Titan Medical Announces $1.5 Million Senior Secured Loan Facility With a Leading Global Medical Technology Company
April 29 2020 - 8:50AM
Business Wire
Titan Medical Inc. (“Titan” or the “Company”) (TSX: TMD)
(Nasdaq: TMDI), a medical device company focused on the design
and development of a single-port robotic surgical system for
application in minimally invasive surgery (“MIS”), announces that
it has closed a US$1.5 million senior secured loan facility (“Loan
Facility”) from a leading global medical technology company. The
Loan Facility has an interest rate of 8% per annum and is repayable
not later than April 29, 2023.
Titan intends to use the proceeds under the Loan Facility for
general corporate purposes while it seeks additional financing to
meet its longer-term capital needs to support the development of
its single-port robotic surgical system, instruments and
accessories; and funding working capital (including the reduction
of outstanding payables).
“We are delighted to receive medical device industry support in
the form of this loan facility, which provides needed capital at a
crucial time,” said David McNally, President and CEO of Titan
Medical. “Access to this loan facility will allow us to continue to
pursue additional capital from multiple sources.”
About Titan Medical Inc.
Titan Medical Inc. is focused on computer-assisted robotic
surgical technologies for application in MIS. The Company is
developing a single-port robotic surgical system comprised of a
surgeon-controlled patient cart that includes a dual-view camera
system with 3D and 2D high-definition vision options 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 gynecologic surgical
indications for use of its single-port robotic surgical system.
For more information, please visit the Company’s website at
www.titanmedicalinc.com.
Forward-Looking Statements
This news release contains “forward-looking statements” within
the meaning of applicable Canadian and U.S. securities laws. Such
statements 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 including the Company’s intention to seek additional
financing and the loan facility allowing the Company to continue to
pursue additional capital from multiple sources 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 Report on Form 20F dated March 30, 2020 (which
may be viewed at www.sedar.com and at www.sec.gov). 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. Except as required by law, the
Company expressly disclaims any intention or obligation to update
or revise any forward-looking statements whether as a result of new
information, future events or otherwise.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200429005439/en/
Stephen Randall Chief Financial Officer 416-548-7522
stephen@titanmedicalinc.com
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