Thanks Brooklyn! I've never sold a share either; would still have been accumulating all along if I had any spare change left. Always believed in the technology and the patent portfolio as being value drivers.

That being said, we still have a ways to go for the stock. I'm predicting our close today at somewhere between 45 cents and five dollars - in other words, anything can happen short term, but I think long term our future is now secure.


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Hey 66, you've had a detailed and reasoned long view ever since I bought my first share. Its helped even in my darkest hours with titan. Feels good to be right. Never sold a share.

Gosh, I feel so bad for all the shorters who just got caught with their pants down and wallets open. Nope, I really don't. Hope this burns them good.

I've been saying ever since Medtronic showed off their 6-pod monstrosity that they NEED to affiliate with Titan. WTF took so long???

The types of positions they are hiring for indicate that they are actually prepping for the last big push to regulatory approvals. Now that they have an approved ISO 13485-compliant Quality Management System in place, they can follow their own approved development guidelines to complete the software development effort in house. Hardware development is down to the last few tweaks - I'd prefer they left the hardware alone unless it violated someone else's patents, but I think Mr. Brar is on top of that situation so hardware is just "nice to have" tweaks (it would be nice if we could also afford them!).

The new positions I have seen are indicative of strong medical device software folks with 21st century coding skills, meaning latest, most efficient compilers, reasonably hack-proof code, and able to meet IEC 62304 as well. This should result in software which is most suitable for the IDE approval and human trials.

Putting this development effort in-house might appear expensive based on salary ranges, but contracting an outside organization is much more expensive and requires legal reviews and contract changes to alter the development path - we have seen how well that worked for us with Nalgreiter! If there had been no issues with Nalgreiter, they still would have cost us several million dollars in development expenses, many times what it would have cost to hire people directly, and without all the hassle.

Titan just needed to get the development center locked down to have a place for the team to work as a cohesive group, with actual hardware to develop and run the code. In-house talent gives them better oversight, less risk, tighter control, and improved economics. These posted positions are extremely good news for Titan and, believe it or not, this greatly improves the outlook for the entire company and its investors.

I'm looking forward to seeing some revised numbers next quarter with substantially lower cost estimates to completion. Fingers crossed, anyway!

Over 2 million was just from one large Buy order at $.25 today... Apparently took a while to fill


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5 MILLION SHARES???
!

Only five new patents issued yesterday? That should tank our PPS pretty good! Good news usually drives our price down, and this is excellent news. We could easily lose 10 to 15 percent of our value today!

I continue to tout that our value as a pre-market company is almost entirely derived from our proprietary technologies, which are secured by our patent portfolio. Hand Controller and End Effector patents are fairly big news. Some day, these patents SHOULD prove to be of value to shareholders. Sure would be nice if that day was today!


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Nice
https://worldwide.espacenet.com/searchResults?ST=singleline&locale=en_EP&submitted=true&DB=&query=Titan+medical

The full press release says both.

"“We are delighted to receive medical device industry support in the form of this loan facility, which provides needed capital at a crucial time,” said David McNally, President and CEO of Titan Medical."

He said "Device."



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THE STATEMENT SAYS
“MEDICAL TECHNOLOGY COMPANY”
NOT “DEVICE “
MCNALLY AND HIS BOYS TAKING A PAY CUT DUE TO COVID????

That leaves plenty of time for speculation... unfortunately!

Looks like a down payment to me, with the side benefit of locking up the IP rights if anything bad happens.

Some big fish maybe starting to realize that half a dozen rolling obstacles are not good for the work flow in an OR suite.

Also on the bright side, it does say "a leading global medical technology company" which rules out Transenterix! They aren't "leading" anything at the moment.

Has anyone started scouring financial filings by true leading global med tech companies to find a $1.5M transaction? Not sure if a (presumably) public company can legally hand out $1.5 million without a trace - maybe the bigger question is how long until some public documentation would show such a transaction.

I did specify that it is what I'm hoping for, not necessarily what I expect. Do I think they can get it? Certainly not right now in this stifled business environment. But - do I think that diminishes the VALUE of the technology? Not in the long term.

And I agree that they should not lose the lawsuit. Has anyone else read through the filings? Your opinions? The services provided clearly did not meet the terms of the contract. Titan may be due for a pretty fair settlement in compensatory damages.


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They won't lose the suit. And it will make for a nice PR. But not sure why Mustang thinks they can still get $1 to $3 billion. This thing is at 22 cents for godsakes!!!!

You are free to hope for a few bucks. I'm still hoping the value of the technology will be recognized when the time comes. Hell, look at the money Medtronic is dumping into a system which is more voluminous and cumbersome that the Trixie monstrosity! For a mere billion or three, they or anyone else (JnJ, Stryker, etc. etc.) could buy Titan, be competitive with ISRG, and not have to compete with Titan's system (regardless of whether Titan or an acquirer put it on the market).

I don't know what the tech is really worth; that depends on who wants it most. But I strongly suspect it is more than "a few bucks." Just my opinion.

This would create a back log of demand; once this quarantine clears up, the flood gates will be opened and the pent up demand will need to be satisfied. However, applicability of this article to Titan's situation is tenuous at best; it's not as if JnJ or anyone else could buy out Titan and have a device approved and ready for the market that quickly.

They can do a 6 month or 12 month extension before de-listing. I'm not confident that 6 months would be enough... especially in this current economic environment.

Jasminder Brar was never considered management. He is, however, still there, as he was just called out for his 5th consecutive year being recognized for his highly competent Intellectual Property program in last night's press release.I have always maintained that the value in this company is all in the technology, and the IP program continues to be recognized as excellent.

To go one step further, why would someone like Mr. Brar remain at Titan? He wins awards for merely doing his job - exceptionally well, obviously. But if he, the man who probably knows and understands the technology better than anyone else on the planet, continues to stay put, there must be some pretty solid reasons, starting with - the tech must really be that good.


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I skimmed through the Form 20-F report on Sedar.com earlier today. I am just realizing I do not recall seeing Jasminder Brar on the list of Titan management. I wasn't looking for him specifically so probably just an oversight. I also confirmed Chad Zaring did not have any vested options so he did indeed leave potential $options$ on the (future) table when he exited - I remember a debate about it here but not sure if it ever was confirmed. Bottom line, as we already know, things are a HUGE question mark at Titan and the report does not paint a rosy picture.

Up over 30% on 6.5M shares, more than half of that in the past 20 minutes alone. Someone must know something!

I wouldn't hold my breath for buyout news with the current stock market condition. Most potential buyers have just seen their market cap crumble for non-business related issues and that is also going to cut way back on their revenue from elective surgeries for some time to come.

The last PR was back on Feb. 11 so they are certainly overdue to share some news, but their financials are probably due soon...

Just looked. Last year's AGM date announcement was March 22 and 2018 Finances were released March 29, 2019, so they are certainly due to say something pretty soon. Unless publicly traded companies are being granted some leeway in releasing their financials due to the virus... But I would otherwise be expecting something from them in the next week or two. Not buyout news though.



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We need a BO or NEWS!

New patent approval, new trademark approval...
Definitely adds value to the organization. Includes haptics, vibration signaling and clutchable controller for disengagement and re-engagement. Could add value to any robotic surgical device, not just single port.

Alas, this is Titan. Such good news is likely to drive our PPS down into the .20's.




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New patent issued:Robotic hand controller

Patent# 10,568,707
Date:February 25, 2020

http://patft.uspto.gov/netacgi/nph-Parser?Sect1=PTO2&Sect2=HITOFF&p=1&u=%2Fnetahtml%2FPTO%2Fsearch-bool.html&r=1&f=G&l=50&co1=AND&d=PTXT&s1=%22titan+medical+inc%22&OS=%22titan+medical+inc%22&RS=%22titan+medical+inc%22

A warrant isn't a share but you most certainly can sell it (different from exercising it). You can buy and sell warrants just like you can buy and sell shares of stock (although some additional restrictions may apply, but for the most part they can be handled the same way by most brokers on your behalf). The biggest difference between warrants and options is that warrants will buy you new shares of stock, increasing the company's outstanding share count.

As for "upon exercise", I wrote earlier and still contend that the phrase has no context in time; it can be used to reference past, present, or future events. "Upon" really just means "at the time of" when used in this context. To garner any time reference, one must look at the other related statements in the Form 13G, and it will quickly indicate that this activity was a past occurrence (otherwise there would have been no need for the SEC to be involved at all).

I didn't laugh at the capital gains/loss suggestion, but I would certainly want to know why that is viable. In general, they would be buying stock for about $6M and they would need to sell it for a loss in order to claim a loss. The event date per the form 13G was December 31, leaving them no time to sell those shares on the open market, so they could be prepping for tax loss selling for 2020. But isn't the limit for tax loss selling something arbitrarily low, like $3000? And only used to offset gains? Unless there are vastly different rules for Anson, I don't see it as a viable ploy, but I don't know that other rules may apply to them as an investment firm.

The whole thing remains very odd, enough so that I don't foresee an explanation coming forth any time soon.


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Ok, so people are laughing at my suggestion about capital gains losses on their taxes. Fine, but think about it. If you were a company teying to cut loss on warrants you purchased, how do you do it? A warrant isnt a share so you cant just outright sell it...and why would you buy more shares on the market from a company you assess is dead in the water? So, you convert/exercise your warrants to acquire the underlying stock, then sell it at a l9ss and file it as such on your taxes. It is odd I grant you...but no one on here has posited a good reason why a company would do such a thing. As for the repeated "upon exercise"...got it...they may not have done so yet....my point is, turning it into a tax loss that can be written off is an option. Not much different than any of us selling stock and doing the same thing. How would you reduce loss if you owned warrants?

I agree it's fishy... but I'm thinking more of the likely scenarios are beneficial to us by far.

When life gives you tuna, make sushi!

Yes, I do. Because the Form 13G clearly states that. The transaction occurred Dec. 31, 2019. The form was registered with the SEC on Feb. 14, 2020, right at the 45 day limit. So yes, they exercised warrants at least that far out of the money (the $3.20 warrants were the lowest priced ones they held - maybe they exercised more expensive ones! Maybe their motive is to get $$$ into Titan coffers!).

Look, something very odd is going on here. I don't know what it is. It should be fairly obvious that exercising these warrants was not done as a straight-forward investment, or they would have just bought the shares on the open market for a fraction of the cost, AND still held all their warrants! Also, such a simple Form 13G shouldn't require the full 45 days to hit the SEC public records; it most likely was being held until the last second to prevent this from being publicized any sooner than absolutely necessary. Again, I have no clue why. But given that amount of lag time, the same thing may have already occurred a couple more times (sold the shares, exercised another batch of warrants), but we won't know until those 13G's become public, if that is the plan. Considering they maxed out their first purchase, it stands to reason that they should be repeating this process. It isn't about accumulating shares; that would be as open market purchases to accumulate 8 or 10 times as many. My only guess is that they have some reason to be clearing out warrants, because they know something is happening (or likely to happen) behind the scenes.

I'm still hoping someone can put forth a reasonable hypothesis which explains why they would be doing this. I've asked before, and... crickets. It remains a big mystery.

I will add to my hypothesis: Since it seems to be about getting warrants off the books, they need to sell these new shares and repeat the process. Let's use some ballpark numbers - let's say our average daily volume is around 250K shares. They need to dump shares; maybe 40% of shares sold have been theirs, or 100K shares per trading day they could sell. 18 trading days required to drain their TMDI holdings so they can do another warrant exercise. That's almost a calendar month. I'm guessing that around mid-March, we will see another 13G posted on SEC docs for another 1.8M warrants exercised (maybe 1.9M since they have now increased # of outstanding shares, so limit is 5% more that the first time), leaving them a balance of around 2.7M warrants.

I'd love to know why they did it. But I'm guessing that the reason, whatever it is, must be powerful enough for them to repeat it.



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Exercise up to 1.8mm of the warrants. That would put anson at 4.9%. Anson can’t go over 5%.
Do you really think anson exercised warrants that far out of the money?

I never said it makes sense for Anson to pay so much for shares. I have hypothesized a potential rationale for their move, but I don't know for sure why they did it so I can't opine as to whether or not it makes sense.

Neither did I say that it would make sense for Mr. McNally to do so. I only stated it would be a great move as a show of faith to take on some, any, visible downside risk, as a "vote of confidence" to investors. His lack of visible downside risk doesn't necessarily mean the opposite; it may mean that he is living within his means with less discretionary income than other people presume he might have.

Also, true logic stands on its own and never requires explanation for validity. It relies on a sequence of statements or inferences which substantiate a conclusion, but the veracity of the conclusion is inscrutable if it is truly logical. An explanation may be tendered for convenience in helping others understand the conclusion, but that has nothing to do with the validity of the conclusion. Where's your inner Spock??


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Your saying it made sense that Anson exercised their options at those levels so should make sense for Mr. David to do so as well.
I mean why would Anson pay 7x the market price unless they are gonna get a nice return on that investment.

You logic requires further explanation to be to valid

I looked for the definition on "beneficial ownership" on line.

investor.gov (a.k.a. the U.S. Securities and Exchange Commission) defines it as follows:


"As a shareholder of a public company you may hold shares directly or indirectly:

A registered owner or record holder holds shares directly with the company.
A beneficial owner holds shares indirectly, through a bank or broker-dealer. Beneficial owners holding their shares at a broker-dealer or bank are sometimes said to be holding shares in “street name.” The majority of U.S investors own their securities this way."


Again, this definition refers directly to SHARES, not warrants. Part of the purpose of the form 13G is to document this relationship, showing Mr. Nathoo and Mr. Kassam have control and voting power of these shares which are held by the Anson fund.

If your CPA said they can exercise up to 1.8M shares, well... I don't know what that means. People can exercise warrants to buy shares. How does one exercise a share, other than maybe sell it? Form 13G and the SEC make no claim to substantiate your CPA's interpretation.


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Per my accountant who is also a CFO, they did not exercise warrants, they have beneficial ownership which means that Anson can exercise up to 1.8mm shares. That keeps Anson below the 5%. My accountant is guessing that a stock/warrant holder separated the warrants from the shares and sold the warrants to Anson. That is the explanation I got from a CFO/CPA.

PPS might be going down because we just discovered that we were hit with an additional 5% dilution. The further downside potential for this activity is that it could be repeated a couple more times, based on the number of warrants they still own. On the upside is that Titan would collect about $6M each time it may happen.

I have not reached out to Mr. McNally since the beginning of the year. His response to me was only that they were working on the shareholder's letter which came out a couple weeks ago (and that response was filtered through BigT; we do keep in touch).

If you are asking if it makes sense for Mr. McNally to exercise his options now? I am not in a position to tell other people how they should spend their own money, and I am certainly unfamiliar with his personal finance situation, so I would make no such recommendation. I would agree, however, that it would be a great move on his part, as a show of faith to the investment community in general, to take on some downside risk.



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We’ll see 66. I’m hoping your right for once....
So why is the PPS still going down when someone just paid 3.20-4 dollars?

Did you ask David if he will exercise his options now? Makes sense according to you right?

Rocko, those of us who can read plain English know that these are now shares of stock that they own. Phrases like "Mr. Nathoo and Mr. Kassam are the beneficial owners of 4.9% of the outstanding shares of Common Stock" cannot be realistically interpreted as meaning "Well, they actually just have some warrants but they COULD buy stock..."

Oh, but my sister's friend's cousin knows a guy with an investment thingy who says they really mean warrants. Nah, not buying it. Either someone's advisor is clearly yanking their chain, or someone is yanking ours. "Outstanding shares of Common Stock" only has one meaning. Especially in a regulated SEC filing.

Those quotes were copied and pasted from the filing. Only the Declaration of Independence quote was my example of how "upon" has no specific time reference.


For anyone interested, go to Titan's web page, Investors tab, then Edgar filings. The top one on the list is it. Open as .htm so you don't get bombarded with hypertext control characters. All three quotes should be easy to find.

What I make of it is exactly what it says. "Upon exercise" provides no time reference, past present or future. For example, one could say:

"Upon approval of the Declaration of Independence, America declared itself free of British tyranny."

Other phrases indicate it's a done deal:
"Mr. Nathoo and Mr. Kassam are the beneficial owners of 1,814,089 shares of Common Stock held by the Fund."

"the securities referred to above were acquired and held in the ordinary course of business"

"This Amendment relates to the Common Stock of the Issuer purchased by a private fund"

These three statements are clearly indicative of a prior activity.

My hypothesis is merely a seed hypothesis, hoping to stimulate intelligent discussion as to WHY anyone would pay 8 times market price for these shares. Because I cannot conceive of any logical situation where the end objective of share ownership should be undertaken in the most expensive way possible, I have conjectured that the purpose of the transaction has little to do with stock ownership, and more to do with eliminating the warrants from hindering someone's future plans. Merely a hypothesis... I was hoping others might be inclined to chime in with other feasible reasons they would have paid so much to receive so little in exchange.

Do you have any theories? I doubt they plopped down $6M just to drive speculation on a message board!



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What do you make of the term “upon exercise”? That doesn’t jive.
In any event this doesn’t make sense but hey if Anson wants to pay 7x the market price have at it!!!

Rocko, I believe you are correct; everyone is focusing on the wrong piece of the announcement in order to cast doubt on the situation. Read the phrase before it:

"Mr. Nathoo and Mr. Kassam are the beneficial owners of 1,814,089 shares of Common Stock held by the Fund."

They now own shares of stock. Not warrants any more; it's a done deal.

To hypothesize, I'm thinking this could be the beginning of a takeover of some sort... and it may be less important for the buyer to accumulate shares up front, and more important for them to get warrants off the table to prevent competition from buying them from Anson or Mr. Nathoo or Mr. Kassam or anyone else. Or maybe these gents have a handshake agreement wit a big fish to turn them over for $6 or $10 a share once they have scooped enough via some network of temporary shareholders they are building. Tons of scenarios could be beginning to play out here, but something has to be happening for someone to be plunking down millions of dollars to clear out warrants when they could get 8 to 10 times as many shares on the open market for the same investment.

I suspect something is up.


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Based on recent SEC filing on February 14, Anson exercised 1.8M warrants. At what price I don’t know. I took the lowest 2 exercise prices of $3.20 and $4 on the warrant table. Those warrants could also have a higher exercise price. Regardless of what the exercise price is, IT IS MUCH HIGHER THEN THE pps was at the time they exercised. That makes no sense. The only thing I can think of is that it was agreed upon beforehand that when certain. Milestone was met (in this case it would have to be ISO CERTIFICATION) that would trigger warrants being exercised regardless of PPS at the time.

Feel free to do so! I prefer to write my own letters, and using a less accusatory tone so as to not alienate my reader before the end of the first paragraph.

Some of the questions in Blackjack's post were already part of my letter to him at the beginning of the year, and his reply was that he would be working on a letter to shareholders in which he would address "those subjects that you have raised, on which we can comment." I assume the shareholders letter on Monday was precisely the communication to which he was referring, whereby he commented on what he could.

david.mcnally@titanmedicalinc.com



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The best note - 66 can you forward this to David

You've worked in surgery long enough to form a valid opinion when you saw Surgibot. Plus it was soundly rejected by FDA and wasn't designed to meet the (then) new human factors criteria. That would have required a TOTAL redesign to ever be considered for use in this country. It went for cheap money for overseas use because it had no value in this country. Do you really think that Titan's designs are not worth more than Surgibot?

Unfortunately I don't fully believe an acquisition is imminent, but if it happened this year, it would be understandable given that some pieces seem to be lining up that way. My own assessment is that there may be a 25 to 33% chance of acquisition this year; otherwise I assume this misery will continue indefinitely. Even with funding, my guess is that my breakeven point would still be two years away. But as stupid as many of you seem to think they are, I can't believe they would let this go for the kind of money being talked about here.


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SPORT19 Wednesday, 02/05/20 03:27:22 PM
Re: 66Mustang post# 103294 0
Post # 103307 of 103310

Lets say I agree with you on the value of SPORT. Why do you think the market cap is $17 million? FDA rejected Surgibot went for $29 million. It’s not like Titan isn’t known...it is. Mac has done plenty of investor conferences and it definitely has gotten word of mouth in the surgical community.
To be honest I’ve thought of buying at these levels with a sale looking more and more likely....but being burned at every step here has made me pause...

Maybe some of this isn't coincidental at all. The address change, Mr. Barker's new shares, and the IP firm change all taken together could easily imply something big is coming soon. Some last minute rewards for BOD. Address change may be to facilitate a temporary co-location with an acquiring organization. And can anyone find out if Merchant & Gould already represent any large surgical companies with an interest in robotics? It would be a lot easier, cleaner, and cheaper to handle the transfer of patent assignments within one organization.

Speaking of patents, there was a little company with a patent portfolio of similar size to Titan's, maybe a little smaller. Anyone remember Auris? They were FDA approved, with a device that had much more limited indications than Titan's eventual targets. JnJ paid $3.4B up front with another almost $2.5B to meet additional milestones. A bit shy of $6B total for Auris.

Folks thinking Titan would be bought for 80 cents a share? Does that make any sense in this real world which is currently in a frenzy to release new robotic surgery technology into the marketplace? Let's say for the sake of argument that our current OS is 50M; that should easily represent a worst case scenario right now. At 80 cents, someone would scoop Titan for $40M. Why would anyone here truly believe that Titan would be bought for 1/150th of what the limited-scope Auris sold for a year ago? Is there any actual logic that could substantiate this? I don't see it.

Could we go for $6B like Auris? I don't see it happening without CE Mark and FDA approval. But a system that is less than $100M from the finish line, with a rich patent portfolio and rave reviews from everyone who has tried it - and is capable of retailing for one third less than the only current single port competition - $2B would still be a raging bargain for an acquirer. Why should $1B or $1.5B not be feasible?



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JMAC13 Tuesday, 02/04/20 07:49:16 PM
Re: Honeycomb777 post# 103244 0
Post # 103279 of 103292

All this patent/trademark talk had me dive back into the patents for Titan Medical (not ENOS) saw something odd. A lot of activity last month 12/17/19 (pretty recent) including a “change of owner address” as well as Titan is now using Merchant & Gould as their IP firm. Seems this firm handles M&A’ s and they are based in Minneapolis. Merchant & Gould’s largest account is Microsoft. All this activity and crickets from the Knobbe enos side. Why leave that dormant and not address when doing all this other USPTO stuff? Christopher Stanton is the new attorney in the correspondence for Merchant & Gould.

Please forgive me if this has already been discussed and this is already known. Just thought when looking at the transaction history on the patent that this recent “change of owner address” stuck out as odd. They use these when doing a M&A it’s called an “Assignment” One last small thing that I noticed from the website is that Titan has already updated toe copyright at the bottom to 2020. One month in the new year. Titan notoriously has the copyright fall behind. It takes them forever to do anything. Why are they so on point with this? We all know how long it takes them to ANYTHING. yet this is done just over a month into the new year. What are they preparing for. Why is this a top priority now.

Maybe you should ask those surgeons. Chances are their assessment will not have changed. They don't think it's a POS. Just people out here who haven't seen it, haven't used it, know very little about it... they only know that they should have had a significant return on their investment by now and it hasn't happened, so they conjecture that it must be a POS robot. Maybe a good experiment would be for people here to try to write to some of those surgeons and ask what they currently think of it. Depending on what sort of NDA they signed, maybe they can't say much, or maybe they can. The important feedback they gave back then might seem simple enough but requires some major engineering to integrate the solutions seamlessly into the design.

The tweak after tweak is certainly frustrating for us but may be necessary for regulatory clearance. A system like this likely requires internal/invisible features such as triplicate data processing with discrepancy vote-out in the software for failsafe operation. Snake arms require a boatload of actuators, maybe each is cable-driven/motorized, or maybe using nitinol wire actuation which could require special thermal dissipation considerations and intelligent motion compensation in the event of a single actuator breakage. Folks, this is a very complex product to begin with, and clearing regulatory hurdles isn't easy. Being better than the competition isn't easy either, but that is what they are aiming for.

The DISCONNECT you speak of starts with rave reviews of prototype hardware, validating the concept only. What they have now is WAY better than those early functional prototypes because they are close to being approvable and marketable. THEY have plenty to show for it but for whatever reason (maintaining competitive hardware advantages, fear of being viewed as Marketing before approval...) they aren't sharing any details with us.

It's not a POS. The disconnect is the time gap during which we expected our investments to bring us much close to retirement potential, and the lack of public info. I also see other folks like Medtronic showing off some behemoth-sized system which isn't ready yet, and I wonder why Titan won't do the same thing. Despite my faith in the value of the design and the patent portfolio, my biggest frustrations are the misinformation being tossed around by folks who don't know, and the lack of actual info from the company. If they were a bit more forthcoming with details, the misinformation just might be overridden by facts, and big $$ investors might be more inclined to jump in. All IMO, of course...


Honeycomb777 Friday, 01/31/20 11:07:03 AM
Re: DRG1025 post# 103011 0
Post #103013 of 103013

What I will never understand is the DISCONNECT, though ? How can you have surgeons from around the world use the device, give important feedback, and complete 45 successful procedures and this be known as a complete POS months later?

It just doesn't compute for me - were they all lying about SPORT ? Did they make "tweaks" after tweaks that completely F'd things up ? What was it that threw this thing off of the cliff ?

When a device is refined - it means that it is BETTER. How can you throw $200M at a project and have NOTHING to show for it ? Help me to understand this DISCONNECT

HC... Not sure if you have forgotten already... They have contracted with Cambridge to improve instrument design and cut production costs. They received their ISO 13485 certification. They received their validation reports for safety and usability. They completed their user manual, one of the most critical pieces of documentation to be developed for such a system. Seems like they are somehow still accomplishing more than just leaving the lights on. These guys are not on vacation as you seem to portray them. Most folks on this forum don't want to believe it, but they are busting their humps to make what ever progress they can with very limited financial resources at the moment.

How does this play out? TBD... I wish I had the answer. But they apparently are not going down without a fight. I don't see any imminent groundbreaking news in time to float us back up to NASDAQ standards, but I don't really care about that. Being on NASDAQ was intended to provide us access to the funding which would keep us out of this financial bog. NASDAQ wasn't the savior so many people predicted, so losing it really isn't losing anything of value for the company.

Dilution, I care about. They could probably raise funds by selling shares and warrants for a dime or maybe even a quarter, but they haven't. So it seems they are trying to protect us shareholders by limiting dilution as much as reasonably possible. I am not looking forward to the day it really hits, and with these share prices, it will hit hard. But at least they aren't just giving it away. If they wanted to make their lives a little easier, they would have issued another 300M or 500M shares for pennies and screwed us shareholders (I am still one, unlike some of you) over for good. But they haven't. They are still working on our behalf - in spite of all the name calling and hostility that goes on here.


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Seriously, how does this play out ? They have Aspire to use to get paid and leave 1 light on.

Lots of those projections are still floating around. Also lots of false suppositions being tossed around. I looked at the latest such info I could find which seemed to have some basis in reality.

From the early November Short Form Prospectus:

"While the Company is assessing the availability of sufficient financing, it has taken temporary measures to reduce
its cash burn over its historical rates, including a significant reduction in its rate of development, sourcing more cost-
effective resources and reducing its general and administrative overhead where possible. Having regard to the foregoing and contingent on the availability of sufficient financing allowing the Company to advance the development of its robotic surgical system in a timely and cost-effective manner as well as normalizing supplier relationships and resumption of normal course operations, and the absence of unanticipated product development and verification difficulties, the Company estimates that it will need to raise, in addition to the proceeds from the Maximum Offering, approximately US $70.0 million in order to be in a position to file its 510(k) application with the FDA in 2021."

This Prospectus was published with the proposed (subsequently cancelled) offering for Min $15M and max $25M. Therefore the estimate was $25M + $70M = $95M to get to 510K submission. This presumably includes instrument improvements, software development, electrical and biocomp testing, IDE application, rebranding (was still in the milestones before 510K), IRB approvals, and human confirmatory studies for the 510K. Interestingly, they also listed ongoing software development AFTER the 510K submission.


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When does the clinical testing start that is needed for FDA submission ? Also how much will that cost ? Do tell

Should be sued for keeping material info away from shareholders


** All you have to do is go back into Q1 or Q2 2019 timelines and look at the projected cost estimates for Milestones #9 to the end to give you an idea of what is still needed, $$$-wise

Be careful everyone... this actually looks like good news.

All those lies about ISO and the other Q4 milestones? Oops. Turns out they weren't lies. Maybe it just takes a little time to do any sort of announcement because they need to achieve legal clearance and regulatory scrutiny before making any specific claims.


Hypocrates Monday, 01/27/20 08:48:41 AM
Re: None 0
Post #102854 of 102854

https://finance.yahoo.com/news/titan-medical-receives-iso-13485-132800124.html

Yes, in fact I did (with the assumption that he would not be able to comment on it, but at least I wanted to let him know that it is an on-going concern with shareholders). His reply to all my questions was this:

"Thank you for your thoughtful, constructive inquiry. We are committed to the uniform dissemination of information to all of our investors. Rather than responding to your inquiry alone, we are in the process of drafting communications on those subjects that you have raised, on which we can comment. We appreciate your support for the company."

This reply came on Jan. 6th, so I am hoping the communications to which he referred will be imminent. And hopefully useful and informative as well!


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Not gonna happen.
Did you ask MacNally how the lawsuit was going?

https://www.massdevice.com/jjs-ethicon-files-itc-complaint-against-intuitive-surgical/

Maybe this is why JnJ should buy Titan... Broaden their patent portfolio to give them more ammo to slow down ISRG as they try to compete.

Nice Find! Thanks Frequent1!



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Another US patent #10,532,466 issued for "robotic hand controller" dated Jan 14 2020.

http://patft.uspto.gov/netacgi/nph-Parser?Sect1=PTO2&Sect2=HITOFF&p=1&u=%2Fnetahtml%2FPTO%2Fsearch-bool.html&r=1&f=G&l=50&co1=AND&d=PTXT&s1=%22Titan+medical%22&OS=%22Titan+medical%22&RS=%22Titan+medical%22

I forwarded as much meaningful information as he shared, which is only that communications are forthcoming, unless you consider his Happy New Year greeting to be meaningful from a shareholder standpoint - but I don't see how I can make any additional money, so I'm sure the SEC would not object to him wishing me a happy year. Management can talk to me just like they can talk to their barista to order a Grande Macchiato. Neither conversation will give anyone an edge as an investor.

In my correspondence to him, my concerns over additional dilution were prominent. As for timelines, I don't think they would have the ability to create, never mind publicize, a valid revised timeline until the lawsuit and the next round of substantial funding are addressed. I sent a substantial list of my concerns, which I'm sure most of you share but probably would have expressed to him in a more blunt fashion. I designed my correspondence to encourage him to read to the end, which he apparently did.

Given that they are out of any substantial amount of money, any "game plan" has to cost more money. I was suggesting they explore possible fundraising methods which could minimize dilution. Hopefully they also have some ideas of their own for the same goal. And hopefully we will know at least a little more about what is going on soon.


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Here's what I'm afraid of '66. The new "game plan" means more money, more dilution and another round of delayed timelines. Please do your best to tell me why I'm probably wrong about that. Because trust me, I really want to be wrong.

***AND***

How can mgmt talk to you but not address the shareholders as they are legally bound to?

Rebster, the update from Mr. McNally should be forthcoming, hopefully soon. I wrote to him earlier this month and his reply included the following:

"We are in the process of drafting communications on those subjects that you have raised, on which we can comment."

Surely the process has to clear legal and regulatory hurdles before publication. Hopefully he will address such issues as ISO certification, funding, possible de-listing, lawsuit status, and the plan in general to move forward (including the expanded Cambridge relationship). But obviously, all TBD from our standpoint, and any of these items, especially the lawsuit, could be forbidden topics for some reason or another.

Fingers crossed for sooner rather than later!


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It appears that the Cambridge collaboration has caused Titan to change the game plan. It would be nice to get an update from Mac.

It's nice to be able to engage in a civilized conversation with you again! I'm sure we will continue to have our differences of opinion on Titan (unless or until it should somehow manage to make us both reasonably wealthy!) but a reasonable discussion is nice once in a while.



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Thank you for your well thought out responses.

Based upon the circumstances of that time frame and the situation as it was, I don't categorize those actions as having been mistakes. The justifications for those actions were fairly sound at the time, and it cannot possibly be determined that that either the option repricing or the RS for NASDAQ had a negative impact on the trajectory of the company. Maybe if not for NASDAQ, we could be sitting at 3 cents instead of around 60 cents - who knows. Just like at the time, it could not have been known that fundraising would remain an issue despite the "respectability" of being a NASDAQ listed company.

Among the strengths we do have is our patent portfolio. If we had lost Mr. Brar to a competitor, would it be nearly as complete? Again, impossible to tell because that alternate timeline did not occur. But the continuing stream of patent approvals remains an occasional bright flicker on our radar screen. Maybe that's what keeps us from falling to three cents. And if he stayed because of option repricing to $3, that certainly hasn't cost investors a penny at this point; it has no cost until they exercise those options. So clearly, option repricing did not put us down here, and therefore the continuous harping on this topic is not substantiated by logic.

As for your other post/question regarding bonuses, I will say that as an investor, I would tie the potential for bonuses to the performance of my investment. If/when my investment becomes profitable, I might be inclined to consider bonuses commensurate with the stock performance, but I would bear in mind that their performance bonus is already built in to their compensation via the aforementioned options. Until then, I think their salaries will have to be sufficient.

All just my opinion, of course...



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I’m asking because I’d like to know if you and other misguided investors would make the same mistakes again. I’m not looking forward to more bad decisions by management and my fellow shareholders.