Titan Medical Announces US$1.2 Million Registered Direct Offering
March 25 2020 - 8:58AM
Business Wire
Titan Medical Inc. (“Titan” or the
“Company”) (TSX:TMD) (Nasdaq:TMDI), a medical
device company focused on the design, development and
commercialization of a robotic surgical system for application in
minimally invasive surgery (“MIS”), is pleased to announce
today that it has entered into definitive agreements with
institutional investors that provide for the purchase and sale of
7,000,000 common shares of the Company (the “Common Shares”)
at a per share purchase price of $0.17 per Common Share and
3,500,000 Common Share purchase warrants (each, a
“Warrant”), resulting in total gross proceeds of
approximately $1.2 million. Each whole Warrant is exercisable to
purchase one Common Share (a “Warrant Share”) at an exercise
price of $0.19 per Common Share for a period of five years
following the date of closing of the offering.
H.C. Wainwright & Co. is acting as the exclusive placement
agent for the offering.
The closing of the sale of the securities is expected to occur
on or about March 27, 2020, subject to the satisfaction of
customary closing conditions including required approvals from the
TSX. Titan intends to use the net proceeds from the offering for
general corporate purposes including: resuming the development of
its single-port robotic surgical system, instruments and
accessories; funding working capital (including the reduction of
outstanding payables); and capital expenditures.
The Common Shares, the Warrants, and the Warrant Shares are
being offered and sold in the registered direct offering by Titan
pursuant to a "shelf" registration statement on Form F-3
(Registration No. 333-232898), including a base prospectus,
previously filed with and declared effective by the Securities and
Exchange Commission (the “SEC”) on August 2, 2019. The
offering will be made only by means of a prospectus supplement that
forms a part of the registration statement to be dated on or about
March 25, 2020. The prospectus supplement will be filed with the
SEC and will be available on the SEC's website located at
http://www.sec.gov. Electronic copies of the prospectus supplement
and accompanying base prospectus may also be obtained, when
available, by contacting H.C. Wainwright & Co., LLC at 430 Park
Avenue, 3rd Floor, New York, NY 10022, by phone at 646-975-6996 or
e-mail at placements@hcwco.com.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of
these securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to the registration or
qualification under the securities laws of any such jurisdiction,
and no securities will be offered or sold to residents of
Canada.
About Titan
Titan Medical Inc. is focused on computer-assisted robotic
surgical technologies for application in MIS. The Company is
developing a single-port robotic surgical system comprised of a
surgeon-controlled patient cart that includes a dual-view camera
system with 3D and 2D high-definition vision options and
multi-articulating instruments for performing MIS procedures, and a
surgeon workstation that provides an advanced ergonomic interface
to the patient cart and a 3D endoscopic view inside the patient’s
body. Titan intends to initially pursue gynecologic surgical
indications for use of its single-port robotic surgical system.
For more information, please visit the Company’s website at
www.titanmedicalinc.com.
Forward-Looking Statements
This news release contains “forward-looking statements” within
the meaning of applicable Canadian and U.S. securities laws. Such
statements reflect the current expectations of management of the
Company’s future growth, results of operations, performance and
business prospects and opportunities. Wherever possible, words such
as “may”, “would”, “could”, “will”, “anticipate”, “believe”,
“plan”, “expect”, “intend”, “estimate”, “potential for” and similar
expressions have been used to identify these forward-looking
statements. These statements, including with respect to the size of
the offering, the closing date of the offering and the use of the
net proceeds of the offering, reflect management’s current beliefs
with respect to future events and are based on information
currently available to management. Forward-looking statements
involve significant risks, uncertainties and assumptions. Many
factors could cause the Company’s actual results, performance or
achievements to be materially different from any future results,
performance or achievements that may be expressed or implied by
such forward-looking statements, including, without limitation,
those listed in the “Risk Factors” section of the Company’s Annual
Information Form dated March 29, 2019 (which may be viewed at
www.sedar.com). Should one or more of
these risks or uncertainties materialize, or should assumptions
underlying the forward-looking statements prove incorrect, actual
results, performance, or achievements may vary materially from
those expressed or implied by the forward-looking statements
contained in this news release. These factors should be considered
carefully, and prospective investors should not place undue
reliance on the forward-looking statements. Although the
forward-looking statements contained in the news release are based
upon what management currently believes to be reasonable
assumptions, the Company cannot assure prospective investors that
actual results, performance or achievements will be consistent with
these forward-looking statements. Except as required by law, the
Company expressly disclaims any intention or obligation to update
or revise any forward-looking statements whether as a result of new
information, future events or otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20200325005389/en/
Contact Information LHA Investor Relations Kim Sutton
Golodetz (212) 838-3777 kgolodetz@lhai.com or Bruce Voss (310)
691-7100 bvoss@lhai.com
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