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I assume when he said "They are fully funded" he means "the offer is fully sold", not "Titan has enough cash to get to commercialization"? If the latter was true, then warrants would get us through the early days of limited sales until profitability. If we only got half the market/PPS response Trixie has gotten with their sales of a couple systems, we should be absolutely golden by then.
With those Titan references, are there any ISRG references as well?
I'd say at this point they can't realistically stop this round of dilution. Announcing anything to indicate they can meet further financial needs without further dilution is as close as we can come.
Partnership... if they are even looking for that; might be beneficial (but on this board it would be spun negatively into "We're giving away half our profits!" instead of "We got a partner to fund us to the finish line!"). But the market might react more favorably to that announcement.
As for supporting the PPS after uplist, all I can think is that they are saving some ammunition for when the raise closes. Too much good news immediately after uplist would possibly be off-putting to some of the institutional investors they were chasing with the uplist. Institutional investors want a good deal. So they uplisted in order to do the next (this) raise and start the flow of institutional money, as painful as it is to all of us.
As for the raise amount, I'm sure if it is a high value, folks here will gripe about the dilution, and if it a value which limits dilution, people will gripe that they didn't raise enough money. Perception here will be negative regardless of actual outcome, even though there is a positive side to each possibility as well. Once the raise is over, we will get a better idea where this is really going.
Just curious, and looking for feasible answers, not fantasyland crap...
What can the company REALISTICALLY do at this point to raise share price?
My thoughts are things like:
Announce various aspects of hardware refinement (e.g. new camera is now fully integrated into design or new circuit board designs complete and prototypes are operational).
Announce some major insider buying (within the rules, non-Bernholtzian trading).
More/new indications being trialed at the three training centers.
Some indication of certain critical milestones being met ahead of schedule and/or under budget.
A really big name COB... (as we saw a few weeks ago, a highly competent new board member alone doesn't move the PPS).
Some major merger/acquisition announcement (which is unlikely at this juncture).
Anyone have other ideas of things which they could actually do??
I can understand him being a little short with you after asking if he was going to screw us again... He is probably trying to operate on as professional a level as possible. He has probably handled many dozens of angry calls and emails, and that was probably the last time he will return a call from you. He may have said "Gotta go, very busy" which is surely true, but in his mind he was likely thinking much more profane thoughts.
If that is true, just promise to follow my plan of funding Titan to commercialization, and we will still all be happy. And then you can get the first round of drinks in Vegas!
I will share my current plans with all of you, to relieve any fears you may have over funding. My plan is to win the Megamillions jackpot tonight. I will put up the $50M from my winnings and only ask for a half warrant per share. If I win, we ALL win!
I believe this has to be close enough to the bottom that I am continuing to put my money where my mouth is. I picked up almost 9000 shares on Friday, and I have an order in for 4200 more this morning. Fingers crossed it fills quickly.
I think cash balance = market cap starts to get a little safer from knife falling further.
Bidds, I hope we are in good company. I am adding almost 9000 shares this morning. This afternoon, I will drop off a check with TD Ameritrade so I can add more in a different account next week. Great opportunity to average down, and some time next week our cash on hand should be about the same as our market cap...
Hypo, I certainly agree it will be interesting to see what ISRG's single port sales look like. But Titan shouldn't miss the opportunity to spin it their way regardless of the results. If ISRG's SP is an instant hit, we need to tout how single port surgery is proving itself to be the wave of the future. If they can't seem to sell many SP's, then it must be because the market is eagerly awaiting the affordable upstart system with built-in lens wash capabilities!
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5. Intuitive factor. Will be interesting to see the purchase sales results of the Intuitive SP. If they are good or better, then the only other SP in town just might get that tweaked curiosity large scale.
Is the Canadian-traded side of the company limited to NASDAQ rules for raises?
My concern with your strategy of waiting for $3 is that it might not happen, and with the right piece of news or two, a lot of people are going to see a moderate uptick as the sign that we reached bottom and are reversing... the moderate uptick will probably be very brief before fear of missing the boat gets a lot more people jumping in with both feet, and the moderate uptick could turn into a major spike, like a 2x to 4x spike, before everyone can restore their prior positions.
As soon as my funds clear, I'm grabbing as much more as I can. Just over $4/share is still a steal, and reduces risk of missing the pre-spike opportunity.
Yes! I positively don't like this price action! But it's not really the price I don't like.
To me it's still all about the positives - the tech, the patent portfolio, the product itself... more recently we can add in the enthusiastic responses by world-renowned surgeons, the benefits to patients, hospitals, and surgeons alike, the pre-consulting with the FDA to ensure approval goes as smoothly as possible, the timeline which has the contingencies built in to leave the opportunity to come in well ahead of schedule, and the potential to close this offering and maybe have it be our last... Working in the medical device field for most of my 36 year professional career, I see the re-design efforts as positives as well - instead of launching with antiquated technologies, bulky, low res camera, slower processing power requiring more boards and interfaces (interfaces are booby traps in the system design world), we will launch the most modern, sleekest, most efficient, and safest product possible.
With all the available positives, I'm still completely pro-Titan, and the ONLY thing that bothers me about the current price it that it means more dilution for this raise. If it weren't for the exacerbated dilution, I would be all for maintaining the low price a little longer, extending the buy opportunity for those of us who know and understand the rest of the aforementioned benefits.
But that's all I've got for today's positives.
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Any positive thought today?
Skaarg's posts are like his Senhance patients... all full of holes!
If it was computer generated, it should have been "Processor-boggling" instead!
Yes, but they didn't mention that in the article!
Not sure what is really so mind-boggling about Titan as presented in this article which came out yesterday...
http://www.thestreetpoint.com/2018/07/10/mind-boggling-three-stocks-gamco-natural-resources-gold-income-trust-nysegnt-titan-medical-inc-nasdaqtmdi-delaware-investments-national-municipal-income-fund-nysevfl/
It is easy to spin this either way, good or bad. Of course you all know which way I see it... Among the first announced institutional buys of Titan stock is the pre-split equivalent of almost 22,000 shares, and that puts us on the map. It means they are watching us, taking us seriously, and see enough potential to take us off the list of "maybes" and show their confidence in Mr. McNally and the Titan organization.
I won't buy a beach house until I go to that beach and get my feet wet first. They are just getting their feet wet, or maybe only dipping a toe in the pool before taking the plunge!
We're already in Q3 2018. These guys are already more than halfway through their timeline to submission; they (Mr. McNally in particular) have been there a year and a half already and they have less than that remaining to submission on the current schedule. Given the team they have assembled and the progress they have made, there should be good confidence in their ability to stick pretty close to that schedule. They certainly sounded confident in all aspects of this program! If only that would rub off on a few more investors.
So you called it daily by whining on iHub. Some of us instead wrote a couple letters which seemed to get things moving toward a regime change, and I recall Fly being an integral part of that process - he in fact DID do something about it while you "called it daily."
And you're "back in but not until..." Doesn't that mean you are not back in?
And may never be? After all, I own three Bugatti Chirons, but not until I buy them. Doesn't make much sense, does it?
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Actually JH and RR worked against the longs and you stood there doing NOTHING about it
* I'm back in but not until $3 - $3.10
Nah - I only called it daily WHILE it was happening
That reads multiple ways! Sounds like BigT had a good evening!
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Your post is now sticky.
IITF
Who here owns at least one car or a derivative thereof (e.g. truck, SUV, van, etc.)? I ask because the early automobile was a POS too; most people knew it had no chance of replacing the ubiquitous horse and buggy. Every revolutionary, ground-breaking, market-dominating technology has had its doubters at the beginning. Cars are ugly, noisy, horrible rattletraps... It didn't take long until folks realized horses were worse; city streets were lined with horse poo bigger than snowbanks after a Nor'easter in Boston, and you didn't have to feed or clean up after a car when you weren't using it. Guess who won.
da Vinci just might be the horse while we're betting on the car. Some people might still love their horses, but everyone is driving a car. (Or a derivative thereof.)
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Others will say it’s a POS and they have no future, it will never come to market.
I wonder if the AGM video is intentionally being withheld until it can support PPS in light of the raise?
Was "fully funded" meaning we could get Amadeus down the final stretch? Or was he saying SPORT was fully funded that many years ago?
Program (or Project) Managers submit budgets. He would then be tasked with securing funding to meet those budgets. If he said fully funded, that means they had the money to fulfill those budgets. If management provided unrealistically low budgets, that wasn't all on him.
I don't think he ever claimed "fully funded" with the current management team. And I'm not sure the old team fully understood the magnitude of some of the regulatory challenges that lied (laid, lain... whatever!) ahead at that time.
Steve Randall... Keeper of the Green. Probably flipped his lid at the prospect of changing platforms; his job would have been to tell Hargrove and crew that they were absolutely crazy for even considering it. Why is he still there? I'm guessing because he is much more competent than he is typically given credit for on this message board. Should we think Mr. McNally didn't have anyone available to fill those shoes if he wanted someone else? I expect he had at least a couple names to choose from, whom he worked with before and trusted. The fact that he didn't dismiss Mr. Randall in his first 6 weeks says volumes to me about Mr. Randall's capabilities. He was thrown into an absolutely hideous situation by the prior team and managed to keep the company from folding after being given the news that the prior 5 years was being flushed down the toilet.
Maybe they would have been better off to fold Titan and start a new company name for SPORT, just to get the slate cleared. They didn't fold either by choice or by necessity. Through their darkest days two years ago, they managed to keep running (limping maybe, but not dead!) and now they have an incredibly bright future ahead. Mr. Randall may have worked some miracles behind the scenes to maintain the "ongoing concern" status. Maybe he can share some war stories with us in Vegas some day... when EVERYBODY becomes happy with his financial acumen.
Geo, I do agree dilution seems a bit egregious over the past four years, but much of that was the cost of dropping Amadeus and starting from scratch with SPORT. The market didn't react well to hearing that they were in the final stretch, then decided to run a different race, which tanked the PPS and made further raises that much more devastating from a dilution standpoint. New management team is still saddled with that history even though they had noting to do with it at the time.
And I know I've said before, but as easy as it is to bash the old team for the way it all played out, switching platforms was probably the toughest decision they ever had to make, but without it, we would have been the forerunner to Trixie and Senhance with no competitive advantage over anyone. I like the direction we are going now much better - worth the wait, and now driven by the right team to get over the finish line.
Just catching up...
Honestly, a little disappointed that they couldn't wait a couple weeks or even months for better PPS before initiating a raise. Obviously we need it eventually...
Otherwise I am in full agreement with BigT and CUIN; it indicates program is fully funded when warrants are exercised, which they certainly should be by the time they would need the last infusion of cash. Funded to the finish line is nothing but good news.
Glad to see PPS seems to be holding okay given the news and how many folks focus solely on the dilution instead of the program impact of being funded. Obviously none of us like the dilution; I don't like sending payments to Verizon and Comcast every month but it's kind of a necessary evil at this point, just like dilution for a development company to get funds. IMO, of course!
Dom, I don't know where you've been hiding since 2014, nor why such a coincidence that you showed back up on the day another DomfromCanada became our new Board member, but that's a great article!!!
To add to that, capital is necessary but they are already funded through the end of the year, which means they have the flexibility to choose when and if to do another raise. It also means they have six months to get the PPS up enough to both bring in some warrant money and minimize the amount of dilution required.
I'm okay with $11... but what about NEXT week? Double again?
Okay, I agree, not a rock star... but I don't think Axl Rose could get a medical device company through multiple regulatory approvals (not just one agency, so it would be foolish to claim less than two years when scheduled FDA filing is second half of 2019, and approval is usually a minimum of 6 months from filing for a device of this complexity).
No, this guy is no rock star, he's a medical device star instead, which is what we need. Sales, marketing, regulatory experience, got Proctor & Gamble to do marketing and distribution for Syneron... tell me that wasn't a huge score. The guy gets things done, and as a board member, can use some of his resources to connect Titan and keep us on the short path to success.
TD Ameritrade switched my ticker symbol for me, but it still says
OTCQB: TMDI
I hope that updates itself by 9:31AM.
And how long do you think it will take a surgeon to remove a 2 pound tumor, or a 200 pound woman's uterus, or even a 70-year old prostate the size of a grapefruit, when it needs to first be dissected into pieces small enough to be extracted through a 3mm incision? The Titan patient will be awake, watching Jeopardy and eating dinner while they roll the patient full of 3mm holes into recovery to come down from anesthesia, start waking up, and start planning the best "connect the dots" pictures their grandkids can draw on their stomachs at the beach next summer.
I know pre-market is pretty much meaningless, but why would the current Ask be so pathetic??
Thanks scalpel... I guess I'm going to need to read up on this a bit more. It sounds potentially very expensive.
Geo, are you saying the PFIC status just vaporizes for those of us who hang in until they start taking revenue? That would be fairly awesome if so!
I think there is certainly an emotional element to owning a larger number of shares. It is much easier to think that a penny stock can jump to a couple bucks and provide a huge windfall because it is still only a couple bucks per share which seems like chump change. Instead of going from 20 cents to two bucks, which seems easy because $1.80 isn't much money, we need to go from $6 to $60 for the same profit, and a $56 rise in PPS seems much more formidable. This is all just the feel of it, when in fact each requires a jump in market cap to 10X the current value, and ultimately that is the same hurdle regardless of the number of outstanding shares. It's just a perception thing. I can relate to it and understand it because I feel the same way, but any logical analysis shows those feelings are unfounded.
I liked having almost 400,000 shares of Titan, but that is roughly (just under) 0.1% of the company. Now I have 13,200 shares, or roughly (just under) 0.1% of the company. 400,000 shares had a nicer ring to it, but it still all comes down to market capitalization.
I just ran through their Press Releases as posted on Titan's web site. They added the term "Computer-assisted" in March of 2017. I guess I had never really paid that much attention to it at the time, or since then.
It could cause speculation, however, that around that time frame they may have had some background event which heightened the desire for "computer-assisted" to be part of their PRs. Naturally, I expect a Verb theorist or two to suggest that this is about the time, just a couple months after Mr. McNally took the helm, that a private agreement (maybe a "Verbal" agreement?) could have taken place!
Happy Friday everyone!