Titan Medical Reports 2019 Financial Results
March 30 2020 - 9:33PM
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
financial results for the twelve months ended December 31,
2019.
All financial results are prepared in accordance with
International Financial Reporting Standards (“IFRS”) and are
reported in U.S. dollars, unless otherwise stated. The audited
financial statements and management’s discussion and analysis for
the year ended December 31, 2019 can be viewed at www.sedar.com and
at www.sec.gov.
David McNally, President and CEO of Titan Medical, said, “We
made progress during 2019 in advancing the development of our
single-port robotic surgical system, including achieving some
important milestones. However, during the second half of the year,
lack of capital caused us to suspend product development. With very
little cash on hand now, we urgently need to raise additional
capital to resume product development and then prepare for planned
regulatory filings. Like many other medical device companies, we
also face the unknown negative effects of the novel coronavirus
(COVID-19) pandemic on our industry at large, as well as our
ability to raise capital. As a result of this difficult situation,
we continue to explore all strategic options while scrutinizing
expenses as we prepare to raise more capital to finance our
operations.”
Business highlights for the fourth quarter of 2019 and recent
weeks include:
- In September, the Company announced the strengthening of its
patent portfolio with a U.S. grant for surgical imaging technology.
In addition, Jasminder Brar, the Company’s head of intellectual
property, was recognized by Intellectual Asset Management as a
global IP strategy leader for the fifth consecutive year.
- In December, the Company announced a new Common Share Purchase
Agreement with Aspire Capital Fund of up to $35.0 million.
- In January 2020, the Company and Cambridge Design Partnership
announced an expanded engagement for robotic instrument
development.
- Also in January 2020, the Company received ISO 13485: 2003
Certification for its single-port robotic surgery system.
- On March 27, the Company announced proceeds of $1.2 million
from a registered direct offering of common stock and warrants, led
by H.C. Wainwright & Co.
Financial highlights for 2019 include:
- Research and development expenses were $51,418,056 compared
with $32,858,339 for 2018.
- Including adjustment for warrant liability, net and
comprehensive loss was $41,907,079 compared with a net and
comprehensive loss of $22,639,272 for 2018.
- Cash, cash equivalents and deposits with product development
service providers as of December 31, 2019 were $1,295,892, compared
with $20,012,873 as of December 31, 2018.
The Company notes that its business and prospects are subject to
added risks associated with and arising from COVID-19, and the
uncertainty of the effects, duration and severity of the outbreak.
For example, the potential effects on the Company’s product and
service providers, consultants, U.S. and European regulatory
authorities and investigational hospital sites is presently
unknown. Titan’s previous market opportunity and growth projections
are rendered unreliable given the severity of COVID-19 on the
healthcare sector as well as, more broadly, on the economy and the
capital markets. The Company is therefore withdrawing and
disclaiming all prior disclosures and references in its annual
information forms, management’s discussion and analysis, material
change reports, news releases, investor presentations, letters to
shareholders, prospectuses and other regulatory filings, with
respect to: i) market research reports published by external market
research firms; ii) market size and growth projections; iii) any
and all product and service pricing estimates; iv) revenue
projections; and v) market and revenue growth set forth in news
releases or filings of other issuers in the robotic surgical
technology sector.
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” which
reflect the current expectations of management of the Company’s
future growth, results of operations, performance and business
prospects and opportunities and which include statements regarding:
the Company’s confidence in the potential of its single-port
robotic surgical system and improvements to be made, the potential
impact of COVID-19 on the Company, the Company’s need to raise
additional capital and the Company’s expanded engagement of
Cambridge Design Partnership. 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20200330005781/en/
LHA Investor Relations Kim Sutton Golodetz (212) 838-3777
kgolodetz@lhai.com or Bruce Voss (310) 691-7100 bvoss@lhai.com
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