05:04 PM EST, 12/05/2024 (MT Newswires) -- Profound Medical ( PROF ) was at last look down 6.7% in after hours Nasdaq trade as it intends to sell an undisclosed number of shares in an underwritten public offering.

In addition, the medical-device manufacturer expects to grant the underwriters of the offering a 30-day over-allotment option to purchase up to an additional 15% of the shares sold.

The company said proceeds of the offering are expected to be used to fund the continued commercialization of the TULSA-PRO system in the United States; to fund the continued development and commercialization of the TULSA-PRO system and the Sonalleve system globally; and for working capital and general corporate purposes.

Profound shares were last seen down $0.54 to US$7.49 in after hours trade. They closed down down $0.30 to $11.25 on the Toronto Stock Exchange.