Canada-based medical device maker Profound Medical went public on Monday through a reverse takeover of publicly-listed shell company Mira IV Acquisition Corp and raised $24m from a private placement that included pharmaceutical company Knight Therapeutics.
Profound has developed a minimally invasive treatment for prostate cancer called Tulsa-Pro that ablates the prostate gland. It is in the process of analysing data from a feasibility study for the device.
Knight invested $2m in the private placement, and provided an additional $4m in the form of a four-year secured loan. MP Securities and Cormark Securities co-led the placement, which also included Bloom Burton & Co. and Mackie Research Capital Corporation.
Two of Profound’s existing shareholders, Genesys Ventures and BDC Capital, invested a combined $4.8m in the placement, and put up $1.5m in bridge financing to support the merger. Profound will effectively take Mira IV’s listing on the TSX exchange in Toronto.