Profound Medical, one of three publicly traded focused ultrasound companies, has raised $40 million in a follow-on public offering of its common stock.
The net proceeds are expected to be used to fund the commercial launch of their TULSA-PRO® device in the United States and the continued commercialization of TULSA-PRO and the Sonalleve® device globally, as well as for working capital and general corporate purposes. TULSA-PRO uses focused ultrasound for the noninvasive treatment of prostate cancer and benign prostatic hyperplasia (BPH) while minimizing side effects common in alternative treatment methods. Sonalleve is intended for the noninvasive treatment of uterine fibroids and pain from bone metastases.
Founded in 2008, Profound develops, manufactures, and markets therapeutic platforms that combine real-time magnetic resonance imaging with directional and focused ultrasound technology. Its platforms offer clinicians and patients noninvasive, incision-free alternatives to current standards of care which could include traditional surgery or radiation therapy. The company is headquartered outside Toronto, Canada, and its shares trade on the Toronto and NASDAQ exchanges.