Titan Medical Announces Closing of US$1.2 Million Registered Direct Offering
March 27 2020 - 11:37AM
Business Wire
Titan Medical Inc. (“Titan” or the
“Company”) (TSX:TMD) (Nasdaq:TMDI), a medical
device company focused on the design and development of a
single-port robotic surgical system for application in minimally
invasive surgery (“MIS”), is pleased to announce today that
it closed its previously announced registered direct offering for
the purchase and sale of 7,000,000 common shares of the Company
(the “Common Shares”) at a purchase price of US$0.17 per
Common Share and 3,500,000 Common Share purchase warrants (each, a
“Warrant”), resulting in total gross proceeds to the Company
of approximately US$1.2 million. Each whole Warrant is exercisable
to purchase one Common Share (a “Warrant Share”) at an
exercise price of US$0.19 per Common Share for a period of five
years from the date hereof.
H.C. Wainwright & Co. acted as the exclusive placement agent
for the offering.
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 were
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. A
prospectus supplement that forms a part of the registration
statement dated March 25, 2020 was filed with the SEC and is
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 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 have or 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 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/20200327005348/en/
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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