Toronto-based Profound Medical Inc. has gone public on the TSX-Venture exchange via a reverse takeover of Mira IV Acquisition Corp.
The latter company is a capital pool company that went public last September with a $1-million financing: 10 million shares at $0.10 each. The reverse takeover was in accordance with the previously announced amalgamation agreement dated April 29, 2015, where Mira IV Subco Inc., a wholly-owned subsidiary of Mira IV, would amalgamate with Profound.
The company’s common shares commenced trading on June 8, 2015 under the ticker symbol ‘PRN.’
Profound Medical Inc. is a medical device company developing and commercializing a unique, minimally invasive treatment for prostate cancer called Transurethral Ultrasound Ablation (TULSA). TULSA is an investigational phase device that through a real-time, MRI-guided ultrasound procedure ablates the whole gland, from the inside-out, in a single session.
Profound recently completed 12 months of follow up in the 30 patient TULSA safety and feasibility trial and is in the process of analyzing data. Upon completion of the qualifying transaction with Mira, Profound will have access to the private placement proceeds and will commence its pivotal clinical trial of 110+ patients and support the pending European and Canadian TULSA-PRO product launch.
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