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Titan Medical raises additional C$1.5M through overallotment option

Titan Medical Inc. said it completed an overallotment option to raise additional gross proceeds of C$1.5 million as part of a previously announced offering.

Under the offering, which recently closed, the company offered 33,799,961 units, priced 30 Canadian cents per unit, for C$10.1 million in gross proceeds.

Under the overallotment option, the Toronto-based robotic surgical systems maker sold an additional 5,066,666 units at the public offering price.

The company plans to use net proceeds, including those raised from the overallotment option, to fund continued development of its Sport Surgical System, as well as for working capital and other general corporate purposes.

Bloom Burton Securities Inc. acted as the agent for the offering.