Titan Medical Announces Closing of US $11.5M Bought Deal Offering Including Full Exercise of Over-Allotment Option

Titan Medical Inc. (“Titan” or the “Company”) (TSX: TMD) (Nasdaq: TMDI), a medical device company focused on the design and development of surgical technologies for robotic single access surgery, announced today that it closed its previously announced offering of 6,451,613 units of the Company (“Units”) sold on a “bought deal” basis for gross proceeds of approximately US $10,000,000.00 (the “Offering”). Bloom Burton Securities Inc. (the “Underwriter”) acted as underwriter for the Offering and exercised its over-allotment option in full on the date hereof for an additional 967,741 Units and additional gross proceeds to the Company of approximately US $1,500,000. The aggregate gross proceeds to the Company under the Offering were approximately US $11,500,000. The net proceeds of the Offering will be used to fund the development of the Company’s robotic surgical technologies and for general working capital. About Titan Medical Titan Medical Inc., a medical device company headquartered in Toronto, is focused on developing robotic assisted technologies for application in single access surgery. The Enos™ system, by Titan Medical, is being developed with dual 3D and 2D high-definition vision systems, multi-articulating instruments, and an ergonomic surgeon workstation. With the Enos system, Titan intends to initially pursue gynecologic surgical indications. Certain of Titan’s robotic assisted surgical technologies and related intellectual property have been licensed to Medtronic plc, while retaining world-wide rights to commercialize the technologies for use with the Enos system.
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