Titan Medical (TSX:TMD;OTC:TITFX) today priced an offering it hopes will bring in as much as $25 million, cash it desperately needs to resume development of its Sport robot-assisted surgery device.

Earlier this month, shares in the Toronto-based company lost nearly half their value when Titan suspended the timeline on the Sport single-port surgery platform. The company had once already pushed back the timeline for its 501(K) submission to the FDA from late this year to the first half of 2020; in an Oct. 16 announcement Titan withdrew all of its milestone targets after the fourth quarter because “its lack of financing has caused its primary product development supplier to limit the development work on the company’s robotic surgical system,” according to a press release.

Today the company said it plans to float between 33.3 million and 55.6 million units at 45¢ apiece, hoping to raise at least $15 million and as much as $25 million. Each unit consists of a stock share and a five-year warrant with a strike price of 55¢; the offering is slated to close Oct. 31, Titan said.