Titan Medical Inc. closed a public offering of units to raise about $19.2 million in gross proceeds.

The Toronto-based developer of robotic surgical systems said it issued 7,679,574 units at $2.50 apiece. In addition, the company said that 5,000 units were issued to an insider for gross proceeds of $12,500.

Each unit comprises of one common stock and a five-year warrant to buy one additional common share for $3.20.

The issued shares were listed on the Toronto Stock Exchange and on the Nasdaq Capital Market.

Titan plans to use the net proceeds for developing its SPORT Surgical System, as well as for working capital and other general corporate purposes.

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