Titan Medical Inc. closed an underwritten public offering of units, raising gross proceeds of about US$25 million.

The Toronto-based medical device company sold 7,352,941 units, priced US$3.40 apiece.

Each unit included one common share and one warrant to buy one common share at US$4 until expiry on March 20, 2024.

The transaction agent fully exercised the option to buy an additional 1,102,941 units at the offering price, for additional gross proceeds of US$3.8 million.

Shares sold and issued were listed on the Toronto Stock Exchange under the symbol TMD and on the Nasdaq Capital Market under the symbol TMDI.

Proceeds will go toward developing Titan's Sport Surgical System, working capital and other general corporate purposes.

Bloom Burton Securities Inc. was the agent for the transaction and appointed Northland Capital Markets, a division of Northland Securities Inc., as sub-agent.

Titan Medical develops and sells computer-assisted robotic surgical technologies for use in minimally invasive surgery.