Titan Medical (CVE:TMD) said yesterday it is planning a Canadian overnight marketed public offering to support the production of its minimally invasive robotic Sport Surgical System.
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.
Funds from the round will go to support the building of 3 of the 5 first-in-human Sport surgical units, as well as adding to Titan’s working capital and covering general corporate expenses, the company said.
Bloom Burton & Co. will act as Titan’s agent in the offering, though the company has not released the number of units, price or composition of the units for the offering. Titan said the information will be determined at the time of the offering.
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.
