Profound announces closing of offering
On July 21, 2020, Profound Medical Corp. (Profound) announced that it closed its previously announced underwritten cross-border offering of its common shares at a price of US$14.50 per share. The underwriters elected to exercise the over-allotment option in full, resulting in an aggregate of 3,172,414 common shares being issued for aggregate gross proceeds of approximately US$46 million.
Jefferies, Cowen and Raymond James acted as joint book-running managers for the offering.
The net proceeds of the offering are expected to be used: (i) to fund the commercial launch of TULSA-PRO® in the United States and the continued development and commercialization of TULSA-PRO® and SONALLEVE® globally; and (ii) for working capital and general corporate purposes.
Further information can be found on Globe Newswire's website.
Profound is a commercial-stage medical device company that develops and markets customizable, incision-free therapies for the ablation of diseased tissue.