Profound Medical Corp. (TSX:PRN; NASDAQ: PROF)
(“
Profound” or the “
Company”) is
pleased to announce that it has closed its previously-announced
underwritten offering (the “
Offering”) of common
shares of the Company (the “
Common Shares”) at a
price of US$14.50 per Common Share. The underwriters elected to
exercise the over-allotment option in full, resulting in an
aggregate of 3,172,414 Common Shares being issued today for
aggregate gross proceeds of approximately US$46 million.
Jefferies, Cowen and Raymond James acted as
joint book-running managers for the Offering.
The Common Shares were offered in each of the
provinces of Canada, other than Québec, pursuant to a prospectus
supplement (the “Prospectus Supplement”) to the
Company’s short form base shelf prospectus dated October 17, 2019
(the “Base Shelf Prospectus”) which the Company
filed with the securities commissions or other security regulatory
authorities in each of the provinces of Canada, other than Québec.
The Prospectus Supplement was also filed with the U.S. Securities
and Exchange Commission as part of the Company’s registration
statement on Form F-10 (the “Registration
Statement”) previously filed under the multijurisdictional
disclosure system adopted by the securities regulatory authorities
in Canada and in the United States. Copies of the Prospectus
Supplement and the Base Shelf Prospectus can be found on SEDAR at
www.sedar.com and on EDGAR at www.sec.gov, and a copy of the
Registration Statement can be found on EDGAR at www.sec.gov.
Copies of the Prospectus Supplement, the Base
Shelf Prospectus and the Registration Statement may also be
obtained in the United States from Jefferies LLC, attention: Equity
Syndicate Prospectus Department, 520 Madison Avenue, 2nd Floor, New
York, NY 10022, by telephone at 877-821-7388 or by email at
Prospectus_Department@Jefferies.com, or Cowen and Company, LLC, c/o
Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood,
NY 11717, attention: Prospectus Department, by email at
PostSaleManualRequests@broadridge.com or by telephone at
833-297-2926, and in Canada from Jefferies Securities, Inc.,
attention: Steven Latimer, 161 Bay Street, Suite 2700 Toronto,
Ontario M5J 2S1, by telephone at 416-572-2215, or Raymond James
Ltd. at Raymond James Syndication, 416-777-7000, 5400-40 King St
West, Toronto Ontario, M5H 3Y2.
The net proceeds of the Offering are expected to
be used: (i) to fund the commercial launch of TULSA-PRO® in the
United States and the continued development and commercialization
of TULSA-PRO® and SONALLEVE® globally; and (ii) for working capital
and general corporate purposes.
No securities regulatory authority has either
approved or disapproved of the contents of this news release. This
news release shall not in any circumstances constitute an offer to
sell or a solicitation of an offer to buy, nor shall there be any
sale of these securities in any jurisdiction in which an offer,
solicitation or sale would be unlawful prior to the registration or
qualification under the applicable securities laws of any such
jurisdiction.
About Profound Medical
Corp.
Profound is a commercial-stage medical device
company that develops and markets customizable, incision-free
therapies for the ablation of diseased tissue.
Profound is commercializing TULSA-PRO®, a
technology that combines real-time MRI, robotically-driven
transurethral ultrasound and closed-loop temperature feedback
control. TULSA-PRO® is designed to provide customizable and
predictable radiation-free ablation of a surgeon-defined prostate
volume while actively protecting the urethra and rectum to help
preserve the patient’s natural functional abilities. TULSA-PRO® has
the potential to be a flexible technology in customizable prostate
ablation, including intermediate stage cancer, localized
radio-recurrent cancer, retention and hematuria palliation in
locally advanced prostate cancer, and the transition zone in large
volume benign prostatic hyperplasia (BPH). TULSA-PRO® is CE marked,
Health Canada approved and 510(k) cleared by the U.S. Food and Drug
Administration.
Profound is also commercializing SONALLEVE®, an
innovative therapeutic platform that is CE marked for the treatment
of uterine fibroids and palliative pain treatment of bone
metastases. SONALLEVE® has also been approved by the China National
Medical Products Administration for the non-invasive treatment of
uterine fibroids. The Company is in the early stages of exploring
additional potential treatment markets for SONALLEVE® where the
technology has been shown to have clinical application, such as
non-invasive ablation of abdominal cancers and hyperthermia for
cancer therapy.
Forward-Looking Statements
This release includes forward-looking statements
regarding Profound and its business which may include, but are not
limited to, statements with respect to the use of proceeds under
the Offering and the expectations regarding the efficacy of
Profound’s technology in the treatment of prostate cancer, uterine
fibroids and palliative pain treatment. Often, but not always,
forward-looking statements can be identified by the use of words
such as "plans", "is expected", "expects", "scheduled", "intends",
"contemplates", "anticipates", "believes", "proposes" or variations
(including negative variations) of such words and phrases, or state
that certain actions, events or results "may", "could", "would",
"might" or "will" be taken, occur or be achieved. Such statements
are based on the current expectations of the management of
Profound. The forward-looking events and circumstances discussed in
this release, may not occur by certain specified dates or at all
and could differ materially as a result of known and unknown risk
factors and uncertainties affecting the Company, including risks
related to the pharmaceutical industry, economic factors, the
equity markets generally and risks associated with growth and
competition, and the other risks described in the Prospectus
Supplement, the Base Shelf Prospectus and the Registration
Statement, and the documents incorporated by reference therein.
Although Profound has attempted to identify important factors that
could cause actual actions, events or results to differ materially
from those described in forward-looking statements, there may be
other factors that cause actions, events or results to differ from
those anticipated, estimated or intended. No forward-looking
statement can be guaranteed. Except as required by applicable
securities laws, forward-looking statements speak only as of the
date on which they are made and Profound undertakes no obligation
to publicly update or revise any forward-looking statement, whether
as a result of new information, future events, or otherwise, other
than as required by law.
For further information, please
contact:
Stephen KilmerInvestor
Relationsskilmer@profoundmedical.com T: 647.872.4849
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