Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
HC, you can ask yourself a million questions as to why, but I am telling you that Titan does not think that they can sell what they have or what they had in the market. The current version is not ready for IDE. The cost to take something to market and not sell it and have to retool and go through the FDA again, is not what you want.
Because there is no reason to try and scale something that you can not sell. See TRXC, they have an FDA approved robot and can not sell it. Why would you spend all of that money on FDA/CEmark and not be able to sell the robot. You cant discount a robot and expect sales, that is not how robotics works. The best scenario as I see it, is you need to get funding and you need to get it right or this goes the way of TRXC.
I worked at a big med device company for 25 yrs, so yes I see what who and why big med device puts money into. I also worked for a start up med device company that was acquired. So, I am pretty sure that I have more experience than you.
I don’t think people go to startups to make a paycheck, they do it to cash out on options and also that it is fun to build something like this.
Med device companies don’t buy distressed companies. They might be interested in the patents, but I don’t see a strategic partnership or purchase right now.
Let me clarify, I think from an investment perspective this is a 2-4yr time horizon. Project was a poor choice of words. IDE has been pushed back by two quarters. I would add at least one more based on track record. FDA approval could be 2021. Could a buyout happen between now and then? Sure, but every robotic company that I know of that has been purchased has been on the market for at least a little while.
I am saying from an investment perspective, I am looking at this in a 2-4 yr time frame. Could this go belly up? Yes. Could this be bought out? Yes. To get approval and get some market traction, followed by a buy out, could take 2-4yrs.
Who knows, I don’t know exactly what the issues are. I have an idea per my discussion, but how long and how much it will cost is still a guess. You are looking for a quick fix, and I don’t see that coming. This is once again a 2-4 yr project, with a wide range of possibilities. I can only say that I am holding my shares as of now. I think Titan is going to use Aspire and attempt to do another raise. All this fire sale talk is not going to help you, it is prettty tough to value patents that are not in use. ISRG is probably too arrogant to think they need any of it and Mdt JNJ are working on multi port.
Have you ever sat on a board? I have, it is not exactly a grueling job. Federico brings expertise and he probably enjoys it.
Quit driving yourself crazy with all,of your scenarios.
They theoretically could get options, if there is still an option pool available.
Your Zaring conspiracy theory is plain and simple nonsense. If MDT wanted to buy this, they would do due diligence and buy it. Zaring went to Titan to cash in. Whether that works out or not, is yet tbd. Zaring made an interesting comment in August, he said when this robot is fully developed. That comment bothered me then, and it turns out, he meant what he said.
The issues, with the robot obviously were not clearly communicated, but the delay was signaled. I think this was done in a stealth and underhanded way. You can find problems after a design freeze, it happens.
From my conversation, I don’t believe a strategic partner is close at hand. The goal of mgmt, is to use aspire and hopefully get the price up and do a raise. As far as I was told, the q4 milestone is all they have. So expect OS to be increasing due to Aspire, hopefully get q4 milestone and expect another attempt at a raise. A strategic partner is not out of the question, but I certainly did not get that feeling.
Titan has an equity line of credit with Aspire, they are using that not the atm. Your conspiracy theory regarding Zaring is just that. If MDT were going to get involved, they would take an equity position or make an offer.
If I recall correctly, this stuff came as a surprise and is the reason they had to delay IDE. As I stated, delay is roughly two quarters, but history tells us, you never know.
I talked to someone at Titan and here are the basics. The raise was not going to get the minimum. They are currently accessing Aspire equity LOC. Alternative options are to do a US only raise and they are exploring strategic partners. Things are still being done albeit at a much slower pace. Software was prototype and has to be worked up for production. There were some problems with the camera and snake arms. Those are believed to be fixable. They still believe in the technology and are obviously frustrated. Debt does not appear to be an option, too far from commercialization. There should be a Q4 milestone announced in Q4. Interpret this information as you wish. I own 50K shares @ $2.80 and I am holding tight for now.
Geo, if Titan gets bought, it would most likely be a purchase of all stock, not a stock swap.
Currently based on the latest developments, IMO it would be stupid to take debt. IDE is probably delayed by 2 quarters, but based on their inability to forecast, I would not bet on that.
I did and this is what I recall. The raise was not going to get the minimum. They are currently accessing Aspire equity LOC. Alternative options are to do a US only raise and they are exploring strategic partners. Things are still being done albeit at a much slower pace. Software was prototype and has to be worked up for production. There were some problems with the camera and snake arms. Those are believed to be fixable. They still believe in the technology and are obviously frustrated. Debt does not appear to be an option, too far from commercialization. There should be a Q4 milestone announced in Q4. Interpret this information as you wish. I own 50K shares @ $2.80 and I am holding tight for now.
I think they mean market conditions of Titan stock. A stock price of .50 and a need for 20mm now and 80mm to who knows how much is a scary proposition. I have no idea what they actually mean by other financing. I do not know how they do this with a debt instrument and counting on this meaning that they are in discussions with a partner is probably wishful thinking. This is another announcement that tells me nothing.
I have posted this several times. Titan obviously did not think that they could have competed with ISRG or they more than likely would have tried to get approval. Approval is a vert expensive processes,TRXC got their bot approved and could only sell a few.
None of the big boys have put any money into Titan. Titan is a mess right now. Big companies generally don’t invest in companies that are this screwed up. Big companies don’t invest in distressed assets. There is not much proven at titan. I would love Titan to sell right now, but I don’t see it in the cards, all this pick it up on the cheap talk is what PE does not JNJ, and on the cheap is not good for us.
If you can’t compete with ISRG and I don’t know if that was the case, but I will guess that it was. If you don’t think that you can sell the robot without the fixes than you have to fix it. TRXC learned that the hard way.
Titan does not have an FDA approved device. Titan has had zero impact on robotic surgery and 99,9% of the population has not even heard of Titan. TRXC was doomed from the start. Much bigger footprint than ISRG and more difficult to move around, I never thought TRXC had a chance. Titan on the other hand offers theoretical benefits to ISRG. No one is happy with this MGMT team, but all this lawsuit stuff is just plain stupid.
There is not enough information to know, but with the predicted funds needed for approval and the stressed relationship with their partners, it does not look like a quick fix. It appears as if Titan MGMT either lied about the timeline of the milestones or were blind sided by something. Based on what we were told, Titan had great potential and now we don’t even know if they can solve all of their problems. At some point MGMT has to tell us what is going on and I am not sure they know or they will. A law suite here would be a waste of time, with all the disclaimers of making future predictions, you would have to prove negligence, conspiracy, fraud etc. The only people to get any money are the attorneys.
I don’t disagree Sport. MGMT has shot themselves in the foot.
I believe Titan has hardware freeze, what I don’t know is how bad and how much work the software issue is. Yes quite obvious that Titan needs more money and their credibility is shot, and we are going to get diluted, but this still may have a chance. So, I don’t know whether to buy sell or hold. My guess is that price in the short run will drop, but I also hope that people like Zaring did not come here to fail. I obviously know that Zaring will more than likely get his options repriced and he will not be diluted as badly as I will. I was way too early and I certainly mislead by all the milestones.
Still here and sitting tight. There is not enough information for me to do anything yet. History, I believe has shown the stock to drop post raise. We will see.
You can sell it all at .50 or wait and see what happens.
Tried several times, left a few VM and sent a few emails, but no answer no response.
Zaring has been here for ~3 months, his reputation in not tarnished.
Outstanding is low 30mm, that would not include what if anything Aspire has done, fully diluted shares is in the low 50mm range.
Over 50mm fully diluted.
No one knows if Zaring was lied to. Zaring, if Titan gets financing will still make out on this deal. Zaring’s options will more than likely have him positioned in the money. The rest of us here depending on cost average will lose money or make very little. We were all too early and I was too early 50k times. There might be another time to avg down, but for me this is not the time. All of your speculation is brought on by pure emotion. We will know the short term fate of Titan soon enough.
Zaring is not there because MDT put him there. Zaring has been at multiple start up robotics companies. He is there because Titan wanted him and he wanted to take the risk. I know people at MDT and ISRG and there are no rumors or discussion about them looking at Titan. That does not rule it out, but I highly doubt something is going on. I would certainly support a sale right now, but I would not invest on the premise that this is going to be sold anytime soon.
HC, big companies don’t swoop in and do anything, Big companies move slowly and do due diligence. Venture guys swoop in and take advantage of distressed companies, but they too would do due diligence. Your swoop in scenario IMO is not in the cards. The only assets on the balance sheet of Titan are IP and a supposed hardware freeze. All of these things are hard to value and you would need expertise and at least 200mm or more to get this to market.
I think that it will be tough to get money right now, however robotics is a good place to be to get money. Doing a reverse split does not do a damn thing, we will all get diluted the same either way. Depending on your cost avg this still has a chance to work, but there is no visibility. Many people on this board say sell the company, and while I don’t disagree, just because you want to sell to JNJ MDT etc, does not mean they care and they don’t move very fast. It would be at least 3 mos of DD, so mgmt jut cant sit there and try to sell it, they have to try and finance the company. I have never read what Zaring’s non compete w MDT was, but MDT does not have a commercial surgical robot on the market and neither does Titan, so based on my non competes of the past, the noncompete is not being violated.
I am calming down and unfortunately looking at this over the next four years again. If Titan gets funded and if Titan figures out the software, I do believe that Titan is worth more than Corindus. Titan is probably or could be worth something closer to Auris. If they raise the 15-25 million, we can speculate and say ~100mm inclusive of shares and warrants, but we will find out soon enough. Ball parking fully diluted shares puts us at ~160mm shares warrants and options out there. I will put a $50mm cushion in and say we need an additional $125mm to get to market. Can they raise that money with 90mm fully diluted shares and stay at 250mm fully diluted? Should or can they reprice some of the warrants? There are a lot of questions, but my cost average is $2.80 and although I am down about 100k, I am holding tight. There is not enough info for me to sell buy or hold right now. I am hoping that is all cleared up in the next few weeks. I think the issue that Titan had was bigger than anyone thought, but still handled poorly.
Titan has plenty of time to take care of the stock price and delisting. I have seen companies put a plan together and have up to a year to meet the requirement. A reverse split does not change anything, your dilution upon a raise will be the same. The real crime here is Titan in the middle of a raise, has changed all of its timelines and that has put a ton of pressure on the stock price. I think it is safe to say that Titan’s IP and hardware freeze is worth more than ~18mm, but here we are trying to raise money at .50. Titan MGMT has really screwed this up.
You are assuming that this can be sold. As I have posted many times, Titan has not had a JNJ Stryker MDT type company take an equity stake in it yet. That and no insider buying has always bothered me. DD would take IMO at least 3 months if not more. Titan even if it is for sale, still needs a bridge to get it through DD and if they cant sell it, sorry to say, but mgmt needs to try and find financing. There are 3 basic scenarios in my mind. 1) No financing and fire sale. 2) Very dilutive financing 3) a sale. Throwing money at this today might work out for you, but without any visibility, sounds like good money after bad to me.
That is not how DD works. Zaring track record is he goes to robotic companies and cashes in. MDT does need to put someone in there to assess it. Attaching Zaring to a MDT buyout has no merit.
Any sale coming now, will be IMO all cash deal. The same way that Corindus is being purchased. Titan will not be merged into another company.