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Agreed. I also believe Medtronic will help them with FDA as well and manufacturing. Actually, more milestones would be an incredible announcement to me. These four milestones will be completed by October/November 2021. Once they are completed, something has to happen. How can you reach ALL four milestones and then still NOT have to pay the $1.5 million loan until November 2023? Makes no sense at all. And why have someone from Medtronic observing on the board after the fourth milestone is completed. Things that make you say hmmmmmmmm.
The third milestone will be announced shortly. There may be a bump in the share price. I think things get quite interesting as we hit the last milestone. I see a steady share price climb as we approach that month in anticipation of a buyout. IF IT IS GOING TO HAPPEN, it will happen around that time period or possibly between the 3rd and 4th milestones. You are playing with fire if you try to average down during that time period.
If there is no buyout and the FDA process begins and is done alone, I still see a rise in share price.
What happens if Titan reaches and achieves the fourth milestone but STILL does not pay back the $1.5 million dollar loan to Medtronic? What does that tell you? Why wouldn't they pay back the loan after achievement of the 4th milestone?
I also find it interesting that the 4th milestone is around November of this year but they have until 2023 to pay back the $1.5 million loan? Doesn't make much sense, does it?
Just not the right day for it.
No buy out on Monday then. Not while the TSX is closed.
You should be in charge of marketing and shareholder investor relations. This information should be disseminated regularly to Titan shareholders.
Thank you.
Glad to see you are back.
As always ROLL you are always right. No sense arguing points as it doesn't matter if we are right because we are wrong.
Titan shareholders say David McNally has not been transparent. ROLL responds you are calling him a liar.
Shareholders expressing displeasure over the current share price and the state of the pps at the given moment. ROLL responds you are whiners.
Shareholders read the CC and read filings and post them here. What are you talking about? The rest of us are lazy now?
Quit spinning words. Enough already.
49 percent ROLL. McNally51.
Voted this morning. Did not realize you could still vote for or against David McNally as a Director. Thought he was immune from a vote because he decided to withdraw as chairman of the board. Voted against.
No. He was wrong on that as well DadBod78. But he just can't stop with prediction after prediction. I thought for sure McNally would have told you that during your many mentioned conversations with him.
You are very confused ROLL. I have and have always had a positive attitude towards the success of Titan. And, again I have been invested in Titan before you ever knew the company existed. McNally has proven with his lack of transparency and his lack of approval rating that he is losing the support of shareholders. He saved face by stepping out of the role of Chairman of the Board before he was embarrassed and voted out of the position which was going to happen. Just because I disapprove of these aspects of his communication with shareholders does not mean I am negative towards the company or I am bashing him. 49 percent of shareholders felt the same way. 49 percent!
I consider you to be fortunate to be receiving calls and have had an opportunity to speak with McNally directly and I applaud you for it.
I had a friend who had invested several hundred thousand into Titan when it was the multiarmed platform that because of his career he was able to have communication with the Board fo Directors that reinforced in his mind that his investment was sound.
As I mentioned earlier today, your $100 investment in Titan in 2005 would be worth around $7 today. Now do the math on a several hundred thousand dollar investment.
If you feel a CEO is calling you and giving you the straight goods on a company's future, think again. Ever hear of Bernie Madoff?
McNally should have been voted out last year. The writing is on the wall. He knew shareholder sentiment was horrible. How would it look if he was voted out this year as it was going to happen? Guaranteed. He stepped down before he was fired.
What happens to the exclusive IP Medtronic is using after the last milestone is achieved and Titan repays its loan to Medtronic?
Looks like we will be voting on extending stock options to new employees in the United States now to attract good people.
Your $100 investment in Titan in 2015 is now worth $6.96 in 2020.
Your $100 investment in the S and P index or TSX would be worth $134 in 2020.
Perry Genova was granted $962,200 in stock options in 2020.
Everyone got raises in 2020.
Form 6k posted.
https://fintel.io/doc/sec-titan-medical-inc-840551-6k-2021-may-18-18765-956
Interesting read.
Was at the pool. What were the highlights of the Q and A session please?
I think 49 percent of shareholders agree with you. They already voiced their view last year. Great post.
Totally agree. Several of us have put a load of research and monies in Titan and some of us have actually owned stock in Titan longer than ROLL. All of us get fired up but choose to use appropriate language. I certainly would not use that type of language. Enjoy South Beach. Long Titan but also realistic.
Completely agree Beast19. I guess it bothers me that when you state factual information about Titan, you are seen in a negative light. We all hopeful for a buyout. If I disagree with you beast I do not criticize you as a person. Good luck to all longs.
Reimbursement provision? What does this mean? Will Medtronic reimburse Titan for funds spent to help HUGO get to the finish line? Thanks in advance.
Thanks OR Nurse
(aka negative and whiner)
It is in the announcement today clearly described. Part of the 7.6 million or so they have spend in Q1 was for further advancement on HUGO and ENOS.
Good question livendi. As part of the redacted agreement, we have to help Medtronic with milestones that we know nothing about as shareholders. There was some discussion that in the past that certainly Titan couldn't possibly be spending their own money to help Medtronic. Seems that was not true. Said the same thing on another message board. Was told I was negative, a whiner and apparently if I had sexual relations that my outlook on Titan Medical would not be so tainted.
Seems a tad crazy to me that we are spending our own funds to further Medtronic's robotic system.
McNally51 is the cat with nine lives. One way to save the embarrassment of being voted off as Chairman of the Board of your own company is to step down. Got a chuckle out of that one.
Titan continues to burn through cash and hire staff at the same time. As times tics, things are coming to a head. They spent 7.6 million on development of ENOS AND meeting the Medtronic milestones. Now how do you ask for more dilution and working capital knowing some of the money that should have been used for ENOS was used for HUGO? I don't think they have enough funds to get them over the hump of getting ENOS through FDA ALONE.
Now how do you suppose Titan crosses the finish line to get ENOS through FDA? Hmmmmm. If not dilution, then buyout.
And who is going to manufacture and market ENOS? Titan does not have the resources. This gets more interesting with each passing month.
PRESS RELEASE
Paul Cataford Appointed Chairman of the Board
Heather Knight Appointed as Independent Director
Cathy Steiner Nominated for Election as Independent Director
TORONTO--(BUSINESS WIRE)-- Titan Medical Inc. (Nasdaq: TMDI; TSX: TMD), a medical device company focused on the design and development of surgical technologies for robotic single access surgery, announces financial results for the three months ended March 31, 2021. During the first quarter of 2021 the company raised proceeds of $34.5 million from two equity financings and $10 million from the exercise of warrants issued to investors in previous offerings. Titan also announces changes to its board of directors appointing Paul Cataford as Chairman of the Board and Heather Knight as an independent member of the board. In addition, Cathy Steiner has been nominated for election to the Board at the annual and special meeting of shareholders on June 9, 2021.
“We welcome Paul Cataford as our new Chairman of the Board. In his previous role as Lead Independent Director of Titan’s Board of Directors, Paul has demonstrated his leadership skills and corporate governance experience, and we believe that the separation of the Chairman and CEO roles is aligned with best governance practices,” said David McNally, President and Chief Executive Officer of Titan.”
“We are delighted to announce that Heather Knight, General Manager of U.S. Hospital Products at Baxter Healthcare has joined our board. Heather is a dynamic sales and marketing executive with nearly 25 years of proven healthcare commercial experience. In addition, we are excited to announce that Cathy Steiner, Principal of Origin Merchant Partners, an independent investment bank, has been nominated to join the board upon shareholder approval at the annual meeting. Cathy is a seasoned executive with over 20 years of experience as an investment banker and financial and capital markets advisor for healthcare companies. Cathy will succeed Stephen Randall, who is retiring from the Board on June 9, 2021. We are grateful to Stephen for his contributions to the company over more than a decade as an executive, and four years as a member of the Board.”
Mr. McNally continued, “Titan made significant progress during the first quarter of 2021 including strengthening our financial foundation, augmenting the senior management team, improving financial accounting oversight and implementing enhanced governance practices and policies. We believe our accomplishments and the steps we are taking will position us to achieve our vision of providing a leading-edge robotic single access surgical system for the benefit of patients and surgeons.”
“Our growing engineering team in Chapel Hill, North Carolina is finalizing development of our Enos™ robotic single access surgical system, while we clarify with the FDA expectations for our human clinical studies planned for 2022. We also continue to execute on the milestones associated with the Medtronic development and license agreement, with the next milestone anticipated for completion this month. We are proud of our progress and are very excited about our future, and the potential to serve an underpenetrated, yet very attractive market segment. We look forward to sharing additional details on our progress in the coming quarters.” McNally concluded.
Business highlights for the first quarter of 2021 and recent weeks include:
Completion of a “bought deal” offering underwritten by Bloom Burton Securities Inc. for gross proceeds of $11.5 million.
Launch of “Titan Living Labs”, a media-rich addition to Titan’s website that provides access to stories behind the design and engineering of the Enos surgical system.
Completion of a second “bought deal” offering underwritten by Bloom Burton Securities Inc. for gross proceeds of $23 million.
David McNally presented to a live virtual audience at the H.C. Wainwright Global Life Sciences Conference.
David McNally led a day of virtual one-on-meetings with investors at the 33rd Annual Roth Conference.
David McNally participated in a fireside chat at the Oppenheimer 31st Annual Healthcare Conference.
David McNally presented to a live virtual audience at the Bloom Burton Healthcare Investor Conference.
Appointment of Kristen Galfetti as Vice President, Investor Relations & Corporate Communications.
Appointment of Chien Huang as Vice President, Finance.
Financial results for the three months ended March 31, 2021 include:
As of March 31, 2021, Titan had cash and cash equivalents of $53.4 million, compared to $25.5 million at December 31, 2020. Since December 31, 2020, the company has received $10 million from the exercise of warrants and aggregate gross proceeds of $34.5 million from two financings that closed during the first quarter 2021.
Net and comprehensive loss for the three months ended March 31, 2021 was $14.8 million, compared with a net and comprehensive loss of $0.8 million, for the three months ended March 31, 2020. The increased loss is primarily due to increased research and development expenses of $7.6 million in the first quarter of 2021 as the company progressed on development of its Enos system and the activities under the development and license agreement with Medtronic. In the first quarter of 2020, R&D expenses were $0.05 million as the company had temporarily suspended its R&D activities. As the company increased staffing and investment in strategic business development and corporate governance, general and administrative expenses increased to $4.1 million in the first quarter of 2021 compared to $1.7 million in the first quarter of 2020. During the first quarter of 2021, the company also incurred a non-cash loss on the fair value of warrants of $3.1 million compared to a non-cash gain of $1.1 million in the first quarter of 2020.
As of March 31, 2021, current liabilities, excluding warrant derivative liability were $5.2 million compared with $6.6 million at December 31, 2020. As of March 31, 2021, the company had working capital of $50.6 million compared to a working capital of $20.4 million at December 31, 2020.
The condensed consolidated interim financial statements for the quarter ended March 31, 2021, have been prepared in accordance with International Accounting Standards 34 (IAS 34) – Interim Financial Reporting and should be read in conjunction with the annual audited consolidated financial statements for the year ended December 31, 2020. These statements may be viewed at www.sedar.com and at www.sec.gov.
Strong work. The volatility of this stock sure is devastating. Trying to hold until the last milestone is reached. Hard to pull the trigger at $1.53. Third milestone coming up and the stock continues to drop with zero support by the company. Hard not to look at the pps daily. Hopefully we will all be rewarded by November and the 4th milestone.
Interesting on Titan Living Labs progression of milestone 3 and 4 is mentioned in the same sentence as completion of ENOS. Why even mention the milestones with Medtronic on a Titan video unless he was referring to different milestones.
A small amount.
Wow. 66 cents on the open. Guess I have another opportunity.
I applaud whoever this was who either rented or knew a friend who had a studio that he could use to develop this video. I appreciate this gentleman taking the time to try to give a summation of what is happening in the robotic world.
There is obviously a lot of money to made in the robotic industry. I have said this before. Intuitive Surgical tried to sell their company and nobody was interested. I don't think the same mistake will happen again.
I also look at the EV industry with front runner TESLA. Other companies are forming and the industry is undergoing a revolution. Look at NIO. GM is joining the industry. Conform to the changes in the industry or you will fall behind or become a dinosaur.
Titan has patents and has partnered with Medtronic. We all know this information. I think it is pretty clear that Medtronic has been watching and funding Titan. Moving to Chapel Hill, Titan Living Labs, changes in board members options, more granted patents and finally McNally51 and a clear message sent to the company by shareholders they do not want anymore dilution. Titan lacks the resources to produce and market their own robot.
It is pretty evident to me that we are coming to a time very quickly where something big has to happen with Titan. I like most of you are hoping for a buyout. The buyout may not be as large as we would wish but I do believe further bad news will destroy the company. Just my opinion.
I analyzed the recent move from 73 cents to how convenient, back up to a dollar in order to be compliant with NASDAQ. Now some probably jumped on the bandwagon knowing what was happening and that the goal was to get the stock over $1 by the end of the day. Buy and sell at the end of the day for a quick profit. Makes sense. Also explains some of the pullback back to the low 70s. My question is who would spend money on shares to get the stock up over $1? Again, a percentage was day traders getting in and out. However, was there a motive by other players to ensure the stock went over a dollar. And were they willing to buy shares knowing the next day it would drop and they would lose money?
Perhaps I am reading too much into the movement. My crazy theory is some investors were willing to lose money on the swing in order for the stock to remain NASDAQ compliant because they know down the road there is good news coming which will escalate the stock pps further.
Goal #1. Keep it listed on NASDAQ.
Goal #2 Profiting from the upcoming catalysts that will give them even better gains down the road which will more than cover for their loses on the swing.
Is this crazy talk?
Purchased throughout the day yesterday. Hard to time the bottom. 84 cents works for me. As I mentioned, sure beats $1.04. A lot of profit takers on volatility. Hopefully, another opportunity presents itself to buy lower. Such is life. Buying slowly. Baby steps.
Dropping again I see. Up and down we go.
Purchased throughout the day yesterday. Hard to time the bottom. 84 cents works for me. As I mentioned, sure beats $1.04. A lot of profit takers on volatility. Hopefully, another opportunity presents itself to buy lower. Such is life.
Back in at 3050 shares at average buy price of 84 cents. Beats previous average of $1.05. Will continue to accumulate on the dips.
AGM in June. When do we receive the agenda to vote on?
This drops tomorrow. 40 percent gains in one day? Really? Profit taking tomorrow. Happens all the time.
Or $3.00 like ROLL mentioned a few weeks ago. Let's not forget that.
Interesting. Mr. Huang has expertise in divestitures.
Prior to Quarterhill, Mr. Huang served as Vice President, Finance at Aralez Pharmaceuticals, responsible for implementing systems upgrades, negotiating potential divestitures and advising on private equity financing.
What Are the Reasons Divestitures Occur?
In finance, divestment or divestiture is defined as disposing of an asset through sale, exchange, or closure. A divestiture is an important means of creating value for companies in the mergers, acquisitions, and the consolidation process.
What I read into and what I like about the conference was Titan will keep their head down and continue to push forward with reaching milestones and advancing ENOS to get it to the finish line. Will they need more funding? Definitely. Where will this money come from is anyone's guess. IMO McNally and Titan are increasing their patents and as a result, increasing its value whether they go it alone or are bought out. They can license their IP to other companies as well but have decided NOT to do so which is interesting to me. Why not? My guess. Keep advancing and getting to the finish line in hopes of impressing Medtronic.
I also felt McNally had to very careful how he answered the questions after the conference. He had to pause in order to phrase a correct and PC response to the questions being asked. I suspect he is in a tough position with known speculation floating around about a Medtronic buyout combined with an upcoming AGM where his job is on the line. His sphincter must have been puckering the whole time. Glad it wasn't Smellovision. Hard not to crap your pants answering those difficult questions.
Yes. He should clean rooms. I was being facetious. Passing instruments is HARD.