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working in the med device field I have seen countless companies come out with "Me Too" products a year or two or three years after the original and I just shake my head and say why? The product is another version and sometimes worse than the original. Most of the time these big companies are just filling a hole to say they offer the entire breadth of products as there competitor. SPORT is not another Da Vinci it offers up and opens the door to another untapped revenue source with larger surgery centers. It's not an OR killer it's mobile and versatile and can cover numerous surgeries via its multiple indications and also some Dr. Fowler hinted at at this years AGM (multi quadrant & the liver surgeon). Technology speaking we don't even know really know the capabilities yet. Ximedica is exploding and getting a reputation as a cutting edge med device design company. I know they are going to deliver. They built a "Robotics Lab" because they too saw the potential in MIS robotics Surgery. They too are invested in SPORT and if they can get it to market it will serve as representation of who Ximedica is in the medical robotics design game and companies will come running for their help. I just hope whoever takes the reins has the same vision all of his did when we were investing at the numerous PPS strike points over the past few years. All we need is one needle driver (milestone) hit and we can pull out of this nose dive. Keep the faith. A completed robotic platform is VERY VALUABLE
Hey Slick Mic, Can you report back on how your call went with Interim CEO Barker today? It would be greatly appreciated by all on the board. Thank you
JMAC
Titans site is down.
Hypocrates, did u ever rectify that or inquire about that ROTH IRA situation? I too moved $ from my IRA to Roth thinking that was a good move at the time. However, we know how that worked out. Ha.
Nice find.
Jasminder Brar is the one who screwed up Titan. He's out there winning IP strategy awards and he is the absolute worst. Look at some of his stuff. He doesn't want John Q. Public to know anything or the investor. And he is WINNING AWARDS for it. He is a large part of our IP strategy and he is partly responsible for where we stand today. He has been overlooked in my opinion as one of the culprits.
LTG, everyone who has been here knows how bad you got crushed before and after the reverse. There is no hiding that. You were buying heavy after your "talks" with surgeons and upper mgmt. Then that god awful Reverse and financing occurred and now TRXC is just waiting lifelessly for the "Death Blow" and you own and bought all the way down and I believe TRXC is now at PRE- Reverse levels. Sooo sad.
It wouldn't be hard to find out the head of Apple's Medical Division! That person definitely reports directly to Tim Cook. One degree of separation. It's a no-brainer.
"100% of the shots you don't take, don't go in"
~Wayne Gretzky
It's definitely worth a letter to Apple even to just re-introduce the Robotic Market Sector (which I know they are aware of and is HUGE) also, a gentle reminder about their top competitor, Samsung, who is also looking for other big opportunity market sectors ("if you ain't growing! You dyin" type of thing). A comparison of a giant in the industry. What Intuitive (ISRG) has done with the space and its potential. (Monopoly). All it takes is that one person to mention it at the next meeting and old Tim Cook's thoughts will be cooking with gas. (Pun intended). Oh and I almost forgot about Google who is intertwined with Apple and has now taken on the forefront of healthcare as well.
BK showed us they have a medical division....
Just sayin........we've done it once, who's to say we can't do it again for all of us.
LTG! We need your wisdom. $288.9 million deficit and the company may not be able to continue?!! Is this the END!
CUIN2 has painted a pretty dismal picture, he seems like he knows the situation and has knowledge and insight.
What is going on?!? I am selling!!!!!
ST or Mustang, it never hurt to plant the seed with apple and Cameron! Obviously our grassroots campaign was a HUGE success! Who's to say a seed to apple with a few good industry articles and the market potential won't cause that seed to maybe sprout. Mustang, after the last letter I now believe anything is possible especially if you can show Samsung (Apple's #1 competitor) is getting involved with a robot which we all know they are!!! Could be a homerun!!! Would also draw some much needed light to SPORT!!! It wouldn't be hard to find out who was in charge of new business opportunity at Apple. Mustang you got the gift to put together that kind of letter and all of us can help you get it to the right party. That's how s#it gets done. It's the next step for these big companies to keep growing. Especially if Apples' #1 competitor is dipping its toe in the healthcare pool. Why not boys?! We have already made a dent. Let's keep going.
Is anyone else's intuition telling them this is a screaming buy at 34 cents or should I buckle the last strap on my straight jacket?
Bling Crosby said it best. "I am dreaming of a green Christmas"
What's with the slow drift downwards? I thought that letter would of at least built a solid floor at 36 cents.
Anyone here buying after the Barker Letter? Just curious. I personally am going back and forth. One thing is for sure we will need more money in q1 2017. Is that the time to buy? Right after that raise....my gut won't allow me to buy at this moment because of how bad we have been burned but I do think things are changing for the better and I would (mildly) kick me self if I didn't scoop up a small chunk of shares at .35cents especially if we get back on track.
thoughts?
Slightly optimistic but beat down and exhausted
Titan Medical Reports Financial Results for Third Quarter Ended September 30, 2016
TORONTO, ON--(Marketwired - November 08, 2016) - Titan Medical Inc. (TSX: TMD) (OTCQX: TITXF), a medical device company focused on the design and development of a robotic surgical system for application in minimally invasive surgery (MIS), today announced financial results for the three and nine months ended September 30, 2016. All financial results are reported in US dollars, unless otherwise stated. The unaudited condensed interim financial statements and management's discussion and analysis for the period ended September 30, 2016 may be viewed on SEDAR at www.sedar.com.
"The third quarter was a very eventful period. We conducted a successful raise in the capital markets that closed September 20, 2016 which has enabled Titan to re-engage with our principal development suppliers. Our team is now focused on getting them back to their full development modes. We remain committed to accomplishing our next major milestones towards achieving submission of our 510(k) application to the FDA," commented John Barker, Interim Chief Executive Officer.
"I have been operating as Interim CEO for the past four weeks while Martin Bernholtz assumed the position of permanent Chair of the Board of Directors. My main focus is to find and recommend to the Board of Directors a new CEO as soon as is practically possible. The Board is also actively seeking new board members with successful business track records especially in the healthcare field," added Mr. Barker.
Third Quarter Operational Highlights
· On August 8, 2016, the Company announced that it exhibited its SPORT™ Surgical System at the World Robotics Gynecology Congress in New York, August 5th and 6th.
· On August 24, 2016 Titan announced that it had extended the rights granted to Longtai Medical Inc. to negotiate an exclusive distribution agreement. The parties have agreed to modify their previous three-month extension to monthly progress reviews.
· On September 6, 2016 Titan announced that Dr. Rafael Sanchez-Salas presented an over view of the SPORT™ Surgical System, at the 13th meeting of the European Association of Urology Robotic Urology Section in Milan Italy on September 14 -16.
Financial Highlights
· Cash and cash equivalents at September 30, 2016 totaled $7,399,331, compared to $11,197,573 at December 31, 2015.
· Net and comprehensive loss for the three and nine months ended September 30, 2016 was $1,659,863 and $21,315,131, which included a gain on change in fair market value of warrants of $3,277,044 and $4,623,658, respectively compared to a net and comprehensive loss of $10,899,586 and $28,276,677 for the three and nine months ended September 30, 2015.
· The Company's research and development expenses for the three and nine months ended September 30, 2016 were $3,429,550, and $21,527,968, respectively, compared to $10,694,838 and $25,110,409 for the three and nine months ended September 30, 2015.
· The decrease in research and development costs and net and comprehensive loss for the three and nine months ended September 30, 2016 compared to September 30, 2015 was possible due to the most recent equity financings completed in the first quarter of 2016 as well as the fourth quarter of 2015.
· On September 20, 2016 Titan announced that it closed its previously announced public offering pursuant to an agency agreement dated September 13, 2016 between the Company and Bloom Burton & Co. Limited and Echelon Wealth Partners Inc. The Company sold 17,083,333 units at a price of CDN $0.60 per unit for gross proceeds of CDN $10,250,000 (US $ 7,749,000).
· On October 27, 2016 the Company announced that the over-allotment option to the Company's September 20, 2016 offering was had been partially exercised and the Company sold an additional 2,030,000 units at the offering price for additional gross proceeds of CDN $ 1,218,000 (US $ 913,500).
About Titan Medical Inc.
Titan Medical Inc. is a Canadian public company focused on the design and development of a robotic surgical system for application in minimally invasive surgery ("MIS"). The Company's SPORT™ Surgical System, currently under development, includes a surgeon-controlled robotic platform that incorporates a 3D high-definition vision system and multi-articulating instruments for performing MIS procedures through a single incision. The surgical system also includes a surgeon workstation that provides a surgeon with an advanced ergonomic interface to the robotic platform for controlling the instruments and provides a 3D high-definition endoscopic view of inside a patient's body. The SPORT™ Surgical System is designed to enable surgeons to perform a broad set of surgical procedures for general abdominal, gynecologic, and urologic indications. For more information, 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 30, 2016 (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.
CONTACT INFORMATION
Titan Medical Inc.
John Barker
Interim Chief Executive Officer
(416) 548-7522 (ext. 151)
john.barker@titanmedicalinc.com
www.titanmedicalinc.com
EVC Group, Inc.
Amanda Prior
Aprior@evcgroup.com
(646) 445-4800
Michael Polyviou
mpolyviou@evcgroup.com
(646) 445-4800
https://htmlsigs.s3.amazonaws.com/logos/files/000/379/663/landscape/TitanMedical-Logo-FullColor-XSmall.jpg
Susan Wilkins l Office Administrator
170 University Ave l Suite 1000
Toronto l Ontario l M5H 3B3
t.416-548-7522 l ext. 153
www.titanmedicalinc.com
Do you know studies are currently being done for sure?
Correct me if I am wrong, that patent was for an end effector...Microline (allegedly) is our end effector supplier and that patent looks like nothing special.
My concern is "Who at Titan is working on our next financing?" We barely got by with this one. January 1 is coming fast and the countdown begins again. Who is speaking with VC's, connecting the dots with Big Money Investors, lobbying Canada for future grants, leveraging existing Corporate relationships, locking down Longtai, staying on EVC and hitting there client Rolodex...stirring the pot and getting people excited! Interim CEO Barker? Randall? Where's Waldo....I mean Reiza? Who?
I feel a lot Laurel Resting going on right now. This is not the time for that as history would dictate.
Sorry, I meant what ST said in his post about wanting to get into the data and so on. (These other companies)
Agreed. Why dosen't someone send the Verb video to an Apple executive in charge of emerging business units and see if we can plant a seed and say exactly what you just said Bobby?? You never know. It can't be that hard to figure out who that person is and what their formatted email address has is?
I spoke with him back when you mentioned you did at SAGES regarding "predicate" devices. I was able to get in touch with him easily is mainly my point and he reiterated the same points you mentioned regarding predicate device. I feel he is a contact point that needs to addressed as part of the plan moving forward given his current expanded role in the company since Fowler left.
Realistically, I see EVC going to Mgmt to set up another shareholder call. I see this happening because we will put the spotlight on EVC since it seems no one at Titan has the stones to hold EVC to it. If we give EVC enough heat or force Mgmt to take a second look at what Titan is getting for their money and what EVC is ACTUALLY doing we can get a EVC to work for us and get in MGMTS ear to be more proactive and possibly set up a bi-quarterly call for shareholder sentiment.
1 vote for Johnnypennystock
Haha....jk
EVC put together the last shareholder call. They should have no problem doing this. They too should have to provide what they have been doing to earn their paychecks. Amanda is just a phone answering drone you need the other guy(his name alludes me) to set the call with Titan mgmt.
Great ideas! an open dialogue or communication with Sachin Sankholkar, VP of Marketing, is key. We need to bring those ideas to him as well. Given his background, this IS WHAT HE WAS BROUGHT ON FOR! No one knows what he does.
Is anyone connected to Sachin on LinkedIn? It wouldn't hurt to forward him the VERB Video. (Not saying I want to waste money on that.)
I have also spoken with Chris Seibert. He can be reached and I am sure as VP of Sales and a recent expanded role he now has some pull with what just happened. (Changing of the guard).
EVC must be held accountable. Some sort of Metric on the value they bring to Titan has to be provided. I personally think they are just being handed checks. Ever since the handoff of the one guy in the LA office to these two in New York (Amanda & ?) nothing has been done. So far the only thing EVC has done was set up a horrendous shareholder call and put out a PR of the foot traffic at SAGES. Terrible. (& that was the LA EVC guy) these two are worthless. We need answers.
Question, Who is actually "Titan" at this moment in time? We mention Randall is just paying Bills and Reiza is nowhere to be found. There are a few players working with Ximedica (Shore & Seibert) interim of course. Sachin & Paige are Worthless. Nahon is holding down the fort overseas. We have a COB with People who view the board as a second or third option (not their day job). Is John Barker, the interim CEO, the new Titan? Who is doing the daily interfacing with the "Executive Search Firm" and vetting the candidates for COO & CEO. the Board maybe meets or conferences once a quarter. So what is the Day-to-day corporate Governance of Titan? Who got the lights turned on at Ximedica?
I only ask cause a lot of people are saying "Titan dosent need Randall and Reiza"
Also, still find it very interesting that Ximedica released a statement on the release. That was definitely a first and a real good sign in my opinion. At this point anyone who wants to team up with Titan financially I welcome them open armed....
Wow, pretty crazy stuff OREP, puts anew perspective on who is in charge and calling the shots over here. Scary.
This article Opened my eyes! WOW....
http://whitediamondresearch.com/research/transenterix-has-shady-management-and-impractical-surgical-bots/
Down big 11%. What gives?
Nice email 66, well written and articulated..... is it worth mentioning the VP of Marketing, Sachin and what his role is? Also, why would we need a VP of Sales, Paige, if we are over a year away from production. It's wasting money. Thanks again.
Also, we need to get a few more BOD members on the email chain if possible.
That's right! Good recall. He can't be happy with PPS.
I also believe our Email Campaign was the tipping point for Hargrove. I DO think that made a huge difference.
Next on the List: EVC needs to show there worth or they need to go. I have spoken with Amanda Prior and she seems like a "Hollow Drone" I have asked her questions and she has blatantly sat in silence because I believe she wasn't even paying attention.
They have done nothing.
I also agree that Reiza and Paige need to go as well!
Keep in mind we also got a chairman of the board as well.
John Barker: CEO
Martin Bernholtz: Chairman of the board
Hopefully those options just received lights the fires here.
Just that he believes SPORT will be successful and it will be a great product when it gets to market. He was very vague and did not go into specifics in his email. Wish I had more
The release is what everyone is expecting. Not the best but should get the locomotive out of the station. That's it.
We all know what it is
Good
Monday is Canadian tuxedo turkey day. My source says Tuesday or Wednesday definite.
When I get info, it's usually accurate. Just ask some on this board. I've known some things. I stand by my recent statement. Good luck gentleman.