Titan Medical Announces Marketed Offering of Units
June 28 2018 - 5:25PM
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”), announces
today that it has filed and been receipted for a preliminary short
form prospectus (the “
Preliminary Prospectus”)
with securities regulators in the provinces of Ontario, British
Columbia and Alberta, and a corresponding registration statement on
Form F-10 (the “
Registration Statement”) with the
United States Securities and Exchange Commission under the
U.S.-Canada Multijurisdictional Disclosure System, each in
connection with a proposed marketed offering of units (the
“
Units”) of the Company (the
“
Offering”). The Preliminary Prospectus and
Registration Statement are subject to completion and amendment.
Bloom Burton Securities Inc. (the
“Agent”) is the agent for the Offering. Northland
Securities, Inc. has been appointed by the Agent as sub-agent with
respect to the offer and sale of the Units in the United
States.
Each Unit will be comprised of one common share
of the Company and one common share purchase warrant (a
“Warrant”). The Offering will be undertaken on a
“best efforts” agency basis. The type of security to be
distributed, the number of Units to be distributed, the price of
each Unit, the minimum and maximum size of the Offering, and the
exercise price and term of each Warrant will be determined by
negotiation between the Company and the Agent in the context of the
market with final terms to be determined at the time of
pricing.
The net proceeds of the Offering will be used to
fund continued development work in connection with the Company’s
SPORT Surgical System, as well as for working capital and other
general corporate purposes. Further details are disclosed in the
Preliminary Prospectus, available at www.sedar.com and the
Registration Statement, available at www.sec.gov.
The Offering is subject to a number of customary
conditions, including, without limitation, receipt of all
regulatory and stock exchange approvals. This news release is not
an offer of the Units for sale in the United States. The
Registration Statement has not yet become effective. The Units may
not be sold nor may offers to buy be accepted in the United States
prior to the time the Registration Statement becomes effective.
This news release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of the
Units, in any province, state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of such province, state or
jurisdiction.
About Titan Medical
Inc.
Titan is a Canadian public company focused on
research and development through to the planned commercialization
of computer-assisted robotic surgical technologies for application
in MIS. The Company is currently developing the SPORT Surgical
System, a single-port robotic surgical system. The SPORT Surgical
System is comprised of a surgeon-controlled patient cart that
includes a 3D high definition vision system and multi-articulating
instruments for performing MIS procedures, and a surgeon
workstation that provides the surgeon with an advanced ergonomic
interface to the patient cart and a 3D endoscopic view inside the
patient’s body during MIS procedures. With the SPORT Surgical
System, the Company aims to pursue a broad set of surgical
indications, including general abdominal, gynecologic and urologic
procedures.
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 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 31, 2018 (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.
Contact Information
LHA Investor Relations
Kim Sutton Golodetz(212)
838-3777kgolodetz@lhai.com orBruce Voss(310) 691-7100
bvoss@lhai.com
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