Titan Medical Prices $6m Offering


Titan Medical (CVE:TMD) today priced an 8.9-million-share offering at about 65¢ per share, saying it plans to use the proceeds to continue developing its Sport robot-assisted surgery platform.

Toronto-based Titan said it could gross about $5.8 million (C$8 million) from the offering, which is slated to close Feb 12. Each unit of the offering consists of a share of TMD stock and a warrant to buy another share at about 72¢ (C$1). The stock was trading at C$2.44 apiece today in mid-afternoon activity.

The agent on the deal, Bloom Burton & Co., will take a 7% cash commission on the offering plus 7% of the issued warrants, Titan said. There’s also a 30-day over-allotment option for an additional 15% of the shares that end up being issued, the company said.

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.




Print Friendly, PDF & Email

Josh Sandberg

Josh Sandberg is the President of Ortho Spine Partners and Partner for The De Angelis Group. He also serves as Co-Founder and Editor of OrthoSpineNews.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Back to top button