Medical device company Titan Medical Inc (TSX:TMD) (NASDAQ:TMDI) said on Tuesday that it has filed a final short form prospectus in connection with the marketed offering of units at a price of USD3.40 per unit for gross proceeds of a minimum of USD20m and a maximum of USD25m.

Each unit in the company is comprised of one common share and one company common share purchase warrant. Each warrant is exercisable for one common share at a price of US USD4.00, for a period of five years following the closing of the offering.

The company has provided the agent with a 30-day over-allotment option to sell up to an additional 15% of the number of units and/or warrants offered in the offering.

Net proceeds of the offering will be used by the company to fund continued development work in connection with its SPORT Surgical System, working capital as well as other general corporate purposes.

This offering, which is subject to customary conditions, including the receipt of all regulatory and stock exchange approvals, will occur around 21 March 2019.