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Titan Medical Prices $6m Offering

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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.

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Josh Sandberg

Josh Sandberg is the President and CEO of Ortho Spine Partners and sits on several company and industry related Boards. He also is the Creator and Editor of OrthoSpineNews.

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