Titan Medical Inc. Announces Results for Fiscal Year Ended December 31, 2013
March 06 2014 - 5:53PM
Marketwired
Titan Medical Inc. Announces Results for Fiscal Year Ended December
31, 2013
TORONTO, ONTARIO--(Marketwired - Mar 6, 2014) - Titan Medical
Inc. ("Titan" or the "Company") (TSX-VENTURE:TMD)(OTCQX:TITXF)
announced today its results for the fiscal year ended December 31,
2013.
The Audited
Financial Statements and Management's Discussion and Analysis for
the year ended December 31, 2013 may be viewed on SEDAR at
www.sedar.com.
John Hargrove,
Chairman and Chief Executive Officer of Titan Medical Inc.,
commented, "2013 was a significant year for Titan. In August we
accepted delivery of our initial functional prototype of the SPORT™
Surgical System. We followed this major achievement with a number
of announcements and videos to showcase the dexterity and
functionality of the SPORT Surgical System. In November we
undertook our initial tissue test which was very successful in
assessing and measuring the functionality of the SPORT Surgical
System. I am very pleased with the progress we have made and
continue to make. We continue to meet our milestones and remain on
track for commercialization in 2015."
Operational
Highlights
- On August 27, 2013, the Company announced that it had
successfully completed development of a functional prototype of its
SPORT Surgical System.
- On September 17, 2013, the Company announced that Dr. Dennis
Fowler had accepted the position of Director of Clinical Affairs
and would be responsible for Titan's regulatory approval process
plan, including its pre-clinical and clinical testing strategy.
This plan is expected to reduce the regulatory approval
timeline.
- On October 9, 2013, the Company announced that it had posted a
video on its website illustrating the impressive dexterity of the
"snake-like" robotic instruments of its SPORT Surgical System.
- On October 16, 2103, the Company announced that it had posted a
video on its website demonstrating the impressive preciseness and
reliability of the robotic instruments of its SPORT Surgical
System.
- On November 11, 2013, the Company announced that it had
recently started tissue testing with its SPORT Surgical
System.
Financial
Highlights
- Cash and cash equivalents at December 31, 2013 totaled
$2,601,664, compared to $4,617,016 at December 31, 2012.
- Net loss for the fiscal year ended December 31, 2013 was
$9,343,749, compared to a net loss of $7,757,244, for the fiscal
year ended December 31, 2012. The increased loss in the year ended
December 31, 2013 compared to December 31, 2012 reflects the
increased focus on the ongoing development of the SPORT Surgical
System.
- The Company's Research and Development expenses for the fiscal
year ended December 31, 2013 were $5,514,737, compared to
$4,638,239, for the year ended December 31, 2012. The increase in
R&D expenditures reflects the advancement in the development of
the SPORT Surgical System.
- On March 13, 2013 the Company completed a public offering of
6,260,763 units at a price of $1.05 per Unit for Gross proceeds of
$6,573,801.
- On February 19, 2014 the Company completed a public offering of
9,142,500 Units at a price of $1.40 per Unit for gross proceeds of
$12,799,500.
About Titan Medical
Inc.
Titan Medical Inc.
is a Canadian public company (TSX-VENTURE:TMD)(OTCQX:TITXF) focused
on the design and development of the SPORT Surgical System, a
robotic surgical system for application in minimally invasive
surgery ("MIS"). The SPORT Surgical System, currently under
development, comprises a surgeon-controlled robotic platform that
includes a 3D vision system and interactive instruments for
performing MIS procedures, and a surgeon workstation that provides
the surgeon with an interface to the robotic platform for
controlling the interactive instruments and providing a 3D
endoscopic view of inside a patient's body during MIS procedures.
The SPORT Surgical System is being designed to expand robotic
surgery into areas of surgical specialties and simple and complex
procedures that are currently under-serviced, and to allow surgeons
to perform procedures within small to medium size surgical spaces
such as general surgery and cholecystectomy. For more information,
visit the Company's website at www.titanmedicalinc.com.
Forward-Looking
Statements
This news release
contains "forward-looking statements" which reflect the current
expectations of management of the Company's future growth, results
of operations, performance and business prospects and
opportunities. Wherever possible, words such as "may", "would",
"could", "will", "anticipate", "believe", "plan", "expect",
"intend", "estimate", "potential for" and similar expressions have
been used to identify these forward-looking statements. These
statements reflect management's current beliefs with respect to
future events and are based on information currently available to
management. Forward-looking statements involve significant risks,
uncertainties and assumptions.
Many factors could
cause the Company's actual results, performance or achievements to
be materially different from any future results, performance or
achievements that may be expressed or implied by such
forward-looking statements, including, without limitation, those
listed in the "Risk Factors" section of the Company's Annual
Information Form dated April 10, 2013 (which may be viewed at
www.sedar.com). Should one or more of these risks or uncertainties
materialize, or should assumptions underlying the forward looking
statements prove incorrect, actual results, performance or
achievements may vary materially from those expressed or implied by
the forward-looking statements contained in this news release.
These factors should be considered carefully and prospective
investors should not place undue reliance on the forward-looking
statements. Although the forward-looking statements contained in
the news release are based upon what management currently believes
to be reasonable assumptions, the Company cannot assure prospective
investors that actual results, performance or achievements will be
consistent with these forward-looking statements.
Neither TSX Venture
Exchange nor its Regulation Services Provider (as that term is
defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
Titan Medical Inc.John HargroveChairman and Chief Executive
Officer(416) 548-7522 (ext.
151)john.hargrove@titanmedicalinc.comwww.titanmedicalinc.comBeverly
BrooksInvestor Relations(416)
482-8889brooks.communications@rogers.com
Titan Medical (NASDAQ:TMDI)
Historical Stock Chart
From Mar 2024 to Apr 2024
Titan Medical (NASDAQ:TMDI)
Historical Stock Chart
From Apr 2023 to Apr 2024