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Profound Medical completes bought-deal offering

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Profound Medical completes bought-deal offering

Mississauga, Ontario-based Profound Medical Corp. completed its upsized bought-deal offering with gross proceeds of C$34.5 million.

The proceeds include the exercise of the underwriters' overallotment option. The company had granted the underwriters the option to buy up to an additional 4.5 million shares.

Profound plans to use the proceeds to advance its clinical trials, expansion of infrastructure to execute on global sales and marketing plans relating to its Tulsa-Pro and Sonavelle systems, to support ongoing research and development and continue to invest in additional research and development and acquisitions to expand the applications of its current and future platform, and for general corporate purposes.

The offering was conducted by a syndicate of underwriters led by Canaccord Genuity Corp. and including Paradigm Capital Inc., CIBC World Markets Inc., Beacon Securities Ltd., Echelon Wealth Partners Inc. and Mackie Research Capital Corp.