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I think that I am wrong about that Chinese company! There are other Ningbo Hengtai's !
More about the names of people involved. They say it is a known company but I don't think so. No other mention of it anywhere. I think some Chinese residents of Vancouver were behind the offer.
https://www.marketwatch.com/press-release/titan-medical-extends-negotiating-period-with-potential-china-market-distributor-and-initiates-usability-studies-for-sporttm-surgical-system-2016-05-25
It seems to be pretty old history. I have no idea why people are interested in this now!
It is a Chinese company that supplied 2 million dollar once upon a time was a big shareholder.
They paid 2 million. Titan could not pay them back and gave them shares instead.
"Back in October 2015, Toronto-based Titan inked a private placement deal with Longtai, a subsidiary of Chinese medical device distributor Ningbo Long Hengtai International Trade Co., that could have ended up being worth more than $24 million.
Longtai put up a $2 million deposit toward the distribution deal, but now that talks have ended that money must be returned, Titan said.
“We are focused on our largest target markets in the United States and Europe. It is worth noting that lengthy discussions with Longtai began in October 2015 and included a good faith $2 million deposit and 2 term extensions, but with initial priority the United States and Europe, other partnering opportunities and our commitment to focus the contemplated distribution agreement is not in the best interests of Titan. We part ways with Longtai amicably and look forward to reporting on additional milestone progress in the near-term,” CEO David McNally said in prepared remarks."
https://www.massdevice.com/titan-medical-spikes-talks-chinese-distributor/
https://www.globenewswire.com/news-release/2017/04/28/1179947/0/en/Titan-Medical-Ends-Negotiations-With-Longtai-Medical-for-Sport-Distribution-in-Asia-Pacific.html
https://www.globenewswire.com/news-release/2017/08/01/1179979/0/en/Longtai-Medical-Agrees-to-Convert-Titan-Medical-s-Distributorship-Deposit-to-Equity.html
Apparently it is owned by a Chinese company that makes
"pump, submersible pumps, borehole pumps, solar pumps, centrifugal pumps, stainless steel pumps, multi-stage pumps, submersible motor"
https://nbhengtai.en.ec21.com/
$42 billion they paid and they have spend at least a billion on it. Covidian itself had not designed that robot either because they have no patents on this. Covidian was spawned by Tyco and Tyco had purchased it on it buying binge.
It was not free or cheap or they have not spent years developing it or shut it down, or they would have sold it.
Just because you are not aware of it, it means nothing.
For example MDT had purchased a robotic company which had device in middle of R&D phase. What do you think Hugo was. Hugo was not even completed as it was being put together by Covidien for more than a decade .
Here you can see their PR.
"Medtronic expanded its already extensive portfolio of surgical instruments through its $42.9 billion acquisition of Covidien in 2015"
https://www.medtechdive.com/news/medtronic-plans-to-answer-da-vinci-with-rival-soft-tissue-robot/563662/
I am betting on that too. Having a high profile person on board can be indicative of expected completion and success.
You believe that was the case because you were not paying attention to the details suchs as not having a frozen hardware device and not comparing quarter to quarter estimates or the cash flow.
The freeze has materialized just this year. No typical investor even pays attention to such details or no such detail are even exposed to the public typically.
In this case they have at least exposed some real details and not treated it as a secret sauce like Verb and just releasing PR. PR-ing to get funding is way more common.
This company has been more honest than the usual and they have done the best that they can to keep it real. They have revealed more than the most to their shareholders and the more they have exposed, the more traders have played with the facts and tried to crush them because they only look for discrepancies. Once it gets crushed, the funding gets crushed too and there is a feedback.
No company tries to avoid getting funding to finish their objectives and so they have to be optimistic when estimating but that does not mean that they are lying or misleading people.
Which budget estimates would those be and when. The timing of it and maturity of the product that matters.
I am just wondering if investors as you describe then have had expectations in earlier years of development to have estimates that are accurate. If you believed that is even possible, I have a bridge to sell you. The estimates are never function of exceptions meaning that they can not account for failures in any pass.
It is like this:
If X that is estimated to happen, happens then
---if Y that is estimated to happen, happens then
-----if Z that is estimated to happen, happens then
---------etc
This type prediction or estimate is done for something that has never been designed before without using any template as a reference so obviously those estimates are pretty much a wild guess that firms up over time. That is why there has to be reduced features and expectations so that there is no planning for vaporware and moving goal posts.
It is naivete on part of investors that could be a bigger factor here because they move the stock up and down illogically based on talking points like blah blah verb, a vaporware that I recall.
Events that are firming up the process are material event only, like hardware freeze and things like that so you know that somethings are completed and that the device of gadget is getting to finish line.
They can miss the timelines if there is a delay in cash flow.
If you want to dump it for any slippage then this is not what you should be investing in.
There is no guarantee that deadlines can be made in most tech companies. There are many millions of things that can go wrong in development. It is not like making cookies and adding ingredients. I know because I have worked the midnight shifts. People who have no knowledge of how things are dependent on each other in tech project estimates have a hard time understanding how fragile estimates can be. It is not about management either. TECH GADGETS CAN HAVE UNEXPECTED BUGS OR FLAWS close to deadlines.
At this stage they seem to have made it through the most difficult junctions so have faith but it is up to you.
Insiders always dump the risk on public markets. That is what stock market is about, absorbing risk and supplying cash.
Why would any company list their venture on stock market if they could absorb the risk?
Why is Microsoft listed in stock market if Gates is billionaire*100?!
You can't bet using exceptions as a rule.
There is no point in investing then because every single technology being developed has timing and deadline issues.
Who would they buy a pre approved FDA needing anything.
The purchases are always dependent on approvals. They are only buying when the risk is minimal.
Just look at MDT, they have bought several robotic companies and still have nothing to show for it after 2 decades.
If they get the cash and they get it timely enough. I agree that it is extremely likely. That is my bet in fact.
Not all warrants will get executed till there is a pop though. The cash is the input and the output is the approval in absence of other unknown obstacles.
It is not function of time but cash at this time.
It is $X million till approval. It should no longer be calculated by time estimates at this point because of the cash needed to complete.
The cash needed can change a little too if they burn while waiting for cash.
i.e.
$36.6M till approval it was in late Sept
Exactly. Who would give away half the company away for $40 million.
We are here because this is a very unusual case of a very small tech company delivering a big thing requiring FDA approvals while it has been under the rubble for years because of failures in the past.
It does not happen very often.
They deserve to get this thing approved and get funding . The shareholders are the only ones that will and have supported them and they are under the rubble too. It is what it is.
Cordius was bought for a 1 billion and not a million. Cordius was approved in feb 2019 and sold few months later.
Exactly. Nothing iffy that FDA can contest should be implemented for the first FDA approval of an instrument.
The liquid can indeed get contaminated so such a feature should be fail proof before it is added on. They can do that with later updates and seek approvals.
I recall reading about a rejected embedded device where the sealed battery housing was not designed to be disinfected during manufacturing process because I guess FDA believed that the seal can break.
The CEO of Titan has gone through IDE application process before. He is not a newbie.
In his previous venture, he has produced an FDA approved product.
What is the point of talking about exceptions. It is like saying if the car does not start then it won't drive anywhere. No kidding!
Estimates are not based on failures. If it gets rejected then everything will be delayed. If FDA personnel get sick and fail to show up at work, it will get accepted automatically. What about that!
Yes it does say that but it also says in Milestone 9 that the IDE approval it is in December. Since there is max 30 days between submission and approval. That makes it at best last day of October.
So likely that it is in November and surely if there is any slippage because of financing issues, it will slip. They won't submit without having financing.
So it is best not hang it to those few days literally speaking.
I think that the Aspire thing was result of them trying to do get funding in a different way as shareholders have been demanding. It has not delivered the cash in a timely way so it is a useless contract and Perhaps they had tried to cheat Titan as some have suggested here. I myself was wooled over expecting a real financing deal there because they looked legit.
My guess, which is just a useless theory that should be ignored, is that overnight financing failed because the issuer was not happy that the company had gone elsewhere to get cash. I think that the financing companies have them by the balls.
This is a world that I had never invested in and it is interesting how much squeezing is happening.
The prototypes are not sent for actual human trials but rather the real thing. The many robots that are required for actual trials are manufactured and tested and verified when received by the company to be according to specs and in working condition. They have to be truly checked to be free of defect before going to the field. The technologists have to become familiar with it and find the defects and also repair the robots and change the parts that are defective. They will be the supplier of consumable attachment that are needed for trials.
None of it is magic. Things just don't happen by themselves.
That is a extremely low salary for a CEO of a tech company. It does not happen for publicly listed companies.
The fact that this guy is doing is by itself a miracle of some kind.
They are not stupid. It is a requirement. They need a lab to put together the robots that will be used for actual surgeries. It is not done by magic. They must all be tested and verified before being sent to the field.
It is not a virtual robot.
He is very wealthy. Apparently he has made $200M from sale of a FDA-approved/ product/company.
I don't believe that he is needy of cash.
Technically he can buy this thing outright but I don't believe executives take that type risk using their own cash.
Their documents mention Q4 and so it can be any period within there.
Rocko, are you now selling it?!!
Do you own it all to sell it all? of course not
A decade ago Titan was not designing the same device. They have purchased the original patents for this single port device much later and there is no other device like it to contest its patents.
This device is not at where it was 5 years ago when they had just started putting it together.
You were an optimist initially when it was not refined and now you are a pessimist close to finish line.
How are they going to force that price lower if the price today is inclusive of dilution. The market cap has already sustained 50% drop and that is vastly exceeds $20 million in dilution. How did you figure that they they can extract 70% drop.
What method are they using to force the stock down?
That is just about a month ago and you had access to it's history and you were asking about what price to buy. If you claim expertise, then why did you get in!
You weren't an expert a month ago and you are not now.
You have been making up stuff and claiming it to be fact. It is getting tiring.
Shareholders have inspection rights and large shareholders probably have done that several times already.
It would not be valued by markets but private entities that would have interest in it. Upon FDA approval, it will have market value based on value of its products, earnings or the competition or purchase offers. Prior to approval, the patents and the capital R&D cost define its value.
I do not believe that the public market has valued it correctly right now. And that is the reason for it to private.
The funding comes from crowds right now who are trading it in public market.
The financing has to come from new shareholders or new cash injected by old shareholders and so going private would not prevent dilutions but there will be no theater gaming it. Averaging down will no longer fund the shorts but rather it will be an investment in the company.
It has to be verified that they have the goods before going private. The big shareholders should hire someone to go and verify the state of product.
The shareholders can retain their investment. The stock will no longer be listed in public markets.
The value of the product is not going down if it goes private. Once it is approved then the shareholders will benefit just the same. They need $40 million to finish.
Versius is backed by private capital and it is worth more than a billion. None of this kabuki theater that is being played here.
IF TITAN GOES PRIVATE - no more stealing from investors by the shorts
TITAN TIME TO GO PRIVATE
How did you think that they would get financing.
It would have been much better being done at the highs but then the shorts were psyching up the investor to resist.
The goons have brought it down to steal as much as they can and it is not going to the company.
When were you taken!... Here is your post.
"Friday, 08/09/19 05:31:25 PM by Janko1
Honest question for all the shorts/part time longs/traders.
I've heard from .50 to $1.50 to cover/buy/accumulate, etc....
Aside from BK guy ($0.00).....what is your best re-entry point?"
TITAN TIME TO GO PRIVATE
This company will go private before getting a market cap less that 30 million. They are just skin and bones. No fat to steal from.
One reason that they have had problems getting financing is that that there is no fat to be shorted at these values.
So they have to sell $20 million units to investors basically OR they have to go private.
Going private is their best option because shorting goons are not letting go.
I think the stockholders message to the company was being massaged by the shorts' talking point by convincing the shareholders to feel bitter about the company and its executives and the execution. The shareholder were convinced to act against use of close-to-money warrants in order to get financing. In other words, the company was suckered into shorts' plan.
The should have used warrants close to money to get cash. It would not have mattered if the company's officers were getting rich etc.
On the other hand, the dilutions could have been done in very small increments and randomly to prevent the shorts taking the shareholders as hostages while waiting for these dilutions to materialize.
In any case were are here and now.
They need $36.6 million to complete the project. This dilution should raise that amount if the warrants do get exercised.