Titan Medical Reports Second Quarter 2018 Financial Results
August 13 2018 - 8:48AM
Titan Medical Inc. (TSX: TMD) (NASDAQ: TMDI)
(“Titan” or “the Company”), a medical device company focused on the
design and development of a robotic surgical system for application
in minimally invasive surgery (“MIS”), announces financial results
for the three months ended June 30, 2018.
All financial results are prepared in accordance
with International Financial Reporting Standards (“IFRS”) and are
reported in U.S. dollars, unless otherwise stated. The unaudited
condensed interim financial statements and management’s discussion
and analysis for the period ended June 30, 2018 may be viewed on
SEDAR at www.sedar.com.
David McNally, President and CEO of Titan
Medical, said, “During the second quarter and recent weeks we made
excellent progress advancing the development of the SPORT Surgical
System, including achieving all stated milestones. We believe the
care we are taking now to incorporate surgeon feedback into product
design, as well as placing a rigorous focus on training modules
will support a successful product launch, which is expected in
2020. Specifically, our milestone achievements during the
quarter include planning software development and product upgrades;
demonstrating the first two modules of our simulation software;
prototyping, testing and procuring surgeon feedback on revised
workstation controls; completing software and hardware change
requirements and finalizing computer and software architecture for
production systems; and completing revisions and demonstrating
performance of the instrument and lens wash system.
“We have also strengthened our team. We
increased the size of our board to six directors with the
appointment of Domenic Serafino, a long-standing medical technology
veteran. In recent weeks we expanded the advisory role for
Dr. Arnold Advincula to include clinical education and hospital
economics. Dr. Advincula has served on our Surgeon Advisory
Board for the past four years.”
Mr. McNally added, “We achieved a watershed
event with the listing of our common stock on the Nasdaq Capital
Market. We believe this listing expanded awareness of Titan
among U.S. investors, and note that trading on Nasdaq is quite
liquid. We also believe this listing supported our recent $19
million equity capital raise from U.S. institutional and Canadian
investors, which provides funds to continue development of the
SPORT Surgical System. For the first time, Titan Medical’s
shareholder base now includes a number of U.S.-based healthcare
investors.”
Business highlights for the second quarter of
2018 and recent weeks include:
- On April 16, 2018, a surgeon-authored abstract highlighting the
early European experience with the SPORT Surgical System was
presented at the Society of American Gastrointestinal and
Endoscopic Surgeons Annual Meeting in Seattle.
- On May 3, 2018, the Company presented at the Annual Bloom
Burton & Company Healthcare Investor Conference in
Toronto.
- On June 1, 2018, the Company announced a 1-for-30 reverse stock
split in anticipation of listing its common stock on the Nasdaq
Capital Market.
- On June 18, 2018, David McNally presented in the plenary
session at the Society of Robotic Surgery 2018 Annual Meeting in
Stockholm; two abstracts were also presented highlighting
multi-disciplinary preclinical work from two of Titan’s Centers of
Excellence, Florida Hospital Nicholson Center and IHU
Strasbourg.
- On June 20, 2018, Jasminder Brar, Titan’s Director of Strategic
Development and Intellectual Property, was recognized as a global
IP strategy leader by Intellectual Asset Management, a business
media platform.
- On June 27, 2018, Titan Medical’s common stock commenced
trading on the Nasdaq Capital Market under the symbol TMDI.
- On June 28, 2018, Domenic Serafino joined the Company’s board
of directors.
- On August 2, 2018 the Company announced the expansion of Dr.
Arnold Advincula’s advisory role.
- On August 7, 2018 the Company announced the pricing of common
stock and warrants at US $2.50 per unit, for gross proceeds of a
minimum of US $16,000,000 and a maximum of US $20,000,000.
Financial results for the second quarter of 2018
include (all comparisons are with the second quarter of 2017,
unless otherwise stated):
- Research and development expenses were $6,246,275, compared
with $2,704,054.
- Net and comprehensive loss was $5,885,415, compared with a net
and comprehensive loss of $1,865,913.
- The Company completed a public offering on April 10, 2018
raising gross proceeds of $8,035,941.
- The Company completed a public offering on August 10, 2018
raising gross proceeds of $19,198,935.
- Cash, cash equivalents and deposits with product development
service providers as of June 30, 2018 were $26,404,682, compared
with $28,668,927 as of December 31, 2017.
About Titan Medical Inc.
Titan Medical Inc. is focused on research and
development through to the planned commercialization of
computer-assisted robotic surgical technologies for application in
minimally invasive surgery. The Company is developing the SPORT
Surgical System, a single-port robotic surgical system. The SPORT
Surgical System is comprised of a surgeon-controlled patient cart
that includes a 3D high-definition vision system and
multi-articulating instruments for performing MIS procedures, and a
surgeon workstation that provides an advanced ergonomic interface
to the patient cart and a 3D endoscopic view inside the patient’s
body. Titan intends to initially pursue focused surgical
indications for the SPORT Surgical System, which may include one or
more of gynecologic, urologic, colorectal or general abdominal
procedures.
For more information, please 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 March 31, 2018 (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.
ContactS:
LHAKim Sutton Golodetz(212)
838-3777kgolodetz@lhai.com orBruce Voss(310)
691-7100bvoss@lhai.com
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