Profound Medical Corp. has closed a registered direct offering of 5,142,870 common shares at $7.00 per share, generating approximately $36 million in gross proceeds before fees and expenses. The healthcare-focused medical device company plans to use the net proceeds to support expansion of sales and marketing activities, working capital, research and development, strategic transactions and general corporate purposes.
The offering represents a significant capital infusion for Profound Medical as it commercializes its TULSA-PRO technology, which combines real-time MRI, AI-enhanced planning, robotically-driven transurethral ultrasound and closed-loop temperature feedback control. This funding enables the company to accelerate market adoption of what could become a mainstream treatment modality across the entire prostate disease spectrum, from various stages of prostate cancer to benign prostatic hyperplasia.
The TULSA Procedure employs real-time MR guidance to preserve patients' urinary continence and sexual function while killing targeted prostate tissue via precise sound absorption technology that gently heats it to 55-57°C. As an incision- and radiation-free "one-and-done" procedure performed in a single session, TULSA represents a potentially transformative approach to prostate treatment that addresses significant quality-of-life concerns associated with traditional therapies.
For patients, this technology offers several advantages: no bleeding associated with the procedure, no hospital stay required, and most patients report quick recovery to their normal routine. Virtually all prostate shapes and sizes can be safely, effectively, and efficiently treated with TULSA, according to the company. The system is CE marked, Health Canada approved, and 510(k) cleared by the U.S. Food and Drug Administration.
Profound Medical is also commercializing Sonalleve, an innovative therapeutic platform that is CE marked for the treatment of uterine fibroids, adenomyosis, pain palliation of bone metastases, desmoid tumors and osteoid osteoma. The company is exploring additional potential treatment markets for Sonalleve where the technology has shown clinical application, such as non-invasive ablation of abdominal cancers and hyperthermia for cancer therapy.
The offering was structured as a straightforward equity investment with no warrant coverage and was led by healthcare-dedicated investors alongside existing shareholders. Konik Capital Partners, LLC, a division of T.R. Winston and Company, LLC, acted as the exclusive placement agent for the offering. This capital raise positions Profound Medical to expand its commercial footprint and potentially accelerate the adoption of minimally invasive treatment options that could benefit millions of patients worldwide suffering from prostate conditions and other diseases treatable with focused ultrasound technology.
For more information about Profound Medical's technology and corporate developments, visit https://profoundmedical.com/. Additional details about the offering can be found at https://ibn.fm/JWzrG.
