Profound Medical completes $17.4-million bought deal
Profound Medical (TSX-V:PRN) has completed a bought deal offering of 15.82 million common shares at a price of $1.10 each for gross proceeds of about $17.4-million.
The offering was completed through a syndicate of underwriters led by GMP Securities, and included Echelon Wealth Partners and Mackie Research Capital.
The company intends to use the net proceeds from the offering to support certain costs and expenses of the TACT pivotal clinical trial; for continuing expansion of infrastructure to execute on European sales and marketing plans; and for general corporate purposes, including working capital.
In April, Profound received CE Mark approval for the commercial sale of its TULSA-PRO device, which combines real-time MRI with transurethral robotically driven ultrasound and closed-loop thermal feedback control for precise ablation of prostate tissue, both malignant and benign.