Profound Medical Corp. (Nasdaq:PROF) announced today the pricing of its underwritten public offering, slated to generate roughly $35 million. Based in Toronto, the company will be distributing approximately 4.7 million common stock shares at $7.50 each. Additionally, underwriters have been given a 30-day option to acquire up to 700,005 extra shares at the same offering price.
The raised capital will primarily support the U.S. expansion of Profound’s TULSA-PRO system. This innovative system facilitates the transurethral ultrasound ablation (TULSA), which employs real-time MR imaging for precision-guided elimination of prostate tissue through sound-based ablation technology.
Designed for the focused ablation of either whole or partial prostate tissue, the system is applicable for patients identified as low, intermediate, or high risk for prostate cancer. It’s also effective for treating benign prostatic hyperplasia (BPH). Moreover, it aids patients under active surveillance for prostate cancer seeking both therapeutic and symptomatic relief from BPH. Profound and Siemens Healthineers have recently collaborated to enhance TULSA-PRO’s capabilities.
The funds will also advance the global development and commercialization of both the TULSA-PRO and Sonalleve systems. Sonalleve is tailored for the ablation of uterine fibroids and bone metastases. Additional funds might be allocated for general corporate needs and working capital.
Profound anticipates finalizing the offering by December 10, 2024.