Titan Medical Announces Marketed Offering of Units
07 March 2018 - 8:21AM
Titan Medical Inc.
(“Titan” or the
“Company”)
(TSX:TMD) (OTCQB:TITXF), 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 in connection with a proposed marketed offering of units
(the “
Units”) of the Company (the
“
Offering”). 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 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 (as defined herein)
in the context of the market with final terms to be determined at
the time of pricing. Bloom Burton Securities Inc. (the
“Agent”) is the sole agent for the Offering. The
Units may also be offered for sale in the United States through
United States registered broker-dealers on a private placement
basis pursuant to an exemption from the registration requirements
of the United States Securities Act of 1933, as amended (the
“U.S. Securities Act”) and applicable state laws.
The Offering is subject to a number of customary
conditions, including, without limitation, receipt of all
regulatory and stock exchange approvals. 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.
About Titan
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 minimally invasive surgery. 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” which 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, 2017 (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.
U.S. Securities Law Caution
The securities described herein have not been,
and will not be, registered under the U.S. Securities Act, or any
state securities laws, and accordingly, may not be offered or sold
to, or for the account or benefit of, persons in the United States
or “U.S. persons”, as such term is defined in Regulation S
promulgated under the U.S. Securities Act (“U.S.
Persons”), except in compliance with the registration
requirements of the U.S. Securities Act and applicable state
securities requirements or pursuant to exemptions therefrom.
This press release does not constitute an offer to sell or a
solicitation of an offer to buy any of the Company's securities to,
or for the account or benefit of, persons in the United States or
U.S. Persons.
Contact Information
LHA Investor RelationsKim Sutton Golodetz(212)
838-3777kgolodetz@lhai.com
or
Bruce Voss(310) 691-7100bvoss@lhai.com
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