By Stephen Nakrosis
Shares of Profound Medical were trading in the red on Thursday, after the company said it was commencing an underwritten public offering of its common shares in the U.S.
Profound plans to use proceeds from the offering to fund the continued commercialization of the Tulsa-Pro prostate procedure in the U.S., among other purposes.
Shortly after noon, the company’s shares had fallen 6.3% to trade at $7.77 each. Volume at the time topped 617,000 shares, above the stock’s 65-day average volume of 19,702 shares.
Year to date, the stock is down by more than 27%.
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