Document:

Exhibit 4.8 

 

MATERIAL CHANGE REPORT

 

	1.	Name and Address of Company

 

Profound Medical Corp. (“Profound”)

2400 Skymark Avenue, Unit 6

Mississauga, Ontario

L4W 5K6

 

	2.	Date of Material Change 

 

August 16, 2019.

 

	3.	News Release

 

A news release announcing the material change referred
to in this report were disseminated on August 16, 2019, and filed on SEDAR at www.sedar.com.

 

	4.	Summary of Material Change

 

On August 16, 2019, Profound received 510(k) clearance
from the U.S. Food and Drug Administration (“FDA”) to market TULSA-PRO® for ablation of prostate
tissue.

 

	5.	Full Description of Material Change

 

On August 16, 2019, Profound received 510(k) clearance
from the FDA to market TULSA-PRO® for ablation of prostate tissue. The FDA’s clearance of TULSA-PRO®
was based on Profound’s TACT pivotal clinical trial, which met all of its primary and secondary efficacy and safety endpoints.
TACT enrolled 115 patients across the United States, Canada and Europe with biopsy-proven, organ-confined prostate cancer (67%
and 33% of subjects had NCCN intermediate and low risk disease, respectively). All patients received primary treatment of whole-gland
prostate ablation with sparing of the urethra and urinary sphincter. TACT demonstrated that the TULSA-PRO® provides
safe and effective prostate tissue ablation, with minimal adverse events, significant prostate volume and PSA reduction, and low
rates of residual prostate disease. The favorable safety profile offered by the TULSA-PRO® contrasts with radical
prostatectomy and radiation therapy that can leave many men with permanent erectile dysfunction, urinary incontinence and bowel
dysfunction. The TACT pivotal clinical trial also demonstrated a favorable risk-benefit profile in the context of other ablative
approaches, including whole-gland HIFU and cryotherapy.

 

The FDA label for TULSA-PRO® will allow
U.S. surgeons to perform prostate tissue ablation procedures indiscriminate of tissue type.

 

	6.	Reliance on subsection 7.1(2) if National Instrument 51-102 

 

Not applicable.

 

    

     
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	7.	Omitted Information 

 

Not applicable.

 

	8.	Executive Officer

 

For further information, please contact:

 

Aaron Davidson

Chief Financial Officer

Telephone: (647) 476-1350

 

	9.	Date of Report 

 

September 3, 2019

 

Cautionary Note Regarding Forward-Looking Statements

 

This material change report includes forward-looking
statements regarding Profound and its business which may include, but is not limited to, statements with respect to the expectations
regarding the use of Profound’s technology in the treatment of prostate cancer. Often, but not always, forward-looking statements
can be identified by the use of words such as “plans”, “is expected”, “expects”, “scheduled”,
 “intends”, “contemplates”, “anticipates”, “believes”, “proposes” or
variations (including negative variations) of such words and phrases, or state that certain actions, events or results “may”,
 “could”, “would”, “might” or “will” be taken, occur or be achieved. Such statements
are based on the current expectations of the management of Profound. The forward-looking events and circumstances discussed in
this report may not occur by certain specified dates or at all and could differ materially as a result of known and unknown risk
factors and uncertainties affecting Profound, including, without limitation, risks regarding the pharmaceutical industry, economic
factors, the equity markets generally and risks associated with growth and competition. Although Profound has attempted to identify
important factors that could cause actual actions, events or results to differ materially from those described in forward-looking
statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended.
No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised
not to place undue reliance on forward-looking statements or information. Except as required by applicable securities laws, forward-looking
statements speak only as of the date on which they are made and Profound undertakes no obligation to publicly update or revise
any forward-looking statement, whether as a result of new information, future events, or otherwise, other than as required by law.Exhibit 4.9

 

FORM 51-102F3

MATERIAL CHANGE REPORT

 

	1.	Name and Address of Company

 

Profound Medical Corp. (“Profound”,
or the “Company”)

Unit 6, 2400 Skymark Avenue

Mississauga, Ontario

L4W 5K5

 

	2.	Date of Material Change

 

September 13, 2019

 

	3.	News Release

 

A press release disclosing the material change was
disseminated via Globe Newswire on September 13, 2019 and subsequently filed on SEDAR.

 

	4.	Summary of Material Change

 

On September 13, 2019, Profound entered into an underwriting
agreement with Canaccord Genuity Corp. and Echelon Wealth Partners Inc. (collectively, the “Underwriters”) in
connection with a financing of an aggregate of 9,090,910 units of the Company (the “Units”) at a price of $1.10
per Unit (the “Offering Price”) for aggregate gross proceeds of approximately $10 million (the “Offering”).

 

Profound agreed to grant the Underwriters an over-allotment
option to purchase up to an additional 1,363,636 Units at the Offering Price, exercisable in whole or in part at any time on or
prior to the date that is 30 days following the closing of the Offering. If the over-allotment is exercised in full, the aggregate
gross proceeds of the Offering will be approximately $11.5 million.

 

	5.	Full Description of Material Change

 

5.1       Full
Description of Material Change

 

On September 13, 2019, Profound entered into an underwriting
agreement with the Underwriters in connection with a financing of an aggregate of 9,090,910 Units at the Offering Price for aggregate
gross proceeds of approximately $10 million. Each Unit will consist of one common share of Profound (each a “Common Share”)
and one-half of one warrant, with each whole warrant entitling the holder to acquire one Common Share at a price of $1.55 per Common
Share until the date that is two years from the closing date of the Offering

 

Profound agreed to grant the Underwriters an over-allotment
option to purchase up to an additional 1,363,636 Units at the Offering Price, exercisable in whole or in part at any time on or
prior to the date that is 30 days following the closing of the Offering. If the over-allotment is exercised in full, the aggregate
gross proceeds of the Offering will be approximately $11.5 million.

 

    

     

    

 

In consideration for their services, the Underwriters
will receive a fee consisting of a cash commission equal to six per cent of the gross proceeds of the Offering (including gross
proceeds from any exercise of the over-allotment option).

 

The net proceeds of the Offering
are expected to be used: (i) to support certain costs and expenses for reimbursement clinical trial support and the ongoing TUSLA-PRO®
Ablation Clinical Trial; (ii) to expand infrastructure to execute on global sales and marketing plans; (iii) for research
and development initiatives; and (iv) for general corporate purposes.

 

The Offering will be conducted in all provinces of
Canada (other than Québec) pursuant to a prospectus supplement to the Company’s short form base shelf prospectus dated
September 19, 2018 and in the United States, on a private placement basis, pursuant to an exemption from the registration requirements
of the United States Securities Act of 1933, as amended. The Offering is subject to normal regulatory approvals and is expected
to close on or about September 20, 2019.

 

5.2       Disclosure
for Restructuring Transactions

 

Not applicable.

 

	6.	Reliance on subsection 7.1(2) of the National Instrument 51-102

 

Not applicable.

 

	7.	Omitted Information

 

No information has been omitted in this material change
report on the basis that it is confidential information.

 

	8.	Executive Officer

 

The following is the name and business telephone number
of an executive officer of the Company who is knowledgeable about the material change and this report.

 

Stephen Kilmer

(647) 872-4849

skilmer@profoundmedical.com

 

	9.	Date of Report

 

September 19, 2019

 

    

     

    

 

Cautionary Note Regarding Forward-Looking Statements

 

This material change report includes forward-looking statements
regarding Profound and its business which may include, but is not limited to, statements with respect to the use of the proceeds
and the size and the timing of the completion of the Offering. Often, but not always, forward-looking statements can be identified
by the use of words such as “plans”, “is expected”, “expects”, “scheduled”, “intends”,
 “contemplates”, “anticipates”, “believes”, “proposes” or variations (including
negative variations) of such words and phrases, or state that certain actions, events or results “may”, “could”,
 “would”, “might” or “will” be taken, occur or be achieved. Such statements are based on the
current expectations of the management of Profound. The forward-looking events and circumstances discussed in this release may
not occur by certain specified dates or at all and could differ materially as a result of known and unknown risk factors and uncertainties
affecting Profound, including, without limitation, uncertainties inherent to current capital markets, the ability to receive any
required approvals or consents in connection with the Offering, the ability of Profound to satisfy the conditions of the Offering
or otherwise close the Offering, and related risks and uncertainties. Although Profound has attempted to identify important factors
that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there
may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. No forward-looking
statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue
reliance on forward-looking statements or information. Except as required by applicable securities laws, forward-looking statements
speak only as of the date on which they are made and Profound undertakes no obligation to publicly update or revise any forward-looking
statement, whether as a result of new information, future events, or otherwise, other than as required by law.

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