Titan Medical & Its Primary Product Development Supplier Agree to Payment Plan for Outstanding Amounts & Resumption of Develo...
April 30 2020 - 8:00AM
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 entered into a letter agreement (“Letter Agreement”) with
its primary product development supplier (“Primary Supplier”) for
the payment of outstanding payables.
Under the terms of the Letter Agreement, and subject to the
Company securing sufficient funding by raising further capital, for
which it cannot give any assurances, the Company plans to pay the
Primary Supplier in full satisfaction of the outstanding payables
by the end of the current calendar year. Also, under the terms of
the Letter Agreement, the Primary Supplier has agreed to resume
services with regard to the development of the Company’s robotic
surgical system subject to the Company meeting the new payment
terms.
David McNally, President and CEO of Titan Medical, said, “We are
pleased to have come to mutually-acceptable terms with this
supplier on the payment of outstanding amounts and plans to restart
product development of our single-port robotic surgical system.
“We value this supplier’s contributions to the development and
manufacturing of our single-port robotic surgical system, including
the assembly of prototypes used in our successful preclinical
studies, and appreciate their patience in the payment of the
outstanding payables,” he added.
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 and include statements
regarding the Company’s agreement to pay outstanding amounts owed
to the Primary Supplier and the Primary Supplier’s agreement to
resume product development services. The Company does not at this
time have sufficient funds to make the payments to the Primary
Supplier as called for by the Letter Agreement and it will need to
raise further capital to fund its commitment under the agreement.
There is no assurance that the Company will be able to raise
further capital. 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 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/20200430005095/en/
Stephen Randall Chief Financial Officer 416-548-7522
stephen@titanmedicalinc.com
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