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The machine sucks!
There's no cup holder!
Seriously....it looks AMAZING to me.
Yes, I remember you saying that a year ago I believe. Nice to know I still have some memory brain cells left. Thx!
He was not way off the mark back then I think, before the multiple indications they pursued since then, and they deservedly fell off the map.
A lot has changed since then, but regrettably, it's now a steep hill to climb back up in terms of recognition what is already there.
Btw...I would not count on him being up to date as a matter-of-fact, or anyone else for that matter. People are lazy or too busy with other things...something you can always count on.
The people most up-to-date, or trying to be, are us - the weird bunch that actually have something to lose or win. It's just common sense.
It just does not add anything. He's constantly on the same hamster wheel hoping others will jump on it with him as if it would change anything.
Reality is that the financials are not that great, and we were recently punished for that. Also, the promise until very recently was to have a lot more units completed this year, so a shrug from the market for having one unit ready may not be that surprising.
The recent Longtai agreement had the strongest upsurge, so I'm inclined to think that financing is the bigger deal for the market right now.
But, there's a lot of irrationality in the market reaction as well. The offering could have been expected by any diligent investor ahead of time, not justifying the reaction, and the fact that they have a first unit so close to commercialization is completely missed by the market in my opinion. It's a more short-sided approach undervaluing the potential of the technology itself.
All in all, not much sense to be made of it in my opinion in terms of the market, except the certainty for long term investors that as they get closer to commercialization, there is no other way than up.
That might be next month, three months or six months from now, but it will happen as long as they continue to progress despite everything else.
Great news...wow...finally..Fowler not mincing any words there, which is significant...
What is scary about that device is that I heard TRXC has decided to acquire the Endomaster - a robotic system using natural holes rather than incision.
http://www.endomastermedical.com/
I see the same clause all the time with other Canadian companies.
Probably a legal clause of some kind that has to be put up, having to do with solicitation, either from the US or Canada end.
Either way, it's not unique to Titan, and I don't think any news agency adheres to it, as it shows up everywhere anyways.
And Microline Surgical is a subsidiary of the Hoya Corporation.
Interesting company that has shown interest in surgical robotics in the past.
Was this link known yet regarding the global supplier?
From Microline's site: http://www.akaciahealthcare.com/index.php/akacia/akacia-surgical/microline-surgical:
Microline Surgical develops and manufactures high precision open and laparoscopic reposable instruments. Microline's laparoscopic reposable instruments provide a cost effective, eco-friendly solution for today's OR.
From Hargrove's mouth (http://www.titanmedicalinc.com/titan-medical-inc-signs-agreement-with-worldwide-supplier-of-single-patient-use-robotic-tools/):
“We are very pleased to work with a worldwide supplier, manufacturer and developer of high-precision surgical instruments which will provide a cost effective eco-friendly solution for today’s operating room,” said John Hargrove
I'm actually not too sure about that. It might be a lot dirtier (non-prettied up) version that was used.
In that regard, even when it comes to the engineering prototypes themselves, they might not be final showcase version as there is some ambiguity in the latest MD & A.
"The engineering verification units, which will incorporate substantially all of the design and engineering work toward the SPORT™ Surgical System..."
The phrase "substantially all" is ambiguous to me, and tells me that the unveiling and showcasing may not come this year. I don't think it's problematic though. I think we can reasonably expect to be up above a buck or more by the end of the year, and another spurt with completion of in-human trial units, and especially when the Longtai agreement is signed, followed by another financing very soon after.
Financing seems to be the biggest thing for the market right now.
btw..can we stop saying "Mr. Market"? I know Benjamin Graham invented the term, but it still feels like kindergarten talk to me...
I'm not a surgeon, but these sentences (with emphasis) seem to validate your excitement:
"Procedures performed included total abdominal hysterectomy, prostatectomy, and ureteroneocystostomy, addressing three key anatomical areas of focus for SPORT™.
"With these studies, we have documented that surgeons can successfully complete all of the tasks required to perform very complex procedures."
Several reasons why this is good:
* Proven multiple indications
* A machine that can perform these procedures
* First in-human tests
* Progress is reported in a news release
Now, we will see tomorrow if lack of liquidity is still the major concern of the investors in this company, or whether is lack of confidence in any of the above (lack of confidence in company and product in general).
I make no predictions, except that market reaction will be informative, since those are the only two clinchers I can identify for the suppressed PPS at the moment.
Yes, can't it just be that have not released the PR before because the study was not completed yet? You can't really accuse this company for hiking up PPS with PR stunts Honey.
That's weird. Why would they need a senior engineer to build a prototype? I thought LTG said the robot was already completed.
100% agree. It is important and not just a PR statement for the sake of PR (seriously, how could it be with what we are used to).
I think Grannie is starting to come though....
It's meant to be ambiguous, but I am hoping for an upwards thrust!
More seriously, if the money is there and the product performs, I cannot see how it would not be.
In human testing is Q2 2016. It has not changed from the original estimate.
Clinical trial is Q3 2016. Also has not changed from the original estimate.
I cannot say whether this will change in the future, extending things by a quarter or not, but my guess is that if the in-human testing goes well with the product performing as it should (which will leak whether or not they officially publicize), it will not matter a lot.
It's interesting to see how even though we're much closer than in 2014 when the product was supposed to be launched in 2015, PPS is much lower.
The difference is that money is a lot tighter, but perhaps more importantly, investors now insist on actually seeing the damn thing before investing.
So my sense is, this thing is wrapped as tight as my grannies underwear and something is to explode when the time comes....hopefully upwards...
Wouldn't be a professional if I did (in that capacity)!
The feeling of being misled to the point of losing all my money invested is a still a concern to me CUIN and a possibility in my mind, but one in the end I consider not that likely. I think that is just prudent, or otherwise you get this wild shifts as you mention from wild optimism to pure negativity.
Good luck to all...
There are many different options for therapy, I agree. :)
I have been thinking about it a lot in the past week or two. Do I want to be in this company or not?
Nothing backbreaking, since I never go in fully into anything, but it has been a concern to the point of letting my emotions rule and whether or not this might not all be a chump deal. I know some of the more serious posters and investors who post on these boards have gone through the same (like CUIN whose posts I always read).
It is always a possibility, but in the end, taking a step back, I considered the chump scenario not likely. We all have to decide that to ourselves.
What I see happening is a lot of lack of confidence, for many good reasons, but that negative sentiment does not the reflect the facts that we are close to this thing happening, in a far more realistic way than in 2014 when we were supposed to launch in 2015 with a PPS a lot higher than now (and yes, you can certainly complain about the reasons for that).
But, we're approaching realism despite management communication, and we're very close. Best thing all of all, we have reached the nadir of investor sentiment as these boards attest to, and I don't think there is much to go further down except up.
It's hard to screw up considering we we're ahead far more as compared to far less realistic information and lack of reality based investing in 2014 (and yes, that has not been communicated well either).
It is the end part of the game...management knows there are a lot of risks while protecting themselves personally, treating communication as such, but believe in the enormous potential at the same time, which is pretty much what we as investors have to decide to buy into as well...
* Yeah I'm a clinical psychologist by profession...call me for your investment anxieties at consulting fees for $1000 an hr.
Offering closed on schedule as planned...glad to have that behind us...that was rough..onto better times hopefully with higher PPS, but expect another one (or two)...
Titan Medical Inc. ("Titan" or the "Company") (TMD.TO) (TITXF) is pleased to announce that it has closed its previously announced public offering (the "Offering") made pursuant to an agency agreement (the "Agency Agreement") dated November 6, 2015 between the Company and Octagon Capital Corporation (the "Agent"). The Company has sold a base offering of 8,130,081 units (each, a "Unit") and full over-allotment of an additional 1,219,512 Units at a price of CDN $1.23 per Unit for aggregate gross proceeds of approximately CDN $11,500,000.
Each Unit consists of one common share (each, a "Share") of the Company and 0.75 of a common share purchase warrant (each, a "Warrant"). Each whole Warrant entitles the holder thereof to acquire one Share of the Company at an exercise price of CDN $1.60 for a period of 60 months following the Closing Date (as defined below). The Shares and Warrants will trade on the Toronto Stock Exchange under the symbol TMD and TMD.WT.F, respectively.
The Offering closed on November 16, 2015 (the "Closing Date"). The Units were qualified for sale by way of a prospectus supplement dated November 6, 2015 to the Company's short form base shelf prospectus dated August 18, 2015 (the "Prospectus"), which has been filed in the Provinces of British Columbia, Alberta and Ontario.
The Company intends to use the net proceeds of the Offering to build five first-in-human units of its SPORT™ Surgical System, and for working capital and other general corporate purposes.
It would make sense, since otherwise I have difficulty believing there will not be a delay for in human testing in Q2 2016 as well.
Unless for some reason building 5 simultaneously is more time effective than not doing so, I hope they will.
Early testing at some sites will help to resolve potential problems later on, better oversight, and also could help with some early publicity.
The limited costs for the five units is encouraging as well. It makes the cost estimate for the estimated 24 mil cost in Q 2 with 4 additional in-human trial units look conservative.
Best case scenario right now.
Okay..got it.
It might also be they won't built them simultaneously, such as for example 1-2 units a month. In that case, delivery of first units might be sooner.
Thx...
I think you are correct that the importance of them very likely finishing the engineering units in the current quarter is undervalued. This is also reflected in current and projected costs (roughly 7 mil per engineering unit vs 1.8 for each of the 5 in-human units, including operational costs).
Why do say a few weeks delay though? I was under the impression the in-human units had a delay of three months, or do you expect the in-human units to be completed early Q1 2016? That would be a quick building process.
Appreciated the little info you gave either way, and it doesn't require a rocket scientist to figure out what they say.
Stock under pressure because money is tight, but confident that they will raise more and get to the finish line... Product is great and good deals already in place.... Will stay on track with milestones even with postponement of in human units...stay the course and market will appreciate and catch-up...eventually onto a big thing..etc....
Sounds about right?
For Christmas, do make sure to ask for a new keyboard where your CAPS lock is working.
Happy holidays.
The only footnote I know of with that number of 700,000 was the MD & A of June 30th. Is that what you are referring to, since it is different from what you are implying? Happy to be wrong in this. Just don't like to miss anything.
Pursuant to the agency agreement in respect of the April 23, 2014 offering, in addition to the cash commission paid to the Agents, broker warrants were issued to purchase 699,191 units. Each broker warrant entitles the holder thereof to acquire one unit of the Company at the price of CDN$2.10 for a period of 24 months following the closing date. Each unit consists of one common share and one warrant. Each warrant entitles the holder to acquire one common share of the Company at an exercise price of CDN$2.75 per share for a period of 36 months from the date of closing.
Why bother asking..this stock is being played all the time...big and small players. If you believe in the fundamentals, the only thing to do is to hold tight as a small-time investor...
What's more transparent than being invisible?
LTG!
Regarding this, Fowler specifically said that the Surgeon Control System would likely be completed in October (pretty with bells and whistles and all that), implying that the patient carts would not be, which is obviously what they are working on right now. It's surprising to me that is not already common knowledge, especially when attending the AGM.
The somewhat "DUH" moment from management is the sudden introduction of the idea that the engineering units have to be completed before the human trial units...their rather sudden specification of this fact makes it sounds like that anyways...
Probably because it puts public information in a perspective no conspiracy board ever can do.
Yes, US investors are actually holding the price up above 1.02 because you can't participate in the offering. Otherwise, we would likely already be there at CAD 1.02.
Agreed it will go up after the offering closes.
Another small positive (or consolation from the prospectus) is that:
"Such additional costs relate primarily to the production of 11 engineering, first in human and clinical trial units to be used for regulatory approval and marketing purposes."
Small thing..I know, but for this management to think about or mention marketing is something, and seeing the machine at shows and so forth will help stock price...hopefully sooner than later...early Q1 2016...
Can't really figure the reason for the strange number of 183 days by the way....but it ends up being April 30, 2016...a month after the first quarter...
So given the negotiation terms of 183 days..expect another offering within that time frame...probably sooner than that since the cash with the current offering will only last 150 days...end of quarter 1 2016...after that...it should be smooth sailing...with cash on hands from the second offering with fewer expenses and 15 mil more investment from Longtai...
Yes, pretty clear that Longtai is the private placement in the current offering, and will be in the next offering as well for another 4 mil.
Concurrently with the signing of the Distributorship Agreement, Longtai has agreed to subscribe for and purchase an additional US $4,000,000 worth of Common Shares at a subscription price equal to the 5-day volume weighted average price of the Common Shares on the TSX (less a 12.5% discount). If the Distributorship Agreement is executed and the second US $4,000,000 private placement is completed, the Company shall retain US $1,400,000 of the Distributorship Deposit and repay US $600,000 to Longtai.
It was not in the press release as you correctly pointed out. However, there was more information on this in the SEDAR filed prospectus supplement.
Closing of the Offering is expected to occur on or about November 16, 2015 or such earlier or later date as the Company and the Agent may agree (the “Closing Date”).
Earlier date than Nov 16 is good perhaps with the MD & A on friday or earlier....if it is much later than that...not good...
My guess is it will be closed officially either the end of this week or with a press release around Monday, Nov 16..pretty much on schedule..give or a take day as these press releases really take a long time to write and file...(yes..that was sarcasm). They should have put this information in the original press release.
Just read the supplement.
What stood out for me beyond what has already has mentioned on these boards is that 30 million does not include the second private placement of 4 million from Longtai, which makes 26 mil still needed, assuming that deal goes through.
Also no mention in the prospectus about the additional 15 million investment from Longtai after a distributor agreement is signed. Is this separate from the 30 million still needed, only to be used for investment in China, or can it also be used for development? Either way, if only for establishment of the office, training program and marketing in China, a 15 million investment does not seem to be a bad position to be in as it means we're close to commercialization in China, so win-win.
Still pivoting around the 1.23 CAD offering. Does not appear that much is happening until the offering is closed?