Profound Medical Concludes Successful $40.25 Million Share Offering

Profound Medical's Successful Closing of Share Offering

TORONTO — Profound Medical Corp. (NASDAQ: PROF) has effectively finalized its underwritten public offering of common shares at a price of US$7.50 per share, leading to significant gross proceeds of approximately US$40.25 million. This compelling achievement showcases the company's solid standing in the medical industry and the growing investor interest in its offerings.

Utilization of Proceeds from the Offering

The capital acquired from this offering is earmarked for several strategic initiatives. Firstly, a substantial portion will assist in the ongoing commercialization of their flagship TULSA-PRO® system within various markets, especially in the United States. Secondly, these funds will bolster the development and promotion of the TULSA-PRO® and Sonalleve® systems on a global scale. Finally, part of the proceeds will be allocated towards working capital and general operational needs.

Details about the Underwriters and their Roles

Raymond James Ltd. and Lake Street Capital Markets served as the co-lead underwriters for this offering, demonstrating their confidence in Profound's potential. Titan Partners Group played a critical role as the lead manager, while Stifel, Nicolaus & Company, Incorporated provided strategic advisory to the company throughout this process. This collective effort ensured a smooth operation during the offering.

Granting of Common Shares

Ultimately, a total of 5,366,705 Common Shares were issued following the successful exercise of the over-allotment option by underwriters. This move aligns perfectly with Profound's ongoing growth strategy, reinforcing its capacity for offering cutting-edge medical solutions.

The Offering's Regulatory Framework

The complete offering adhered to established local and international regulations. The company filed a final prospectus supplement to its base shelf prospectus in a timely fashion, ensuring compliance with the necessary securities legislation. This included filings with the U.S. Securities and Exchange Commission (SEC) as part of its effective registration statement.

Corporate Governance and Related Party Transactions

Notably, Tom Tamberrino, the Chief Commercial Officer of Profound, acquired 13,333 common shares during the offering. This transaction falls under the category of related party interactions, which are carefully monitored in keeping with corporate governance standards.

About Profound Medical Corp.

Profound Medical Corp. continues to emerge as a leader in the medical device field through its innovative, incision-free therapies designed for effective tissue ablation. The company is advancing its TULSA-PRO® technology, which integrates real-time MRI with robotically-driven ultrasound to provide unparalleled treatment outcomes. Additionally, the CE-marked Sonalleve® system demonstrates Profound's commitment to addressing various medical challenges, targeting uterine fibroids and pain associated with bone metastases.

Frequently Asked Questions

What is the purpose of the $40.25 million raised?

The funds will support the commercialization of the TULSA-PRO® and Sonalleve® systems, along with general corporate needs.

Who were the key underwriters involved in the offering?

Raymond James Ltd. and Lake Street Capital Markets were the co-lead underwriters for the offering, contributing significantly to its execution.

What technologies does Profound Medical specialize in?

Profound focuses on innovative medical devices, primarily the TULSA-PRO® and Sonalleve® systems for tissue ablation and therapeutic interventions.

Did any executives participate in the offering?

Yes, Tom Tamberrino, the Chief Commercial Officer, purchased 13,333 common shares during the offering.

How does Profound Medical ensure compliance with regulations?

Profound meticulously follows relevant securities legislation, including timely filings with the SEC and adherence to corporate governance standards.

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