Profound Medical announces closing of offerings
On September 20, 2019, Profound Medical Corp. ("Profound") completed its previously-announced offering of units of the company in all provinces of Canada, other than Quebec, and in the United States on a private placement basis, including the full exercise of the over-allotment option. An aggregate of 10,454,546 units were sold at a price of C$1.10 per unit for aggregate gross proceeds of C$11,500,001.60.
Each unit consists of one common share and one-half of one common share purchase warrant of the company. Each warrant is exercisable to acquire one common share of the company until September 20, 2021 at an exercise price of C$1.55 per warrant share.
The offering and concurrent U.S. private placement were conducted by a syndicate of underwriters led by Canaccord Genuity Corp. and Echelon Wealth Partners Inc.
The company intends to use the net proceeds of the offerings to support certain costs and expenses for reimbursement clinical trial support and the ongoing TUSLA-PRO® Ablation Clinical Trial, to expand infrastructure to execute on global sales and marketing plans, for research and development initiatives, and for general corporate purposes.
Profound develops and markets customizable, incision-free therapies for the ablation of diseased tissue.
Further information can be found on Globe Newswire's website.