Profound Medical Corp. has closed a registered direct offering of 5,142,870 common shares at $7.00 per share, generating gross proceeds of approximately $36 million before fees and expenses. The offering, which featured no warrant coverage, was led by healthcare-dedicated investors alongside existing shareholders. Konik Capital Partners, LLC, a division of T.R. Winston and Company, LLC, acted as the exclusive placement agent for the transaction.
The company intends to allocate the net proceeds toward expanding sales and marketing activities, working capital, research and development, strategic transactions, and general corporate purposes. This capital infusion is significant for a commercial-stage medical device company focused on developing AI-powered, MRI-guided, incision-free therapies for tissue ablation. Profound's flagship technology, TULSA-PRO, combines real-time MRI, AI-enhanced planning, robotically-driven transurethral ultrasound, and closed-loop temperature feedback control. The associated TULSA Procedure is designed as a mainstream treatment for the entire prostate disease spectrum, including various risk levels of prostate cancer, benign prostatic hyperplasia, and salvage therapy for radio-recurrent localized prostate cancer.
The clinical implications of this funding are substantial, as it enables broader commercialization of a procedure that preserves urinary continence and sexual function while ablating targeted tissue via precise sound absorption technology heating it to 55-57°C. As a "one-and-done" procedure requiring no incisions or radiation, TULSA can be performed in a single session of a few hours, accommodates virtually all prostate shapes and sizes, involves no bleeding, requires no hospital stay, and typically allows for quick recovery. The TULSA-PRO system holds CE marking, Health Canada approval, and 510(k) clearance from the U.S. Food and Drug Administration.
Profound also commercializes the Sonalleve therapeutic platform, CE marked for treating uterine fibroids, adenomyosis, pain palliation of bone metastases, desmoid tumors, and osteoid osteoma. This platform has approval from the China National Medical Products Administration for uterine fibroids and FDA approval under a Humanitarian Device Exemption for osteoid osteoma. The company is exploring additional treatment markets for Sonalleve, such as non-invasive ablation of abdominal cancers and hyperthermia for cancer therapy. For more information on the company's technologies, visit https://profoundmedical.com/.
The successful $36 million offering signals strong investor confidence in Profound's technology portfolio and growth strategy. For the medical device industry, this development highlights continued investment in minimally invasive, image-guided therapeutic solutions that aim to improve patient outcomes and reduce healthcare system burdens. The expansion of sales and marketing efforts funded by this capital could accelerate adoption of these technologies, potentially offering new treatment options for patients worldwide and positioning Profound more competitively in the evolving landscape of precision medicine.
