Profound Medical closes upsized bought deal financing

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Profound Medical (TSXV:PRN) closed a previously announced bought deal financing for gross proceeds of $34.5-million, including the exercise of the underwriters’ over-allotment option.

Net proceeds are expected to be used to advance Profound’s TACT pivotal clinical trial; ongoing expansion of infrastructure to execute on global sales and marketing plans for Profound’s TULSA-PRO and Sonalleve systems; support ongoing R&D and acquisitions in order to expand the applications of Profound’s current and future platform; and for general corporate purposes. 

The offering was conducted by a syndicate of underwriters led by Canaccord Genuity and including Paradigm Capital, CIBC World Markets, Beacon Securities, Echelon Wealth Partners and Mackie Research Capital.