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Anyone else having issues connecting to the presentation? It's 7:30AM out there; they shouldn't be that far behind schedule yet!
Never mind... just switched from Flash to Dash and got audio.
Just reviewed slides for the presentation. Nothing new in there. Just a new audience if there is to be any significant benefit.
Mr. McNally presents in 25 minutes. Presentation slides will be available 15 minute before presentation starts. I wonder if there will be anything new in the presentation.
I thought they always planned on human cadaver testing.Later in the trials, but they still need to accumulate data and also to be ready if FDA does an AI request.
From the new prospectus:
"To assess progress, the Company regularly tests and evaluates its technology. If such evaluations indicate technical defects or failure to meet cost or performance goals, the Company’s commercialization schedule could be delayed and potential purchasers of its initial commercial systems may decline to purchase them or may choose to purchase alternative technologies."
What I think is interesting about this is the mere mention of "potential purchasers of its initial commercial systems." I infer from this verbiage that there are already organizations who have expressed their desire to be these "potential purchasers of its initial commercial systems"... otherwise, they would simply state that there could be a delay in getting to commercialization. I think buyers are already knocking on the door and asking "When can we get SPORT?"
Looked at 1 year historical data - 253 trading days, negative correlation on 58 days, so about 25% of the time they went different directions, and 75% of the time they went the same direction. At best a 75% positive correlation, which I guess should be expected. So nothing noteworthy!
There were 17 instances of negative correlation in the past two months, so almost double the overall average rate... maybe that's what started my curiosity about the whole thing.
Has anyone been tracking correlation between the general markets and TITXF? I have not been doing that, but it just seems like I'm feeling that up days for the market are not strong days for Titan stock, and down days for the market give Titan a better chance at rising. Unless there's Titan news influencing the price up or down regardless of how the market is doing. I am usually hesitant to associate correlation with causation, but if a strong enough pattern of correlation emerges, it gets tough to ignore.
The Dow is over 24,000 this morning and looks like it will have a good day today.
Maybe I'll have to check historical data for Dow and TITXF to see for myself. But if anyone has already done this, feel free to share!
Just checking in...
Got email from a friend who was wondering what's up with the downward trend. All I could do is chalk it up to MMs playing games, keeping price low so it remains easier for them to play with. There certainly is no visible rationale for the trend this week. I told him my real horizon is still 3 to 5 years out, so not worried. It would certainly be nice if it was all forward progress, but I guess that is not yet realistic.
I'm in at .47 cost average overall - touched green territory twice but it hasn't held there yet. Third time's the charm??
Flenderson, definitely looking forward to meeting when you head out this way! Where in NH are you heading, and do you have a ballpark time frame? Rebster and I are overdue again for another catch-up session as it is. I'm sure he will be as pleased as I will be to meet you in person and enjoy a nice beverage!
The original offering filled, then they extended it and brought in more money. If it still isn't closed, who's to say they aren't extending it again and bringing in yet another chunk of cash to get that much closer to the finish line? There obviously is a lot of interest as of late; even on our slow days we are moving over a million shares a day.
Hypocrates, may I suggest a bib for Thanksgiving Day turkey gravy as well as for the excessive salivating??
Happy Thanksgiving to you and all here, and may we have even more to be thankful for next year! (But this year I really have nothing to complain about...)
Enjoy and be well.
In general, not aimed ant anyone in particular, but I keep seeing a recurring theme...
In terms of PPS and schedule, Hargrove chapped everyone's backsides and this is not news. It has been over a year since he departed, and the new management team has already proven their abilities both in their past lives and here at Titan. We all need to stop believeing, stop pretending, and stop posting that the mistakes and inefficiencies of the prior management team have ANYTHING to do with the current situation. That is total fallacy. If you believe it, you shouldn't own this stock and you shouldn't be on this board. People who continue to post these fallacies clearly are delusional or are here simply to try to drop our PPS further.
This is like blaming your new wife because your old wife cheated on you. But if you don't take off your collective tin foil hats, the new wife will cheat on you too! And she should!
Trixie's SurgiBot failure at FDA was due in part because the FDA had just issued new guidelines for Human Factors Engineering. My understanding is that the SurgiBot design was an older design and they were so far along in the process that they didn't want to take the schedule hit going back to the drawing board so they hoped they could ram it through approval with an AI. The FDA isn't that forgiving about organizations intentionally trying to circumvent their regulations. I had also heard that the FDA did not feel it was in fact a "substantially equivalent" product to da Vinci in its form at that time.
Titan has worked with the FDA and planned to continue to do so (I haven't heard any recent updates on that front) to ensure they were on the right track. FDA has a program fro early cooperation of some sort; I don't know if Titan is in that program or just sharing communications to ensure they remain on the right track and should sail through fairly easily. And I don't think anyone will question "substantial equivalence" of SPORT, as its capabilities seem to exceed da Vinci's, by all early reports.
I'm on Scottrade (soon to be TD AmeriTrade) and everything is there.
Is an ADS (per the article) the same as a regular share we would buy on the open market? Looks like around 25M shares outstanding for Mazor and Medtronic will end up owning under 5M or under 20% of the company.
To translate to Titan numbers, 20% is 110M shares, at .39/share is $42.9M. At maybe $.50/share, $55M. So worst case we end up with more than ample funding to get to finish line and start building/selling units! That's with a deal similarly structured to Mazor's deal.
I'm still sitting tight at 350K shares. Would buy more if I could but no funding available at the moment. If I can do a SEP IRA contribution for this year I need to create a new IRA with a new company - Wells Fargo won't let me buy any more through them because their regulatory department intervened after my last purchase! Anyone have recommendations for a new SEP IRA? Fidelity, maybe? I hate handing Uncle Scam an extra $6K in taxes because I didn't do the contribution.
So when a "partner" comes into a situation like this, what are the typical options? Do they usually get stock shares, or are there other means of partnering? For a partner to come in and want controlling interest, Titan would need to create yet another 550M shares = cutting our investment value in half. Is this a normal scenario? What could we expect? I just don't know how this sort of thing usually works.
Message in reply to:
Any partner that invests in the company will definitely try to squeeze Titan as much as it can in terms of shares and warrants in return for their "favors". That's just the name of the game.
Light volume trading, light volume posting...
This is cool! Check out slide #2! And they used him for slide #7 as well...
https://www.msn.com/en-us/health/medical/50-secrets-surgeons-won%E2%80%99t-tell-you/ss-BBsl940?li=BBnb7Kz#image=1
Hi Matt,
As an OR person you might have an appreciation for this one from ORrep8 this morning... Post 62619. I found it enlightening and it offered viable reasons for the ultimate success of SPORT.
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=136243215
Hi matronmatt,
I think some folks assume that everyone here is here every day and reads everything... I don't believe that's the case. I'm here more than I should be!
Anyway, the reverse split, if it happens, would be to increase the PPS by reducing the number of outstanding shares. Example: if there are 300 million shares at .40 each and they do a 10:1 reverse split, there will then be only 30 million shares but worth $4.00 each, so the market capitalization (value of all the outstanding shares of stock) will remain the same. Everyone will have one tenth of the number of shares they had but the same total value.
The reason for Titan to consider a reverse split is to be able to uplist to a better exchange for the stock. They have expressed a desire to list on the NASDAQ, a larger exchange for bigger, stable companies. One of the requirements to uplist to NASDAQ is to have some minimum share price, and one way to achieve that is to do a reverse split. It is unknown if we will have to do that; it is possible that our share price could rise enough to meet that minimum without the split. My personal guess is that the RS will be needed to do it in the timeline they want, but I HOPE that isn't true. And there is no guarantee they will do it, but they have said they want to.
As for others expressing their reluctance to repeat answers we have discussed as a group many times before, maybe I'm more forgiving to our relative newcomers, hoping to keep this a friendly environment for more folks to feel comfortable chiming in, either with info or with questions. That being said, I have to agree that if you check in with us more often, you'll be up to speed on just about everything we know about the company and the situation. So consider this an invitation to check in daily, and don't take anything personally that is said on the board. The "veil of anonymity" (as I like to call it) from logging in with a meaningless ID give some people a bit more freedom to offend than they might have in person. Any anyone can have a down day; just check my posts from early this morning!
Now THAT'S the kind of info I would have liked to see in a PR!
I definitely do like what Dr. Burke had to say; it seemed much more enthusiastic about the device itself. Neither surgeons' comments went to the extent of comments out of Nicholson with regard to superiority of SPORT in particular. After Dr. Patel and crew's descriptions, these (especially Dr. A's) seem mediocre at best.
Probably the most disappointing press release I have seen from this team.
Dr. Advincula: "Single-port robotic surgery could become a reality for many patients." Many? What's that, like a couple dozen? Are we in Trixie territory? "The future of single-port robotic surgery is bright." What about Titan's piece of it? At a large training center, has he had hands-on experience with ISRG's single port option? For a long term SAB member, he seems surprisingly non-committal to our specific technologies.
Dr. Burke, on the other hand, happens to coincidentally share his name with another member of our SAB, but the one in the article is from Stony Brook University Hospital; our SAB member is from the Columbia-affiliated Valley Hospital, according to his bio on the Titan web site. Surely the web site featuring a 53-week old "What's New?" section is kept more up to date with regard to SAB members, so these must be two separate guys. At least Dr. Burke had slightly more convincing input regarding SPORT's capabilities.
I also wonder if it would have been advantageous to wait for the dust to settle further from yesterday's PPS fiasco. Down 17%; that's worse than Trixie's bloodbath the day before. Maybe we should make sure we have a solid baseline before trying to build it back up.
Not sure why I feel so negative today... Something just isn't sitting right with me on this entire situation. Maybe I need to move up from these little 32 ounce coffee cups to something more substantial to kick off my mornings.
33 - Thank you!
Almost a year to get $6M in warrants... not inconceivable that this could be our last such offering needed to get to FDA/CE mark filings. That said, I would still expect one more because they do need to continue operating until they start taking in revenue. That would include more trials, prep for human trials, getting marketing and distribution up and running (either alone or with a pre-existing distribution chain), capital to start producing the first true production units... And a little extra cash to spend if they join us in Vegas!
Does anyone know if the price point was selected based on current market price at time of initial negotiations, or just trying to give the buyers a discount to make it worth their while? Just curious... because they should know that it immediately dumps market price down around that level.
Also, anyone know what TMD is trading for at the moment on the Toronto exchange? They don't always match that closely with TITXF (after exchange rate considered).
So if someone wants to do the math for all of us...
In US dollars, where does this put our funding with regard to the timelines? How close to regulatory submissions are we from a dollar perspective? And (speculatively) what percentage of existing warrants would need to be exercised to cross the finish line, as opposed to one last offering some time next year? Could this be the last offering needed to commercialization?
He probably couldn't mention it during the call because the SEDAR filings weren't done yet. I'm guessing...
Just catching up...
Wildling, welcome aboard!
I'm not sure I share the general sentiment expressed here. The fact that he is opening up the offering to US residents implies that there is strong interest in the US investment community somewhere. Maybe another group of surgeons approached him and said "Me Too" (not to be confused with #metoo, which some of you seem to be feeling right now). They may need to be getting the ball rolling now to close a deal by the end of the year for tax purposes. The group may have negotiated for some warrants in exchange for a larger cash infusion than the first group, and Mr. McNally may have negotiated in good faith by allowing half warrants. I don't know, obviously, but he hasn't been a slouch in any of his dealings thus far and we don't have a valid reason to believe he is changing that any time soon. Obviously they need money to get to the finish line. The timing is really the only thing we might find disappointing, right after the CC, but this obviously was in the works before the CC. Maybe existing warrants could fund the rest of the program if everyone exercised them ASAP but there is no guarantee of that and it is actually quite unlikely. They need to take in the money while it is available. The ultimate truth will come to light when we discover how fast the offering gets filled. As always, patience required, and we have to accept that there are some things they just can't tell us.
I think that we connect and communicate well on this message board, and that gives us a greater feeling of "connectedness" to the company. When something happens we didn't foresee or don't fully understand, feelings can get a little hurt... "Why are they doing this to us?" So far with this management team, they "Why" always comes to light and keeps turning out good. A little introspection would go a long way today... If your response is emotional and you feel somehow betrayed by this offering, it might be time to step back (figuratively) and think about the bigger picture.
Also, I'm seeing Bid and Ask both above .46 at the moment... that is the wrong direction to get to twenty cents, especially on a day when futures are in the crapper and the market is bracing for a minor massacre. Trixie dropped a sixth of their value yesterday (down .50, a hundred times what our little drop was) and we ultimately only shed a half cent due to a low volume closing bell trade.
Titan has solid technology, solid management, and a solid enough investor base that more people want to be part of. A little dilution is the cost of doing business as a development stage company. We will all do well in the end. No Worries, Mates!
I hope we see a positive close. Lately it seems we have been seeing large volume with nice increases early in the day, then a few small volume trades late in the day to drag us under our opening price. Today our high volume trades were early with a little pop at opening, and low volume holding us under water all day long, so since the price trend is opposite the usual, it makes sense that a few small volume trades just before close bring us back into positive territory!
(Yeah, I know, nothing has to make sense with THIS stock!)
At least Trixie is in the crapper a lot worse than us today!
I wonder what other systems Florida Hospital owns, i.e. what da Vinci models do they have there? I would think that given the nature of their business, they might want to have at least one of each current, pertinent system available to their customers who are going in for training. It might give a hospital and their surgeons a chance to evaluate the options first hand before the hospital blows two years of capital budgeting on a robot. If so, in the long run, it would benefit Titan for the training center to offer side by side comparisons once we hit the market. Just a thought...
The more I think about it, the more I'm concerned about this afternoon's call. There are a number of things he can talk about, all of which are very positive. The third trial center placement, surgeon feedback from both sites, some additional funding details... All good stuff, of course! My concern is that all this good stuff comes out today at the conference call. Each of these could have been separate PRs and each could have netted us a nice bump in PPS. They could instead maybe do one announcement per week until the end of the year; each one gets us more gains and more attention, and it would be a relentless barrage of good news to push us closer to $1 by the end of the year. If everything is told at once, we get (at best) a small speculative bump today, a better run tomorrow, and profit taking on Wednesday.
I hope today's call is either no more than a basic business update, or maybe the blockbuster announcement which negates the rest of this post!
Just did a quick scan of the new presentation myself... A question for some of the surgeons here:
On page 9 of the presentation, it shows da Vinci saturation for certain procedures (as reported by ISRG in 2015) and shows 83% of cancerous hyst cases and 85% of prostates done with da Vinci, leaving the "opportunity" for SPORT at the remaining 17% and 15% respectively. Would you not think that SPORT could capture some of those current da Vinci cases as well? I would anticipate the opportunity as being much higher than stated, especially when a different slide states 1000 hospitals have da Vincis and 4500 still do not. I would think if the smaller hospitals for whom da vinci was price-prohibitive can afford a SPORT, more of those 83% and 85% indications would stay local and have it done with SPORT.
Does this seem like a more reasonable assessment?
The Oracle Dispatch may well have ulterior motives, but regarding the conference call on Monday they do nicely point out, to use their words, "that the company’s management has chosen to reveal information of their own volition. That suggests, above all else, that it probably isn’t going to be bad news or no news. That only leaves one kind of news left to consider."
https://oracledispatch.com/2017/11/09/titan-medical-inc-otcmktstitxf-shares-move-higher-front-key-update/
I'm guessing the business updates must be relatively minor for Monday... Anything really major would keep PPS rising mysteriously!
Envelope sorting with those snake arms? Could be awesome! Completely revolutionize the envelope sorting industry! Better yet, use the snake arm technology to sort EMAILS!
Even if someone at Colombia or Strasbourg was recommending design changes, that shouldn't negatively impact the schedule. Any additional engineering required would be going on in the background while the trials continue. If there was anything that critically wrong, it would have been picked up by now at Nicholson. And the schedule already has additional engineering built into it; part of the purpose of clinical trials is to determine if any final design tweaks are desired (and evaluate if they are worth implementing at this juncture). Based upon early feedback from Nicholson, it would appear to me they likely have a marketable design and have a strong chance of coming to market earlier than planned due to no additional design efforts being required.
When is the last time PPS went UP ahead of a shelf offering?
Interesting to note that the "What's New" letter from Mr. Barker is one year old as of today. It is worth a read to see how much has been accomplished since then, and to note how many things haven't changed ("actively pursuing partnerships, strategic investments and other non-dilutive methods") and how many things have changed (new management, fixed schedule, meeting milestones!)
Good morning all!
I'm still catching up, so as replies to a few posts I offer the following...
I fully understand that any gains we had yesterday are on paper unless you sold, and I ain't selling for the foreseeable future... (Well, some sort of partnership with TRXC might just scare me out of my shares, but I can't see that happening). When the numbers look "fun" for the day, such as yesterday, I don't mind spreading a little fun around.
As for an imminent raise being declared, that shouldn't drive the price up, and it would be a most unusual way to announce something like that.
Also, we are funded into next year and the stock is on a generally upward trend; it would seem to make more sense for them to delay as long as they reasonably can in order to do the next raise at a higher price.
I initially thought Monday's call wasn't so much mysterious as quarterly, but looking back, they release quarterly financial results but I don't see them historically backing it up with a conference call, and this is a "Business update" call. The PR doesn't say anything about quarterly financials. Mysterious indeed! I think if we really run up for the rest of the week, there is a BIG announcement coming Monday. But I'm not holding my breath yet for something groundbreaking. I do remain confident that it will be overall good news, not bad, based on the aforementioned "leakiness" of the news channels somewhere... PPS would be sliding down, not up if it wasn't good. So pretty certain something good is coming Monday. If we break 50 cents today, I would say there is a reason and we will find out Monday.
As far as the PR for the conference call being a week before the call, is this a strategy play by management? What do they stand to gain by adding a week of speculation to the situation? It will certainly be interesting to see how this all unfolds!
It figures... I missed the fun day! Stuck in Boston at a work-related conference. But quite happy with the results!
As many of you know, I am always doing math for silly reasons... Today I figured a million shares made $59K! I'm perfectly happy with my third of that if not slightly jealous of those with greater means... Great day for all! Hope it continues for the week!
No controversy there! Mr. McNally has said that one of their goals is to uplist; it was a stated reason for the vote on the Reverse Split (if needed). And I think most of us are all for it; we believe there would be a reduction in extraneous influence over our share price as well as allowing larger institutions to jump in.