Titan Medical raises $12.8M for its surgical robotics
Titan Medical sells more than 9.1 million shares in an over-allotted offering that brought in nearly $12.8 million to support development and commercialization efforts.
Canada-based Titan Medical (CVE:TMD, OTC:TITXF) raised C$12.8 million in an over-allotted public offering, planning on using the new funds to support general needs as well as ongoing development and commercialization for the company's surgical robotics.
Titan sold out its base offering of nearly 8 million units as well as full over-allotment of about 1.2 million units at C$1.40 apiece, the company said. Each unit includes 1 common share and 1 purchase warrant to acquire 1 share at C$2, according to a company statement.
The company announced in September 2013 that it had developed the 1st working prototype of its robot-assisted SPORT Single Port Orifice Robotic Technology, which allows surgeons to conduct surgeries using only instruments inserted in a 25mm-diameter opening in the abdomen. Ximedica, Titan's development partner, said it was planning a pilot launch of the SPORT system, but dates for a potential launch were not disclosed.