Titan Medical Reports 2017 Financial Results
February 13 2018 - 5:01PM
Titan Medical Inc. (TSX:TMD) (OTCQB:TITXF)
(“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 12 months ended December 31, 2017.
All financial results are prepared under
Canadian GAAP 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, 2017 may be
viewed on SEDAR at www.sedar.com.
David McNally, President and CEO, said, “I
joined Titan Medical in January 2017 and based on our achievements
this past year, I am more confident than ever in our future.
With the addition of Dr. Perry Genova, our Senior Vice President of
R&D, and Curtis Jensen, our Vice President of Quality and
Regulatory Affairs, we now have a management team experienced in
complex medical device development and commercialization, including
relevant expertise in engineering, regulatory affairs, intellectual
property and global marketing.”
Mr. McNally continued, “I am proud that our team
successfully met all of our published 2017 milestones on or ahead
of schedule. Our work in 2017 culminated in the first single-port
procedures performed at our three Centers of Excellence in the U.S.
and Europe. Having now validated the performance of our single-port
robotic surgical system, during 2018 we will focus on further
product development in key areas identified as opportunities for
improvement and competitive advantage before launch. We will
also continue to actively engage with both the U.S. FDA and our
European Notified Body to ensure we pursue the least burdensome yet
fully compliant pathways toward regulatory clearances in both
geographies.”
In conclusion, Mr. McNally said, “We acknowledge
that the work ahead will impact our historical timeline to
commercialization. We also know that the specific timetable
and requirements of regulatory submissions will become clear over
the coming months. However, based on the enthusiasm of the
experienced robotic surgeons who have operated prototypes of our
system, we are confident our single-port surgical system can play a
meaningful role in advancing robotically-assisted surgery, and it’s
worth our investment of time and capital to do the job right.”
Operational highlights for 2017
include:
- On February 6, 2017, the Company announced the appointment of
Perry A. Genova, PhD as Vice President of Research and
Development.
- On April 3, 2017, the Company announced the appointment of
Curtis R. Jensen as Vice President of Quality and Regulatory
Affairs.
- On July 10, 2017, the Company announced a collaboration with
Florida Hospital Nicholson Center in Celebration, Fla. for
feasibility and validation studies to support regulatory
applications for the SPORT Surgical System.
- On August 22, 2017, the Company announced the signing of an
agreement with Institut Hospitalo-Universitaire de Strasbourg in
France for feasibility and validation studies to support regulatory
applications for the SPORT system.
- On September 18, 2017, the Company and Florida Hospital
Nicholson Center announced the installation of a prototype SPORT
system at the hospital’s training facility, the first installation
in the world to support preclinical feasibility and validation
studies.
- On September 25, 2017, the Company announced the successful
completion of the world’s first gynecologic, colorectal and
urologic single-port procedures using the prototype SPORT system at
the Florida Hospital Nicholson Center.
- On October 23, 2017, the Company and Columbia University
Medical Center announced the installation of a prototype SPORT
system at Columbia’s simulation training facility in New York City,
the second U.S. installation to support preclinical feasibility and
validation studies and the first installation at an academic
medical center.
- Throughout the fourth quarter of 2017, the Company obtained
preclinical evidence through surgeons performing numerous
single-port procedures using prototype SPORT systems, with select
surgeon-narrated videos of the procedures available on its
website.
- Throughout 2017, the Company enhanced its intellectual property
position through the continued filing of patents directed at
important aspects of the SPORT system, and was awarded European and
U.S. patents directed at the innovative multi-articulated
instrumentation of the SPORT system at the heart of its competitive
advantage.
Financial highlights for 2017
include:
- Research and development expenses for 2017 were $12,900,855,
compared with $22,577,885 in 2016.
- Including adjustment for warrant liability, net and
comprehensive loss for 2017 was $33,586,984, compared with a net
and comprehensive loss of $23,323,497 in 2016.
- The Company completed a public offering on June 29, 2017 for
gross proceeds of $5,576,357, followed by a second closing on July
21, 2017 for additional gross proceeds of $1,328,871.
- On August 24, 2017, the Company announced it completed the
conversion to equity of Longtai Medical Inc.’s $2.0 million deposit
that had been previously scheduled to be refunded to
Longtai.
- On October 31, 2017, the Company completed a private placement
involving numerous robotic surgeons in the U.S., for gross proceeds
of $2,677,732.
- On December 5, 2017, the Company completed a public offering
for gross proceeds of $17,888,900.
- Cash, cash equivalents and deposits with product development
service providers as of December 31, 2017 were $28,668,927,
compared with $6,356,559 as of December 31, 2016.
About Titan Medical Inc.
Titan Medical Inc. is focused on the design and
development through to the planned commercialization of
computer-assisted robotic surgical technologies for use in
minimally invasive surgery. The Company is currently developing the
SPORT Surgical System, a single-port robotic surgical system. The
SPORT 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 a surgeon with an advanced ergonomic
interface to the patient cart and a 3D endoscopic view inside the
patient’s body during MIS procedures. With the SPORT system, the
Company aims to pursue a broad set of surgical indications,
including general abdominal, gynecologic and urologic
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, 2017 (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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