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Liv, I'm just another one of the "guys." (no offense intended, Honey - with the full C's) And I believe what I think I understand about this investment. Which so far has not proven me correct, b/c I am deep in the hole. So I'm clearly not that smart, yet. I can only hope we're all right at the end of this little project.
Thanks. Regards,BK.
OR Nurse, that loan payment at the end of the 4th milestone is one of the payment options available to Titan. It may take place at that time. It's not a rule, or definite. Which, to your point makes it very odd and would make no sense not to do it.
I have thought that there may be new, additional milestones amended to the development agreement to extend it until all of the BO details have been ironed out. It's possible.
But, those would have to be disclosed by Mc as a material event.
Good luck to all. Regards,BK
Liv, That's the Billion dollar question, isn't it? I've made a few guesses the more time I spend staring at these agreements. I'll say this: Anyone of us could guess correctly today, and the circumstances could change and the decision and details would change. I have only a vague idea, based on what little is known.
RAS isn't going to get less popular among surgeons. There are too many benefits that apply to patient health. And the potential to keep costs down/profits up. And the only approved RAS device for 4-quadrant surgery is considered a very outdated design. Low hanging fruit from which to capture quick market share by the SP device that gets to market next. IMO. I found it interesting that HUGO is supposed to be scalable, meaning the surgeon may use any number of arms for each specific procedure. Not sure how far along in development the operations software is to control/only use 2 or 3 arms, b/c HUGO has always been shown and described as a 4 arm device. But it's logical to think they have to be able to control 2 at a time b/c the surgeon only has 2 controllers.
We know TMDI has a great SP RAS robot. And my biggest assumption would be b/c the IP is so unique and there's so much of it to support the product, when it's certified and launched. (By whomever.) I think the ENOS IP is going to create fits for competitors, as they launch their robots. We know Titan IP research was one of the, if not THE first thing Mc did. Which was to do a deep dive into the IP at the same patent law offices that have worked for ISRG. Which is why J. Brar is a rockstar in my mind. And this point is further supported by the assumption that MDT did their due diligence regarding our IP before they inked the agreements. It's really the best situation a tech company could be in, having the largest med-device company on the planet agree about the validity your IP assets.
We know about the potential demand for sp surgery from several points of view. 1 - ISRG thought it important enough to develop an SP device. 2 - Colubris decided to create one, and so did Memic.
Further, we know that the "Wanna-be" 800 lb. gorilla (MDT) understands that to create the shortest timeline to market with a new RAS device and make leaps ahead of competitors MUST acquire outside technology. Their newly minted CEO's roots are buried in the art of acquisitions. So buy it, and own it - or you don't get to play. He gets it. But he can't be the only one that understands that it's far easier to buy tech, than to develop it in-house.
Every large medical device company is hunting for strategic acquisitions that will provide new revenue and growth for that revenue over the course of the next 10-20 years. We just happen to be in the middle of a very secret development agreement with arguably the biggest. It takes very unique product(s) that address new opportunities to generate large amounts of revenue annually. So even if MDT doesn't want to buy TMDI for ENOS, b/c HUGO is scalable... (I'm saying if it's true) then MDT may have to, so another large competitor doesn't use ENOS against HUGO. It may come down to the fact that spending $5B-$8B now is much less than losing all that potential revenue that ENOS will generate once it's in the market. AND I'm only speaking of the surgical revenue, not the growth revenue from future product development using TMDI ENOS IP. That's another entirely separate revenue stream.
Why else would MDT require a seat in the TMDI boardroom? For a development agreement? I call BS, again. That seat is to be aware far in advance of any discussions with another competitor. TMDI can't do anything until the loan is paid off anyway. It's a stall tactic that only benefits MDT. IMO. The loan is covered in language that makes it appear something that which it is not. Again, IMO.
My Answer: I think it's sometime between September and November. And only based on what ever the final development of milestone 4 may be. If it's truly new IP, from which both companies can benefit, then Titan Labs will have proven it can develop cutting edge RAS tech and MDT will want that horse in it's stable of horses.
This is the final piece of the puzzle and is directly connected to the true negotiated value of the BO. IMO. If they buy Titan, they'll want the biggest bang for their buck. They'll want ENOS, the IP and the in-house know how/creativity to make things out of thin air. And all of that will be very expensive, but affordable. That's the advantage Mc has, that many don't understand. MDT makes the right offer, with incentives or pays dearly for the next 20 - 30 years. Would not want to be in THAT boardroom when someone says "So-and-so bought Titan." Especially after Mr. Martha's public statements.
This could be the easiest acquisition MDT's ever done. It looks smart, has the very unique tech, great long-term prospects and affordable. I don't care what Martha says about how "they" grow their acquisitions. TMDI has the basic blueprints for real, long-term, sustainable revenue. Which is why other competitors will want TMDI too. So Martha hedged his bets with the loan and board seat. IMO.
Thanks for listening. Good luck to all. Regards,BK.
OR Nurse, TMDI will pay back the loan b/c they offered all of their IP as collateral (06.04.2020 Announcement and below). Don't know what to make of that negotiation. It's the BIGGEST and most lopsided "notice me" point of reference I've ever come across in loan/contracting terms and conditions. 3 oddities stick out in my mind (IMO) 1 - it wasn't necessary to put up all the IP for collateral, if the real reason for this loan was to settle the consultant lawsuit. I call BS. 2 - TMDI didn't need to take that loan, in that form under any circumstances. They could have gone just about anywhere to get $1.5M, or paid off the consultant lawsuit with part of the 18$ offering. And what would TMDI be getting if TMDI is paying for "intellectual property related expenses" to define the purpose of the loan.(as shown below) Since when does MDT handle TMDI IP expenses? 3 - If the loan is collateralized, then why not include an early payoff provision? This just doesn't make any sense, based on the form and structure unless TMDI was willing to take themselves off the game board for an extended, fixed period of time.
"To support development, Titan has received a senior secured loan of U.S. $1.5 million from Medtronic which was announced on April 29, 2020. The loan, which will be increased by an amount equal to certain legal, transaction and intellectual property related expenses pursuant to the definitive agreements, will be evidenced by an amended and restated promissory note, and will bear interest at the rate of 8% per annum. The loan is repayable on June 4, 2023, or upon the earlier completion of the last milestone under the development and license agreement or a Change of Control of Titan (as defined in the note). Until repayment of the loan, Medtronic may have one non-voting observer attend meetings of Titan’s Board of Directors. The loan will be secured by way of a security agreement entered into by Titan and pursuant to which Titan has granted a security interest in favor of Medtronic in all of Titan’s present and future property including all personal property, inventory, equipment and intellectual property."
The entire scenario and timeline for this loan is an iceberg. You see some of it, but not the important parts. Good question(s).
Good luck to all. Regards,BK
Liv - just a suggestion. Go camping. You need to get away from this stock for a while. Be good to yourself.
Nice to hear from you again, Frank..
Keep the faith. I'm taking the perspective that "this," whatever this is, will take a while longer. If not, all the better. I do not believe that this company's assets are only worth $2-$3B. IDC that the sp is only at a $1.75ish. Regardless of the sp, it's the total value of the company IP, know-how, employee experience and the ability to develop ENOS 2.0, 3.0, 4.0, 5.0 and beyond. Once TMDI's able to publish a current video of a procedure, we'll have considerable support for a higher sp.
And FWIW - I bought another 5000 shares last week.
I hope everyone has a nice weekend.
Good luck to all. Regards,BK.
Reply 127267 Beast: Thanks for pointing that question out in the Q&A. That was a B.S answer, if I ever heard one. And it was probably true. But I ask: Why agree to such an out-of-place condition in a loan agreement? The development agreement is separate, with separate milestones. And the other answer Mc gave about IP, and Titan's ability to do as they wish is not exactly correct. The license agreement for $10M for the initial IP is an exclusive agreement. Some may conclude that with the "exclusivity" terms of the loan agreement, it would give MDT more time before deciding to make an offer. It does. I think they want to see what ENOS can do, how the testing goes and get a better estimate as to how long it may take to bring it to market before making an offer. The critical element that benefits MDT at this point - with the loan in place is TIME. On the other hand, it benefits TMDI too b/c we can generate more IP and IP applications. And it's very interesting to see the new BOD members and recommendations. IP - the gift that keeps on giving. Good luck to all. Regards,BK.
Reply 126375 Sport, Ref. Bill Gates. Is that the same guy that helped create MSDOS? Wow. I suppose you think he (Gates) convinced IBM to make arguably the worst decision in IT history. He's never taken credit for that decision. If it wasn't for pure stupidity on the part of IBM....Microsoft would not exist in the form it's in today. So, no - while Bill Gates is a talented programmer, he's no world-class decision maker. It was a very bad move on the part of the CEO of IBM that catapulted Microsoft to the forefront of PC desktop operating systems. Pure, dumb, luck. IMO.
Good luck to all. Regards,BK.
Flenderson? 66 said "Best case, $6.9B buyout tomorrow. Odds of that are VERY low, but I call it a best case scenario." By my calculations that's close to $50 a share. My guess is $38.50. I'm happy to be wrong!
So....what are you hearing about TMDI/MDT? Your opinion(s) and reasoning?
Thank you.
Good luck to all. Regards,BK.
Magnus & Sport, You're both right. I was not thinking very clearly. I'd say 3 years could be closer to a $25B MC. That's on the high side. And it's a bonus to see Sport's head explode like a scene from a Scanners movie.
Good luck to all. Regards,BK.
SPORT - I think 66 is closer to reality than whomever keeps saying TMDI will be bought for $300M. Think about who owns ISRG, and how it got to the present share price. Who do you think wants to get in on the front end of that and do that again? How far will it go and how fast early? "Greed is good." IMO.
Good luck to all. Regards, BK.
Belize - I've given my opinion several times regarding your questions. I've said it many times with the reasons why it's +5B BO. I've presented everything that I've read, and what makes sense to me - based on deductive reasoning. You've read Marth's comments, yet seem to have no memory of their business model. If MDT or J&J want to jump into, or get further ahead they will need to acquire patents that lead to new products, new market segments and generate new revenue. AKA - buying growth. They're not going to get ahead of ISRG with just HUGO. Why would MDT let TMDI reap all of the new revenue, when it's right in front of them and available? Or worse, let J&J in the door? I don't know what else your fishing for.
Meeting the second condition is not paying off the loan early. It's meeting one of the 3 ways supposedly when it may be paid. And again, that's one of my points that MDT is posturing to BO TMDI otherwise there would be an early payoff provision in the loan - and I don't see one.
And IMO Mc isn't permitting a "gag order." And, while you ask a good question, there are times when details can not be disclosed that would reveal all of the reasons we're here under these circumstances. If you were MDT, wouldn't you keep a lid on as many details as possible? If you were Mc would you disclose them anyway? I think not.
Within the realm of possibility is that MDT comes up with additional - new milestones that take the redacted information into the 2023 deadline. Which may again create the same circumstances for public announcements/communication. I'm not making any excuses for anyone, but Mc better make MDT pay more for the "extensions" or if MDT desires to license additional IP. Otherwise it would appear on the surface that he's not performing his required fiduciary duties. IMO.
Why? B/c a case can be made "without knowing all of the details" that working on MDT projects monopolizes Cambridge assets and causes further delays to finishing ENOS. There must be payment that has the requisite effect of substantial added value to the company's net worth for creating delays and exposing/subjecting TMDI to potentially adverse competitor products and market conditions. That part of the negotiation is on both Mc and the BOD.
And again, MDT is only licensing 33% of Titan's IP. Once that loan is paid, Titan can sell to whomever they want. If MDT can see what it's worth, then I can only conclude other RAS med device companies are just as smart and resourceful. So there are more opportunities than just MDT - if they're so inclined to not offer a competitive BO. Remember, there are 10's of thousands of former and present investors and countless investment funds that have owned ISRG. I'm sure they will all capitulate and accept a low-ball BO. Pfffft. They want another bite at the apple. And this investment experience will be accelerated from FOMO as everyone knows the ISRG path from pre-FDA to selling daVinci. IMO. Don't you think ISRG will make a bid, just to make sure MDT pays the requisite price to play? Their going to make it hurt more than just a little. And the best way is to make it really damn expensive.
And in response to your MP is better - what about 2 ENOS? Use them separately or together. Better than an MP? Perhaps.
We're all waiting anxiously.
Good luck to all. Regards,BK.
Thank you to Eoganacht at Stockhouse.com for posting the Public Health Agency of Canada, Winnipeg Manitoba's National Microbiological Laboratory (Level 4) Staff and overview of those that perform the research and testing of Theralase's anti-viral vaccine.
All of the details at this address
https://stockhouse.com/companies/bullboard?symbol=v.tlt&postid=32973529
Good luck to all. Regards,BK
Reply 126120 Magnus, I'll refer you to Facetrain's email (114191) and the details as to how his experience with IP and BO's were valued. True it's not TMDI, but it has relevance. He makes a good point about the potential market value, margin and what has already been paid by both J&J and MDT for other companies and their assets.
IMO. Regards, BK.
Reply 125659 Belieze, while you make a point it/they won't have an effect on the final outcome. IMO. The probability of a circuitous path to a buyout is very, very high. Too many variables, but there are obvious players. MDT doesn't have the upper hand by any stretch of the imagination. Which is why the payoff date is so far out, unless the alternate provisions occur first. That's a delay tactic so TMDI can't be bought by anyone else before then, except by MDT.
1) MDT doesn't own 30% of any part of TMDI. They're licensing 30% of TMDI's IP. That's all. TMDI owns it.
2) If you think MDT owns any stock in TMDI, that's TBD and doesn't appear to be more than 5% in MDT's name. While institutional buyers may be friendly to MDT, they'll go with a higher bid from a different company. You wouldn't agree to a higher BO price?
3) It's pretty obvious your agenda is to emphasize all aspects of the negative side of this company, how it's mis-managed and the difficulties and travails. Waste of time and effort.
4) You keep missing the bid picture. IMO. TMDI has the ability to be purchased by anyone after the loan is paid. They just can't license the IP to another competitor to generate more revenue. It only takes one competitor to take the BO to +5B. And the IP is worth that alone because of how unique it is. Remember there's an MDT person on the board. They're in attendance to provide as much advance warning if a competitor starts a conversation. It permits MDT to make the first move. It won't be a low-ball offer. Remember - it's Martha's reputation at stake here. He's newly appointed. He needs a big-picture victory to be a successful CEO for a long time. No one will care if he over pays for great assets, so long as MDT owns those assets. Besides the BOD has to know in advance to approve the price. It's all about future revenue. TMDI is developing it's R&D know how as much as it's finishing ENOS. Is anyone impressed by HUGO? Martha probably would hedge his bets for another R&D lab to develop future RAS devices. So TMDI has 3 big exclusive assets. ENOS, Titan Labs and the IP.
5) Do you think any competitor will just let MDT walk away with TMDI without so much as a counter-offer? Institutional investors would scream for a bidding war. They're the audience in this theater.
JMO. Regards,BK.
Reply 125367 Sport: Of course MDT doesn't want HUGO to compete against ENOS. If Mc put out a video of ENOS, it may embarrass MDT. But, that's all Martha has to offer the viewing public and he has to put on a good show for the BOD. HUGO first, then ENOS because MDT has to keep ENOS away from other RAS medical device manufacturers. It's as much a game of keep-away, as occupy the space.
Can you imagine the conversation at the MDT BOD's if J&J or Google bought TMDI? After MDT had the option to take this company off the game board? And MDT only licensed 33% of TMDI's IP? Which AGAIN - is why that stupid $1.5M loan is so absurd. It's as much about TMDI's IP and that 20 year moat, as it is about Martha's reputation and stated plans for acquisitions. He could have gone ANYWHERE else but he came to Titan.
If he wanted snake arms, perhaps he could have gone to Colubris? But he didn't. Either he didn't like the DD review, or their IP was going to conflict with our patents - eventually. After MDT did it's DD, they concluded it was Titan that owned the IP, and paid to license it. Just because MDT built HUGO doesn't mean that it's "all that and a bag of chips." HUGO is all there is at the moment.
Why do you think MDT reviews and approves TMDI public statements and announcements? That's far too intrusive behavior to keep Mc from doing a public review of the current version of ENOS. If he's fishing for additional revenue all he has to do is put up a video on Titan Labs and the pps goes bonkers. Think of all the current and former ISRG investors, and investment funds that would like to duplicate that share price appreciation. That's a tsunami of momentum. Who would not like that to happen? I can only think of one person - Martha. AGAIN - why isn't it happening right now? Because of that stupid $1.5M loan provisions. IMO.
Why do think MDT has a guy in the Board Room? These are supposed to be independent companies, but they don't act like it at all. IMO.
Of course - do as you wish. But I've already debunked your theory(s) that MDT doesn't want to buy TMDI several times. They may be able to put it off for as long as possible, but the barrel is going over the falls. I'm waiting for you to make a point(s) that lead to a reasonable conclusion(s). I don't see any yet. And but, but, but....McNally (bad man) isn't a point from which to draw any conclusions.
Good luck to all. Regards,BK.
Reply 125268 Magnetics, you don't read the information that is freely provided? Message 125254, from yesterday. There's more than $3M in the pot now, with additional warrants that may be exercised (my best guess). SMH. Good luck to all. Regards,BK.
Reply 125236 Mikey, read Form D. I'd like to suggest you please consider paying closer attention to the details of these events.
A few select long-time investors have been bellyaching for YEARS about the complete lack of insider buying. This may be the information to confirm that it has occurred. IMO.
https://newsfilter.io/a/546c3784b2cae265ce4b02658a99f93e
It's an Exempt Offer of Securities. This purchase was not a Public Offering. It is only for internal personnel. I'm guessing that this is an incentive bonus, with a warrant attached to each share purchased.
Section 3, Related Persons: Names of participants of which there is a total of 4 Executives/Officers and/or Directors have participated in purchasing a little over $3M. However the amounts for each individual are not declared. There is a remaining value available of $1.9M.
Section 7, Type of Filing: It's a new notice to show the first purchase took place on 02.24.21. And the offer is open, so there may be additional purchases by the same individuals from the total amount of the offer, which is $4.9M. My guess is that this is a sale for shares, with warrants attached because there's a clarification note in Section 13.
Section 13, Offering and Sales Amounts: "Total remaining to be sold represents maximum potential exercise price of warrants." So my interpretation of this comment means the $1.9M is the balance of the offer if the warrants are exercised.
You can only guess as to the amount of shares purchased from the share price range on 02.24.21, which finished the day at approximately $2.36 per share. Somewhere in the neighborhood of 1.3M shares. And there's no information to determine how many warrants are attached, or the strike price for the warrants.
But I think the point to be made is that personal money is being invested by the highest levels of management. Finally.
IMO.
Good luck to all. Regards, BK.
Reply 124578 BigT, Further support for your details.
Here's the Sedar site and if anyone cares to read the doc's, look at the Final Prospectus. Filed on Feb 18, 2021. It's about 623K in size.
https://www.sedar.com/DisplayCompanyDocuments.do?lang=EN&issuerNo=00026560
All milestones are shown on pages 12 and 13.
Milestone 16's estimated cost is $19M, and scheduled for completion from Q2-Q4 2022. That's a wide range, but could be as soon as end of Q2. That's a nice positive.
Financing is discussed on page 28, Use of Proceeds paragraph 5.
Summary: There should be enough funds to complete Milestone 16
If the Company achieves Medtronic Milestones 3 and 4 and receives the payments from Medtronic in respect of those milestones, with the Company’s current financial resources and the net proceeds from the Offering, the Company expects to have the financial resources to be able to continue operations for 22 months and complete Milestones 3 through 16.
As some may have expected, there's been discussion of more open disclosure and transparency. Well, here it is. I'd say "now quit your b!tching," but that just wouldn't be nice. So I won't.
Thanks BigT, appreciate the details.
Good luck to all. Regards, BK.
Reply 123390 Trump.. You're the only one that thinks they are still independent. Again, 3rd time I've said this - he's walking a very thin (careful) line between existing commitments and future events.
But when you look at them collectively... the terms of all these MDT agreements don't fit the conditions. It's baffling to me why Mc would agree to an exclusive, 1-time $10M payment license agreement, and permit a seat at the BOD table as part of a development agreement. These are specific, and date certain events purely based on performance. And put up ALL of the present and future products as collateral??? WOW! Who's voting for Mc now?
Here's why I don't believe you.
1) He didn't have to take MDT's $1.5M Senior Secured loan. There's no known strategic reason, financial reason, or market benefit for TMDI to agreeing to that loan and those terms. Period. He could have gone to a bank and then used some of the $18M from the raise to pay off the consultant. He could have used some of the $10M from the license agreement. Taking that loan, with those terms is THE red flag b/c it's just not necessary and could easily have included a future stream of payments. That would have been a great element to this ruse (IMO). I'm perplexed. Back to Mc - Why on earth would ANYONE tie up ALL of the current and future products as collateral for $1.5M ????????? And justify it as a payment to settle a consulting law suit? If MDT only had eyes for specific IP and know-how, as it's stated in the agreement? Those terms are so far beyond fair value for collateral it's laughable, and NOT conducive to an independently run company. And if it were a truly collateralized loan, then the terms of repayment would include an immediate payoff clause. Which it doesn't. So that REALLY doesn't fit IMO. Show of hands??? Are we done here? No wait, there's more!
2) An EXCLUSIVE license agreement for IP and know-how for a paltry $10M? And only as a 1-time payment??? Puuuleeeeezzze. That smells bad from a mile away, under water, with nose plugs. No one does an exclusive license agreement for a 1-time payment and only for $10M. If there was a clause for a future stream of payments to TMDI, I'd buy that. But there doesn't appear to be one. Perhaps it's redacted? Nah. Mc should be seriously questioned about that negotiation.... hopefully someday. Does that sound like an independently run company decision? Don't believe me yet? Call J&J and ask if they would like to license specific IP from TMDI as a 1-time payment for $10M. They won't answer. They'll just ask where to send the money. IMO.
3) Why have a non-voting member attend BOD meetings if this is only a development agreement with fixed milestones and payments, and a 1-time license payment? One and done? I have to ask myself....why is this provision in any agreement if this is an exclusive license agreement and a fixed term/payment development agreement? I'm sure there are terms in the development agreement for performance, cure and default. Besides, it's a development agreement for technology that doesn't exist, or doesn't exist as part of HUGO. So there should be (may be) lots of wiggle room. It would only matter to MDT to be sure TMDI isn't speaking with a competitor........ b/c those terms have to be discussed with the Board. So, why would Mc agree to permit a supposed competitor attend BOD meetings and be privileged to TMDI strategic meetings? Are they short one person for the campfire Kumbayah song? We all know why. Does that sound like an independently run company decision?
I appreciate your assistance helping me with these points to show how this may not be what you purport it to be.
Good luck to all. Regards, BK.
Livendi, as long as the License Agreement and Senior Note are in place, MDT has an exclusive license for certain RAS technology, including patents and know-how for a 1-time upfront payment of $10M with no further royalty payments due thereunder. (Pg16- Feb 2021 Short Form Prospectus). Further as long as the Senior Secured Loan is in place, all of Titan's present and future property have been put up as collateral. What surprises me is the "Medtronic Loan" is evidenced by an amended and restated senior secured promissory note. That language means there was a previous loan, and this loan changed the original language and most likely the terms.
(Pg16- Feb 2021 Short Form Prospectus) On April 28, 2020, Titan received gross proceeds of US $1.5 million from a senior secured loan (the “Medtronic Loan”) provided by an affiliate of Medtronic plc (“Medtronic Lender”). The Medtronic Loan is evidenced by an
amended and restated senior secured promissory note (“Note”) dated June 3, 2020, in the principal amount of US $1.5 million plus an amount equal to certain legal, transaction and intellectual property related expenses incurred by Medtronic and will bear interest at the rate of 8% per annum. The unpaid principal balance owing under the Note, together with any accrued and unpaid interest and all other unpaid obligations under the Note, shall be due and payable in full on the earliest to occur of: (i) June 4, 2023, (ii) the completion of the last milestone under the Development Agreement, or (iii) a Change of Control (as defined in the Note), subject to an accelerated due date under certain adverse conditions. Until repayment of the loan, Medtronic may have one non-voting observer attend meetings of Titan’s Board of Directors.
Medtronic Senior Security
Titan has entered into a security agreement dated April 28, 2020 in favor of Medtronic Lender (the “Security Agreement”) pursuant to which Titan has granted to Medtronic Lender a security interest in all of the Company’s present and future property including all personal property, inventory, equipment and intellectual property. In addition, Medtronic Lender’s rights and powers under the Security Agreement include without limitation (a) exercising and enforcing all rights and remedies of a holder of collateral as if Medtronic Lender were the absolute owner of the collateral, (b) collection of any proceeds arising in respect of all of our property pledged as security for the loan, (c) license or sublicense, whether on an exclusive or nonexclusive basis, of any of our intellectual
property for such term and on such conditions and in such manner a s Medtronic Lender in its sole judgment determines (taking into account such provisions as may be necessary to protect and preserve such intellectual property), and (d) the right to enforce its security in the event of a default which may include the appointment of a receiver by instrument or order of the court.
So there won't be any licensing of IP until the completion of the last milestone in the Development Agreement, change of "control," or payed in full (with interest) June 4, 2023. Which ever is the earliest event. With all of the redactions, there's no telling how many rabbit holes there are in these intertwined agreements.
With all of the company's present and future property tied up in the MDT Loan, why else would MDT require that and a non-voting seat on the BOD, or Mc agree to that? Trust but verify..... until all milestones are met, and to determine if TMDI is a medical device R&D viable resource for future development, and ...... to make sure another competitor is not being considered/discussed.
I think these last 2 raises were necessary to appear that Mc (and TMDI) is still an independently run company (fiduciary stuff).
JMO, but it fits. I think a higher value for TMDI will be based on the viability of TMDI's US subsidiary, otherwise it's just for IP and ENOS. Don't give me blah, blah about Colubris either. TMDI doesn't have the capital to own Colubris IP. But, Colubris may be on the hook in the future for some of TMDI's IP. That's a possibility.
I don't think anyone feels this is a ~ $2B BO, unless you're talking to someone from MDT, Funnycomb or Suck up. Why I'll never know, but this company is worth at least $5B for the IP alone. It creates a new defensible segment in RAS for the next 20 years. JMO.
Good luck to all. Regards, BK.
Reply 124329 OR Nurse, I'm not sure Titan is planning on manufacturing these units, per the position job description below:
Director or Sr. Manager Engineering - Chapel Hill
This position works closely with Titan Medical’s Senior Vice President of R&D to translate corporate objectives into project plans for managing electromechanical engineering resources (internal and external).
Manufacturing Responsibilities and Duties:
Transfer designs to qualified manufacturing partner to ensure high quality and efficient manufacture of products and packaging.
Ensure appropriate selection and qualification of vendors and contract service providers.
Provide technical oversight and support to sustain production of products manufactured at remote locations including the resolution of 1st and 2nd tier supplier issues.
Other Responsibilities:
Develop and maintain department budget.
Identify and manage vendors for product development support and manufacturing.
Support use of robotic surgical system in preclinical and clinical environments.
I may be reading this incorrectly, but I see to much offsite/remote/manufacturing partner language. Which is not a bad thing in my mind. Titan's an R&D medical device company. Let the manufacturing take place with 3rd party partner expertise. It's less added investment, learning curve, management elsewhere. The entire FDA and ISO process has to be managed in-house for software, design, and documentation anyway. That fits in my mind.
If we didn't see these positions I'd question how far along are we with development of ENOS. These jobs are critical for getting to FDA and managing ISO compliance. All have be planned ahead of time.
Someone else said that this is the MDT model to be self sufficient
Good luck to all. Regards, BK.
Reply 124208 SMirza: All I see when going to the URL is a "Coming Soon" splash page. Anything else that you can put on here is appreciated. Good luck to all. Regards,BK.
Reply 124220 Trump: I'll give your credit for knowing a good dog turd when you see one. So many, so little time. Good luck to all. Regards,BK.
Reply 2344: Shorts, what's your temperature on this since the announcement at $1.11? I'm looking hard at it here. I like it a whole lot better at this level than 5 days ago. Thanks. Good luck to all. Regards, BK.
Post for the board: Who thinks this company will be BO for $11?
And welcome to those who have returned, and new voices. Happy to read your contributions.
Back to $11/share?:
I don't see any dots to connect or follow any logic, to conclude we get sold for $11.00/share.
ISRG:$758.00. Arguably our target competitor.
TMDI: Today I'm guessing between 5%-10% of that price. Within a reasonable number (20%) of outstanding shares compared to today. It will only be based on the net BO price for all of the IP and Enos (which ever version you feel will be available). And I'm also guessing that there will be more IP than previously anticipated, and it will be more valuable than previously estimated. I'm also guessing the BO will have an element of value based on the potential adaptation of the IP in a future form (robot, device and/or accessories). Clearly I'm guessing. But I'm not joking around either.
That's a very high estimate compared to any I've read in the recent past. The more the recent sp is suppressed, the more obvious (to me) my guesses become likely. If it gets to $4 or $5 (hopefully higher soon) Wall Street takes over and the sp takes on a life of its own.
Why? Most investors and funds already in this space know what's in development, and the path to success. Wall Street is ruthless (so is Reddit/wallstreetbets) and greedy. And this time - "greed is good." I think current RAS med device investors feel TMDI is ISRG 4.0.
I say 4.0 b/c our IP is several generations ahead of the standard that we see today. And.... not necessarily in the exact form we see today, but the basis (design foundation) for the future. Think about the next generation of ENOS. Smaller, stronger, longer reach, greater flexibility, greater dexterity and visualization. It's only time, money and the rights to the IP.
My point is - this isn't just a BO for today's ENOS. It's for what comes after. I don't see MDT succeeding with a low-ball offer. Too many funds and shareholders will balk.
I'm thinking this sp goes a lot further sooner, if Mc can get an updated video of its capabilities. Then he has to sell its potential, what it can be 15-20 years from now. JMO.
Now who thinks we get sold for $11 a share?
Good luck to all. Regards, BK.
Reply 123247 Headsup, I don't see the correlation between the sp between the two for them to head in the same direction in tandem. They are totally different products, companies and...nothing. The only similarity would be several shareholders here, say they have a position in TRXC - so???? Perhaps other shareholders looking at TRXC find out about us??? I don't see the dots to make the connection. If you do, lemme know. Nothing, I've got nothing.
Good luck to all. Regards,BK.
Reply 123165 Headsup, Every fund and investor that has a piece, or had a piece of ISRG will want a piece of TMDI b/c they have already seen, or experienced what can happen when a surgical robot gets FDA approval. I don't think MDT wants to experience the share price appreciation that will occur after TMDI gets FDA approval. I think a lot of share acquisition and pre-agreement posturing took place prior the agreements.
THE question is what did Mc agree to, and how much wiggle room is in those agreements for maximum appreciation? Market value has to be way above Auris (thank you to who ever recently brought up that comparison). So..... what is still available for Mc to create maximum value.
One thing would be to file for more patents, and receive more patents that may have been on the radar at the time of negotiating those milestone agreements.
Another will be up to Wall Street to stay as greedy as we know them to be, in an effort to be helpful to Mc and all of us shareholders.
Good luck to all. Regards, BK.
Reply 123152 Dice, I don't see a benefit for TMDI to get involved with this SPAC. The SPAC may want to get involved with TMDI. The major benefit is to merge so the acquired company can go public, and have access to cash. TMDI's already public, and while TMDI does need cash, there are known avenues without being acquired by a different company that would complicate the acquisition by MDT. MDT has the cash, and capital equity to complete the BO by itself.
That said, the SPAC could be buying shares of TMDI on the open market with knowledge of an eminent BO, and immediate share appreciation. That would create a greater likelihood of a friendly BO w/o another competitor challenge b/c more TMDI shares are in MDT friendly hands. Also, MDT has filed with the SEC that they intend to own shares of this SPAC, so there may be a symbiotic relationship. The "friendly"part is speculation b/c I don't know if the change in Chairmanship at MDT was mutual. It sounded amicable, but not quite. He was in charge since 2011? That's a long time for the many divisions that were in extremely competitive medical markets. He may not have "wanted" to leave, but the BoD was influential. The BoD may have wanted to be more aggressive in the merger/acquisition space, b/c it's easier to buy IP than develop from scratch in-house. Even TMDI's snake arms started with someone else's design(s). I only speculate on that b/c MDT has stated its intent to own a chunk of the SPAC. Could be a counter move to the SPAC owning a chunk of TMDI. Pure speculation, but a good chess move.
Either way, the SPAC makes for a more interesting chapter in this developing story.
Good luck to all. Regards,BK.
Reply 123117 Suckitup, so you think we're only worth $1B? Why would you sell yourself short? Auris was bought for +$3B, with possible +$2B additional payments by J&J (and J&J is in a lawsuit with Auris investor Fortis Capital over those "misrepresented" terms of payment).
You don't see the possibilities of multitudes of x5-x10 beyond $1B b/c of the multiple surgical applications, flexibility, maneuverability, small footprint, ease of doing multiple procedures in a single day in ambulatory centers, hospitals and clinics? Of course you do.
Good luck to all. Regards,BK.
Noblynx, thanks. Yes, a good day but hasn't made up for all of the anguish - yet. This one has a ways to go. It's percolating. There are 3-4 avenues for future good news but all at least weeks, or months away. Hopefully this year. This is like watching water boil. Every now and again you get a really big bubble.
Good luck to you. Regards, BK.
1st U.S. Clinical Testing Site Announcement TORONTO, ON / ACCESSWIRE /January 19, 2021 / Theralase® Technologies Inc. ("Theralase" or "Company") (TSXV:TLT)(OTCQB:TLTFF), a clinical stage pharmaceutical company focused on the research and development of light activated Photo Dynamic Compounds ("PDC") and their associated drug formulations used to safely and effectively destroy various cancers, bacteria and viruses announced today that Virginia Urology ("VU") has received site Institutional Review Board ("IRB") approval to commence a pivotal phase II Non-Muscle Invasive Bladder Cancer ("NMIBC") Clinical Study to enroll and treat patients with Bacillus Calmette Guerin("BCG")-Unresponsive Carcinoma In-Situ ("CIS") or are intolerant to BCG Therapy ("Study II").
Theralase has central IRB approval to launch a number of US clinical sites, subject to local site IRB approval. VU is the first site to receive both central and local site IRB approval. There are 5 additional US clinical study sites that have received central IRB approval and are expected to receive local IRB approval in 1Q2021.
VU has a long history of providing quality care to the Greater Richmond area since 1929. VU is comprised of 6 locations throughout the Greater Richmond area with over 55 board-certified physicians that span nearly every discipline within the field of urology. Because VU consists of diverse medical professionals, they are able to provide the latest technologies with a mission of providing the best possible care for each patient.
Dr. Eugene Kramolowsky II, M.D., a Urologic Oncologist at VU Research Department stated "We are excited to work with Theralase for the NMIBC clinical study. Tackling cancer is a crucial topic and a priority for this region, and I am pleased that Virginia Urology is able to contribute to the growth of innovative cancer research by taking part in this leading pivotal Photo Dynamic Therapy ("PDT") study".
To date 14 patients have been treated in Study II. With the addition of VU, the Company now has 5 clinical study sites open in Canada and 1 in the US for patient enrollment and treatment.
Shawn Shirazi PhD, Chief Executive Officer, Theralase®, stated, "We are excited to have central IRB approval, which will help expedite the launch of other US clinical study sites subject to local IRB approval. VU is now able to commence patient enrollment and treatment in the US. We look forward to increasing the number of patients enrolled and treated in Study II, as a result of launching additional clinical study sites in the US."
About Study II
Study II utilizes the Therapeutic Dose (0.70 mg/cm2) of TLD-1433 and is focused on the enrollment and treatment of approximately 100 BCG-Unresponsive NMIBC CIS patients in up to 20 clinical study sites located in Canada and the US.
Study II has a:
Primary endpoint of efficacy (defined by Complete Response ("CR") at any point in time
Secondary endpoint of duration of CR at 360 days post-initial CR (approximately 450 days post initial Study treatment, assuming CR is achieved at the 90 day assessment)
Tertiary endpoint of safety measured by incidence and severity of Adverse Events ("AEs") grade 4 or higher that do not resolve within 450 days post-initial treatment
The FDA, in its 2018 guidance to industry has stated that, "For single-arm trials of patients with BCG-unresponsive disease, the FDA defines a CR as at least one of the following:
Negative cystoscopy and negative (including atypical) urine cytology
Positive cystoscopy with biopsy-proven benign or low-grade NMIBC and negative cytology
For intravesical therapies without systemic toxicity, the FDA includes, in the definition of a CR, negative cystoscopy with malignant urine cytology, if cancer is found in the upper tract or prostatic urethra and random bladder biopsies are negative.
Intravesical instillation does not deliver the investigational drug to the upper tract or prostatic urethra; therefore, the development of disease in these areas cannot be attributed to a lack of activity of the investigational drug. Thus, sponsors can consider patients with new malignant lesions of the upper tract or prostatic urethra, who have received intravesical therapy to have achieved a CR in the primary analysis; however, sponsors should record these lesions and conduct sensitivity analyses in which these patients are not considered to have achieved a CR."1
Reply 122624 Headsup, maybe but I doubt that scenario. Otherwise the loan would not contain all of TMDI's IP as collateral. That agreement is in place so your theory could NOT be formulated. There would be no reason to lock it up if your theory was the reality. IMO.
Good luck to all. Regards,BK.
Reply 122575 Honey, so you're saying "Try and do what you did - but avoid your outcome? Would this be your "Misery Loves Company" strategy?
Your advice is reckless. You forgot the disclaimer that the share price may NEVER see $1.40 or lower again.
Good luck to all. Regards,BK.
Just want to complement who ever is playing AH and holding those that would trade small numbers of shares, 10 separate transactions in the last minute(3:59PM) before the trading day closes, and AH right up to 7:59PM. Just a few hundred shares keep getting passed back and forth after hours to try and ruin a perfectly good raise in pps. Thank you.
And for those the feel the need to short this stock - once those shares are sold they aren't coming back. Thanks.
Good luck to all. Regards,BK.
May God Bless those that don't know the difference between an investment and a Complaint Department.
Good luck to all. Regards,BK.
Reply Shorts: I can't guess as to when to buy, so dollar-cost-averaging has always been my standard. Buy a little now, and later.
Good luck to all. Regards,BK.
To The Group: I have to ask myself: Why would he do something like this? There's got to be a reason b/c raising $10M right now MUST have more value than trying to raise $10M later. My estimates assume Titan has enough cash and future milestone payments for another 8-9 months. So does the timing of this raise fit with the MDT B/O speculation?
Who do we know that would want, or benefit from owning more of Titan at this low pps? Answer: ANYONE. But who would benefit the most? My guess would be anyone that knows the details of the development agreements. That "someone" has the most information.
The following is pure speculation:
A) Perhaps - Bloom Burton says, "Hey! Someone wants to throw $10M at Titan, but wants it all at once and not at the present PPS." Mc tells Martha. Martha can't say no - that would constitute a verbal contract as he would be controlling Titan. Seems plausible b/c the word is getting around MDT is on the hunt, they have a well-established track record of acquisitions. Mc just did an investors conference. I said sooner than later Wall Street would start to pay attention. This is not my highest probability scenario, but plausible.
B) Perhaps - Martha says "things are getting interesting in the open market." "Someone I know wants a chunk." Would Martha be concerned if it's done in the open market? Yes, b/c it could accelerate driving up the PPS. "Make it look like a raise - but as a bought deal. I know a guy." Seems plausible.
C) Perhaps - Cambridge comes back and says, "Hey, that thingimadooker you want to add later to ENOS can be integrated right now, b/c we just freed up some additional resources in the lab. And it will be better to do it while the "hood is off." But it'll be another $10M now instead of $15M later. Waddya think? Plausible.
I'm guessing B or C started this raise.
Enjoy the entertainment. Good luck to all. Regards,BK.
Reply 121959 Trump4evr, Just a friendly heads-up. What you seemingly and innocently advocate may be considered unlawful. However, only a court of law can make that determination. The following is only an excerpt, that may be relevant regarding the subject of some messages read on this board.
What counts as financial advice?
In the context of financial services, “advice” is a service which recommends a specific course of action based on consumers' individual circumstances and goals; “guidance”, on the other hand, provides information and/or options to narrow down consumers' choices, without making an explicit recommendation.
https://purposefulsp.com/is-financial-coaching-breaking-the-law
This is only a site as a general point of reference, for general information regarding investments, law and coaching.
The SEC casts a much wider net regarding investment advising and needing to be licensed than most people think. Sadly, many financial coaches are unwittingly breaking the law and subjecting themselves to legal and civil liability. A market crash or adverse life event can quickly turn a happy client into a legal adversary bringing the might of the SEC and potential criminal prosecution to your door.
The Investment Advisers Act of 1940 (IAA) is the primary federal legislation governing advice around investments. This 38-page law has been amended and modified numerous times and governs the offering of investment advice to the public. If you discuss investments in any form you should be concerned about liability surrounding the IAA.
Providing Advice to Others or Issuing Reports or Analysis Regarding Securities
"So now the big question comes into play: Are you offering investment advice? Obviously if you advise people on their portfolios, telling them what to buy and sell, you are in trouble."
Good luck to all. Regards,BK.
Reply 121926 DNDDOD, Of course there's a strategy, but they can't tell us b/c it now involves MDT AND working with the FDA is a moving target.
Many here over the years b!tched up a storm b/c we weren't getting any updates, or many PR's. Now we get this and more complaints..... I don't understand why/how this could be bad. It's not a specific delay b/c of a mistake. Where's the situational awareness or objectivity?
I work with federal, state and local government every day. Things change in an instant. Having many conversations with the oversight agency only smooths out the process. These meetings permit a look over the horizon. The more communication the better in this process.
The only thing that would make our situation better would be a video of the current version of ENOS/SPORT and disclosure of the MDT projects from which we would know "all of the what's and when's."
But that would spoil the surprise ending!
Good luck to all. Regards,BK.
Thanks Scoobey. Somehow that article from the UTA Science and Chemistry Dept. has to get widely distributed. I'd think the UT education system would have a broad reach nationally and internationally. Wonder why we haven't seen anything else.
I do find it a bit incredulous that this PhD candidate thinks his thesis breaks new ground, and is trying to take credit for the effects of 1433. I may have misunderstood the parts of the article. It's a bit disjointed. Not sure about Os-4T.
I'm a UT Dallas grad., and don't live too far from Arlington, TX. May make a hop over there when this virus abates and see if I can get an audience with Dr. McFarland.
Good luck to all. Regards,BK.