whooley

Titan Medical (TSX:TMD;OTC:TITFX) said yesterday that it inked a share purchase agreement with Aspire Capital worth up to $35 million.

In the deal, Aspire Capital committed to purchase Titan stock up to the $35 million mark until Feb. 28, 2022, at Titan’s request. Titan plans to immediately sell Aspire Capital nearly 1.8 million shares at $1.69 per share for gross proceeds of $3.0 million.

TMDI shares took a hit earlier this week when the Toronto-based company announced a delay in the regulatory timeline for its Sport robot-assisted surgery device, pushing it back from the end of this year to the first half of 2020.

The stock was up 1.0% on $1.99 in early-morning trading in New York CIty; TMD shares were up 1.2% to C$2.61 in Toronto.

Filed Under: Featured, Funding Roundup, Surgical, Surgical Robotics, Wall Street Beat Tagged With: Titan Medical Inc.

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About Sean Whooley

Sean Whooley is an associate editor who mainly produces work for MassDevice, Medical Design & Outsourcing and Drug Delivery Business News. He received a bachelor's degree in multiplatform journalism from the University of Maryland, College Park. You can connect with him on LinkedIn or email him at [email protected].

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