Titan Medical Reports First Quarter 2018 Financial Results
May 14 2018 - 8:00AM
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 three months ended March 31, 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 March 31, 2018 may be viewed on
SEDAR at www.sedar.com.
David McNally, President and CEO said,
“Refinements made to the SPORT Surgical System during the first
quarter of 2018 incorporate surgeon input and will be important for
future market adoption. With the goal of a successful
commercial launch we were pleased to announce our collaboration
with Mimic Technologies, a leader in robotic simulation software,
and the demonstration of the first two simulation training
modules. Also, we secured additional intellectual property
protection for features of our robotic surgical system and recently
strengthened our capital position.”
Mr. McNally continued, “We are pleased with the
medical community’s continued acknowledgment of our progress, as
evidenced by the acceptance and presentation of a surgeon-authored
abstract at the highly regarded SAGES Annual Meeting. The
abstract describes encouraging preclinical validation studies, and
we expect that additional presentations related to preclinical
evidence will follow at other conferences later this year.”
Highlights for the first quarter of 2018
and recent weeks include:
- On February 27, 2018, the Company announced that it had been
granted Canadian Patent No. CA 2,982,615, titled “End Effector
Apparatus for a Surgical Instrument.”
- On March 12, 2018, the Company presented at the
30th Annual ROTH Conference in Laguna Niguel,
Calif.
- On March 20, 2018, the Company presented at the
28th Annual Oppenheimer Healthcare Conference in New York
City.
- On March 27, 2018, the Company reported the issuance of U.S.
Patent No. 9,925,014, titled “Actuator and Drive for Manipulating
Tool.”
- On March 29, 2018, Titan Medical and Mimic Technologies
announced a collaboration and the successful demonstration of the
first simulation training modules.
- 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.
Financial results for the first quarter
of 2018 include (all comparisons are with the first quarter of
2017, unless otherwise stated):
- Research and development expenses for the first quarter of 2018
were $3,274,074 compared with $2,946,323.
- Net and comprehensive loss for the first quarter of 2018 was
$808,699, compared with a net and comprehensive loss of
$4,988,274.
- The Company completed a public offering on April 10, 2018 for
gross proceeds of $8,035,941.
- Cash, cash equivalents and deposits with product development
service providers as of March 31, 2018 were $24,807,257, 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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