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Profound Medical has announced that it has priced an underwritten public offering, expected to raise approximately $35 million in proceeds.

The Toronto-based company is offering nearly 4.7 million shares of common stock at a price of $7.50 per share. Additionally, the company has granted underwriters a 30-day option to purchase up to an extra 700,005 shares at the same offering price.

The funds from this offering will primarily support the ongoing commercialization of Profound’s TULSA-PRO system in the U.S.

TULSA-PRO is used to perform the company’s transurethral ultrasound ablation (TULSA) procedure, which utilizes real-time MRI guidance to precisely target and ablate prostate tissue using sound energy. The system enables surgeons to treat patients with prostate cancer at low, intermediate, or high risk, as well as those with benign prostatic hyperplasia (BPH). It also offers an option for prostate cancer patients on active surveillance seeking treatment and relief from BPH symptoms. Recently, Profound entered into a partnership with Siemens Healthineers to collaborate on the TULSA-PRO system.

In addition to advancing the commercialization of TULSA-PRO, Profound plans to use the proceeds to further develop and expand the global reach of its Sonalleve system, designed for the ablation of uterine fibroids and bone metastases. The funds may also be used for general corporate purposes and working capital.

The offering is expected to close around December 10, 2024.



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