Titan Medical Reports Third Quarter 2018 Financial Results
November 12 2018 - 04:10PM
Business Wire
Titan Medical Inc. (TSX: TMD) (NASDAQ: TMDI) (“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 and nine months ended September 30, 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 September 30, 2018 may be viewed
on SEDAR at www.sedar.com.
David McNally, President and CEO of Titan Medical, said, “During
the third quarter and recent weeks we continued to make excellent
progress advancing the development of the SPORT Surgical System,
including achieving all stated quarterly milestones. We believe the
care we are taking now to incorporate surgeon feedback into product
design, as well as placing a rigorous focus on the development of
training modules, will support a successful product launch.”
Milestone achievements during the third quarter include:
- Completion of the camera insertion tube
engineering confidence build based on improved design;
- Completion of design of SPORT Surgical
System surgeon workstation and patient cart for engineering
confidence build; and,
- Completion and demonstration of the
full suite of simulation software for beta testing.
“During the third quarter we also submitted draft protocols to
the FDA in Q-submissions for comment, a milestone that was
originally planned for the second quarter of 2019. We remain
committed to our projected product launch in 2020 as we continue to
execute our long-term strategy to become a significant participant
in the multibillion-dollar market for surgical robotics in
abdominal surgery,” Mr. McNally concluded.
Business highlights for the third quarter of 2018 and recent
weeks include:
- On August 10, 2018, the Company raised
gross proceeds of $19,198,935 in an underwritten public offering of
Units. Each Unit was issued at a price of $2.50 and is comprised of
one common share of the Company (a “Common Share”) and one warrant
entitling the holder to purchase one Common Share at a price of
$3.20 until expiry on August 10, 2023.
- On August 28, 2018, the Company
announced that it was granted a U.S. patent for Instrument
Insertion and Positioning in Single-Port Robotic Surgery.
- On September 5, 2018, the Company
presented at the 20th Annual Rodman & Renshaw Global Investment
Conference in New York City.
- On September 6, 2018, the Company
presented at the Wells Fargo Securities Healthcare Conference in
Boston.
- On September 6, 2018, the Company
announced the presentation of an abstract featuring its SPORT
Surgical System at the European Association of Urology Robotic
Urology Section annual meeting in Marseilles, France.
- On September 18, 2018, Titan Medical
and Mimic Technologies announced successful development of core
surgical skills simulation modules.
Financial results for the third quarter of 2018 include:
- Research and development expenses were
$9,143,987, compared with $4,061,695 for the corresponding
prior-year period
- Net and comprehensive loss was
$7,534,456, compared with a net and comprehensive loss of
$13,902,817 for the same period in 2017
- Cash, cash equivalents and deposits
with product development service providers as of September 30, 2018
were $33,509,669, 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.
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LHAKim Sutton Golodetz, (212)
838-3777kgolodetz@lhai.comorBruce Voss, (310)
691-7100bvoss@lhai.com
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