Titan Medical announces $18m offering, settles Naglreiter suit

Titan Medical (TSX:TMD;OTC:TITFX) announced that it registered an $18 million direct offering and settled its lawsuit with Naglreiter Consulting.

The Toronto-based robot-assisted surgery technology developer entered into definitive agreements with a single healthcare-focused institutional investor for the sale of 18 million shares of its common stock at $1 per share and 9 million common share purchase warrants to net the gross proceeds of $18 million.

Titan intends to use the proceeds for general corporate purposes, including the resumption of the development of its single-port robotic surgical system, instruments and accessories. It also may go toward general working capital and capital expenditures.

According to a news release, the receipt of the proceeds will satisfy the second milestone requirement of its development and license agreement with Medtronic. H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering.

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