Profound Medical in $17.4-million bought deal
Profound Medical (TSX-V:PRN) has entered into an agreement with a syndicate of underwriters, led by GMP Securities, for a bought deal of 15.82 million common shares at a price of $1.10 each for gross proceeds of $17.4-million.
The company has agreed to grant underwriters an overallotment option to purchase up to an additional 2,373,000 common shares at the same price for 30 days following closing. The offering is expected to close on Nov. 14, subject to regulatory approvals.
If the option is exercised in full, gross proceeds of the offering will be slightly more than $20-million. The company intends to use net proceeds for working capital and general corporate purposes.
Profound Medical is committed to achieving a new therapeutic standard in prostate cancer and is in the process of commercializing a novel technology, TULSA-PRO.
It combines real-time magnetic resonance imaging with transurethral, robotically driven therapeutic ultrasound and closed-loop thermal feedback control that is designed to provide precise ablation of the prostate while simultaneously protecting critical surrounding anatomy from potential side effects.