Profound Medical raises $8m for urology, women ’ s health devices

Profound Medical (TSX:PRN) said today that it inked an $8 million “bought” deal” financing with a pair of underwriters that it plans to use for its Tulsa-Pro and Sonalleve ablation devices. The funding, by Echelon Wealth Partners and  CIBC Capital Markets, involved 10 million units at 80¢ (C$1 ) apiece, consisting of a stock share and a half of a 36-month warrant priced at $1.12 (C$1.40), the Toronto-based company said. The deal also includes a 30-day over-allotment option for another 1.5 million shares, which if exercised would push the gross proceeds to $9.2 million (C$11.5 million). Profound said it plans to use the proceeds to cover clinical work for the Tulsa-Pro MR-guided prostate ablation treatment and the Sonalleve MR-HIFU device for treating uterine fibroids and bone metastases. Earlier this month, Profound closed its $6 million acquisition of the Sonalleve device from Royal Philips (NYSE:PHG). The company raised $13.2 million late last year. ($1 = C$1.25018) The post Profound Medical raises $8m for urology, women’s health devices appeared first on MassDevice.
Source: Mass Device - Category: Medical Devices Authors: Tags: Funding Roundup Urology Wall Street Beat Women's Health Profound Medical Inc. Source Type: news