Titan Medical, Inc. recently announced that it has filed an amended and restated preliminary short form base shelf prospectus with the securities regulatory authorities in each of the Canadian provinces of British Columbia, Alberta and Ontario. This filing has been made in order to amend and restate the company's current preliminary short form prospectus which was filed with the securities regulatory authorities in each of the provinces in April.
The preliminary shelf prospectus relates to the offering for sale from time to time, in one or more series or issuances, of common shares, warrants and/or units comprising common shares and warrants for gross proceeds of up to an aggregate of $15 million Canadian during the 25-month period that the prospectus, including any amendments to the prospectus, remains effective. The type of securities to be distributed and the terms of each offering, if any, will be established at the time of the offering and described in a prospectus supplement.
Titan has terminated its engagement of Paradigm Capital Inc., as agent for the offering announced on April 15, 2010.
Titan Medical, Inc. is a Canadian public company focused on the development and commercialization of robotic surgical technologies. The company is currently developing Amadeus, a next generation four-armed robotic surgical system, with the objective of enabling surgeons to remotely manipulate surgical instruments.
Robotic surgery has developed over the past 10 years into a proven and growing method of treatment. The global robotic surgical market size is currently estimated to be $3.4 billion with potential for placement of 6,000 robotic surgical systems.