The Toronto-based medical device company, which is developing a single-orifice robot-assisted surgery platform, said offering includes a 15% over-allotment provision.
The offering will consist of a single share of TMD stock plus a 3-year warrant to acquire shares at $2 apiece, according to a press release.
Titan Medical said it plans to use the proceeds, less a 6% broker’s fee, "for ongoing development and commercialization of robotic surgery technologies and general working capital requirements."
The offering, which is not available in the U.S., is slated to close Feb. 19, according to the release.
In July 2013 Titan Medical said it was pursuing “strategic alternatives," tapping Raymond James to scout out opportunities for "strategic relationships, combinations and transactions."