Troutman Pepper represented a syndicate of underwriters led by Raymond James Limited and Lake Street Capital Partners in Profound Medical Corp.’s (TSX: PRN; NASDAQ: PROF) recently closed US$40.25 million underwritten public offering of common shares at a public offering price of US$7.50 per common share. A press release about the transaction is here.
The offering included the full exercise of the underwriters’ over-allotment option, highlighting the demand for the company’s shares. Net proceeds from the offering will enable Profound to continue the commercialization of the TULSA-PRO® system in the U.S., expand the development and global commercialization of both TULSA-PRO® and Sonalleve®, and support general corporate purposes. The transaction, conducted under multijurisdictional disclosure rules in Canada and the U.S., required the preparation of detailed regulatory filings, including final prospectus supplement and amendments to the company’s base shelf prospectus.
Profound develops incision-free therapies that combine real-time MRI, thermal ultrasound, and closed-loop temperature control for the radiation-free ablation of diseased tissues. Their TULSA-PRO® system offers precise, customizable prostate ablation while protecting surrounding structures and is approved for use in both Europe and the United States. Profound has also commercialized Sonalleve®, a platform approved for treating uterine fibroids and palliative pain relief from bone metastases, with potential applications in cancer therapy.
The team advising Profound was led by Thomas Rose and included Shona Smith, Alex Yarbrough, Jason Langford, Joe Cataldo, Judy O’Grady and Noreen Hibbard Ominus, Erin Whaley and Kevin Miserez, Mark Goldsmith, Heather Morehouse Ettinger, Karl Zielaznicki, Dipti Siddharth Shah, and Peter Wakiyama.