Profound Medical Corp. announced the closing of a registered direct offering that generated approximately $36 million in gross proceeds before fees and expenses. The company sold 5,142,870 common shares at $7.00 per share in an offering led by healthcare-dedicated investors alongside existing shareholders, structured as a straightforward equity investment with no warrant coverage. Konik Capital Partners, LLC, a division of T.R. Winston and Company, LLC, served as the exclusive placement agent for the transaction.
The net proceeds will support the expansion of sales and marketing activities, working capital, research and development, strategic transactions and general corporate purposes. This capital infusion comes as Profound Medical commercializes its TULSA-PRO system, a technology that combines real-time MRI, AI-enhanced planning, robotically-driven transurethral ultrasound and closed-loop temperature feedback control for the ablation of diseased prostate tissue.
The TULSA Procedure, performed using the TULSA-PRO system, represents a potential mainstream treatment modality across the entire prostate disease spectrum. The technology addresses conditions ranging from low-, intermediate-, or high-risk prostate cancer to benign prostatic hyperplasia (BPH), hybrid patients suffering from both conditions, and patients requiring salvage therapy for radio-recurrent localized prostate cancer. The procedure employs real-time MR guidance to preserve patients' urinary continence and sexual function while killing targeted prostate tissue via precise sound absorption technology that gently heats it to 55-57°C.
As an incision- and radiation-free "one-and-done" procedure performed in a single session taking a few hours, TULSA can treat virtually all prostate shapes and sizes safely, effectively and efficiently. The company reports no bleeding associated with the procedure, no required hospital stay, and most patients experiencing quick recovery to their normal routine. The TULSA-PRO system is CE marked, Health Canada approved, and 510(k) cleared by the U.S. Food and Drug Administration (FDA).
Profound Medical is also commercializing Sonalleve, an innovative therapeutic platform CE marked for treating uterine fibroids, adenomyosis, pain palliation of bone metastases, desmoid tumors and osteoid osteoma. The technology has approval from the China National Medical Products Administration for non-invasive treatment of uterine fibroids and FDA approval under a Humanitarian Device Exemption for osteoid osteoma. The company is exploring additional potential treatment markets where the technology has shown clinical application, such as non-invasive ablation of abdominal cancers and hyperthermia for cancer therapy. For more information about the company's technologies, visit https://profoundmedical.com/.
