Titan Medical Inc. filed a final prospectus for a previously announced marketed offering of units, priced at $2.50 each.

Each unit comprises 1 common share and a five-year warrant to buy 1 additional common share for $3.20.

The Toronto-based developer of robotic surgical systems expects to raise gross proceeds between $16 million and $20 million, which will go toward developing Titan Medical's SPORT Surgical System.

Bloom Burton Securities Inc. is acting as agent for the offering.