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The volume is good, but we have to put it into perspective that it's now far cheaper to buy shares. We can buy about three times as many shares for the same price as we'd have paid three months ago.
At these prices, someone could literally sell a couple pieces of commercial real estate and buy the entire float for $22M (with shareholder approval, of course thanks to the shareholder rights agreement).
What we really need is for someone to come in and start accumulating shares on the open market to change the supply/demand equation on this thing. Then the PPS will start to march higher IMHO.
I'm beginning to wonder if there is an outside force at work here that is trying to keep the PPS down below where a 1-for-30 reverse split would facilitate an uplisting. There seems to be a very specific push to park the PPS below 13.3 cents per share, which is the lowest price at which a 1:30 RS would put us at $4 per share.
This company has IP, IP awards, a working robot that they've demoed, yet no money and and downward pressure on the share price. Something doesn't add up here.
A PPS of $0.266 would get us to eight bucks in a 1-for-30, which is twice what we need for the uplist. I'll be watching for it to happen in that region.
Exactly BKT. That's why I'm going to keep posting the R/S adjusted numbers on the board....as a "gauge" of how safe we'd be if the split had happened that day.
A 1-for-30 now only gets us to $4.95, which is crazy. BUT, if we get back to $0.20 (another 3.5 cents north), the 1:30 puts us at six bucks!
I'm going to start posting daily notes on here on where we'd be at if the RS was done today.
6/16/2017
PPS (US): $0.165
After 1-for-5: $0.825 (Insufficient to uplist to NASDAQ Capital Markets)
After 1-for-30: $4.95 (+$0.95 margin to uplist to NASDAQ Capital Markets)
Here are two examples of companies that did the reverse split and uplist all at once:
https://globenewswire.com/news-release/2017/02/15/917417/0/en/Sigma-Labs-Announces-Reverse-Stock-Split-Uplisting-to-the-NASDAQ-Capital-Market-and-Pricing-of-Public-Offering-of-Common-Stock-and-Warrants.html
http://sdbj.com/news/2016/aug/17/mabvax-therapeutics-announces-uplisting-nasdaq/
It seems like *most* companies do the reverse split and then wait while NASDAQ approves their application, but these two companies may have been able to RS and uplist all at once because they did it in connection with raising money when they moved on to NASDAQ (kind of a partial IPO)
ORreo8, You were standing in the same room as I was last summer looking at the same robot. Putting aside the market antics of unchecked market makers and shorts on the unregulated OTC, we have a viable surgical technology. If Titan survives long enough to make it on to a more sane exchange, we will make it. The big question now is "if" we can climb back into the .20s, do the 30-1, and uplist.
Did you even read my message? I just said I was surprised he got elected (sharing your surprise) and hoped it gave him pause that he almost didn't win the Board seat. Same thing as you said, but without the arm waving and sky falling.
I guess I'm just a more pragmatic investor. I invest in this stuff knowing it can win big or lose epically. If I wanted safe, I'd go invest in Proctor and Gamble.
Agree or disagree Honey, but the R/S wasn't even close with 117M "for". I think everyone who owns this knows the R/S is the lesser of the two evils here, even if it is a Hail Mary pass.
I'm surprised Randall got elected to the Board, though he did win by the skin of his teeth (margin was just under 8%). Hopefully that sends him a message that he too could go the way of Hargrove if he doesn't perform on behalf of the company AND the shareholders.
I think I'm going to wait until they release the results of the meeting and then I'm going to go buy a couple shares of ISRG with what's left.
If I could change my vote today, I'd probably go "no" on every board member. This is like being taken behind the woodshed with Neegan's ball bat Lucille...
New interview, but nothing new:
https://www.surgicalproductsmag.com/article/2017/06/titan-medical-looks-join-robotic-assisted-surgery-field
I am unclear as to the discussion on the board this morning about there being a lack of plan behind the share consolidation. It pretty clearly states in the statement of proxy that they want to do a 1:5 or 1:30 RS in order to become compliant with the listing requirements for a US exchange. It can't get clearer that.
I don't think that the passage in the new prospectus about IP issues may be contemporaneous. Rather, it is meant to better characterize the overall risk to investors of a project this complex.
ST, I am still here, and am still holding my shares. Lately my research focus has been on Titan, Intuitive, and Medrobotics IP....a huge project to say the least that I hope I can share with you soon. I am also waiting to see what the outcome of the share consolidation vote is before I make my next move.
Read the information circular on SEDAR. It's all in there.
Have any of you diversified your portfolio to include MDT, ISRG, or TRXC? I'm thinking of tweaking my approach to this a bit by holding some of each company in the robosurg space. Although I might add ISRG in as a short play since they have the most to lose if the others start eroding their foundation.
Read up on public disclosure as it pertains to patent law. That might clarify why the videos haven't been flowing.
Titan has presented at several investor conferences this year. I tend to believe that the response has been the same at all of them: "Great tech, but we're not going to touch a $.25 penny stock. Give us a call when you get this on NASDAQ"
What will probably happen here is that we'll uplist and raise money (dilute) within a short time period. The PPS will pull back as many here have speculated. It's at that point that I will cost average down and then hunker down to see where this goes.
This company is not broken from a technology point of view. It was broken from a management and a financial point of view. We fixed one of those problems in January, and I believe that we're going to have the funding issues resolved going into the back half of this year.
Medtronic and J&J have both announced that we're going to be seeing their robots in 2018 (Medtronic just announced that they expect material income from their unit by late 2019). If Titan can get fun510(k) and continue to build their IP portfolio, I believe this will make them an outstanding M&A target for a company that needs to get on the robo surgery bandwagon but has nothing in the pipeline.
It's not a sure thing...it never has been...but we need to give these guys the tools that they need to make a go at it.
Magnetics, are you looking for a PR like one of these from Titan?
http://www.prnewswire.com/news-releases/neurotrope-announces-reverse-split-of-common-stock-in-preparation-for-nasdaq-uplisting-300390037.html
https://www.sigmalabsinc.com/news/reverse-stock-split
https://tapimmune.com/2016/09/tapimmune-announces-reverse-stock-split-in-preparation-for-proposed-uplisting-to-nasdaq-capital-market/
Isn't it funny how TRXC had eager investors lined up to invest in their stock, but no reputable surgeons hawking their product followed by a failed 510k? On the flip side, you have Titan with a sexy robot, several well known surgeons lined up behind it, but no real investor exposure because we're on a crappy exchange. Hmmm....how do we fix that?
I voted yes for the RS. If you read the entire information circular on SEDAR, it clearly states that they're seeking authorization from shareholders to consolidate the number of shares to become compliant with the listing requirements of US based stock exchanges. I don't think there is any other way to interpret that message but that Titan wants to move to NASDAQ or NYSE.
Sorry folks, but even though an RS is not ideal, it is better than the much, much worse option IMHO of trying to raise more money with close to 200M shares outstanding. Titan needs to bring legitimacy to its product by being listed on a serious exchange to attract the investor dollars that they need.
I predict that Titan will follow news of the passage of the RS issue on the ballot with PR indicating a plan to uplist to NASDAQ and to offer additional shares for sale to facilitate the next milestones. Much better IMHO than them issuing a PR that the RS issue failed and that they're doing a shelf offering of 280M shares at .25 each to raise the 70M....
Where the earlier management team F'd up was not moving the stock to a major US exchange at the same time as they uplisted from the TSX Venture. Look at how TRXC has thrived (until recently) on the NYSE with little or no sales. They've done well because they have three dozen hedge funds, asset managers, etc on board with huge holdings each.
Unfortunately we can't go back in time, so the best thing to do now is to execute the uplist and get this funded through 510k.
Agree 100% scalpel. Raising the money post split at the same valuation as we are pre split will create the same amount of dilution for longs. This only benefits us if they do the split and then raise the money at a higher valuation.
Remember everyone....cutting a pizza into 12 little slices is the same amount of pizza as cutting it into four huge slices. The only way you get more pizza is to bake a bigger pie.
ST's post made me realize something I hadn't thought of. A well timed uplist coupled with a major milestone could put several of the warrants in the money (at their post RS strike), generating revenue for Titan. Perhaps they can get by with just one more $10M raise to fuel a milestone like software dev, and then ride to commercialization on the warrants?
Titan won't raise the whole $70M post RS, because the valuation would be the same as it is now. I think they'll do the RS, hit a milestone and drive up the PPS, raise a bit, and then repeat. The only way the RS works to minimize dilution is if they raise money at successively higher valuations.
Thoughts on the reverse split:
I've been tied up the past couple of days and completely missed the posting of the AGM voting items on SEDAR. After reading about the reverse split (and the way they're going about doing it), I feel as if I finally see the light at the end of what has been a very, very, very long tunnel for this invesment. One, that IMHO, could be very, very good for longs who play it right.
Think about it....there is no way that we can raise any more serious money at these levels. A $70M raise at a quarter per share is going to completely blow all of us out of the water through dilution (who among you wants another 280M shares on top of the 188M that we already have?). Folks on this board keeping talking about non-dilutive financing, which doesn't exist....either you're selling shares to new shareholders, or you're taking on debt that either weighs down the company or converts to dilutive shares later.
The *only* way forward is to uplist to a major exchange where we can finally have access to the book of investors that Transenterix has benefited from for the past few years. And the only way to get on an exchange like Nasdaq is to bring the PPS in line with their listing requirements through an RS. There's no way we're going to get there in the short term organically (the company would need a market cap north of $750M to achieve the $4 per share for a Nasdaq upllist...not happening).
The Board could have moved to unilaterally authorize the reverse split. But they didn't. They chose to let the company live or die by the shareholders decision to approve or reject the reverse split. I think that move is brilliant and shrewd on their part....letting a shareholder participate in the decision making process for the reverse split makes them psychologically less likely to jump ship post-reverse-split (after all, they approved it!). And, with a ton of catalyst milestones lined up over the next year, timing the reverse split, the upllist, and a major milestone could send this sock soaring finally.
I have seen SPORT and know with my own eyes that it works, and that the only thing that's keeping it from being the first major competitor to daVinci is the funding to reach 510(k) and a couple of key patents that are getting close to approval. McNally coming on board has so far proved to be extremely positive (we're getting out in front of real investors, hitting milestones, hiring people who know what they're doing, etc), and I think that Titan under McNally is in a position to use the share consolidation in a positive way to help make the company stronger, not to put lipstick on a pig like Transenterix tried to do a couple years back.
I plan to approve the share consolidation with my votes, and I really hope other shareholders will do their homework and due their own due diligence to see for themselves why the RS in this case is the best way forward for the company.
(In full disclosure, this is a long play for me, I've never shorted this stock, and you should do your *own* research to decide for yourself how to vote)
Since we are sharing LinkedIn-derived research, check out what this guy did on the SPORT project while consulting for Ximedica:
https://www.linkedin.com/in/ed-jaeger-4b3784/
You should all be sure to read both the management discussion and the financial statement notes. You will find in both that there are notes about when the next milestone will be completed (specifically), and there is also a note that tells us that the Paige Hargrove is only a consultant for the company now.
So I just learned something new from a colleague who is more familiar with patent law than I. In the United States, to publicly display a technology that you want to patent starts a 52 week clock, during which patents relating to the invention shown must be filed. After that, the invention is considered to be in the public domain.
Going back to the very limited videos we've seen so far, this might explain why we haven't seen extensive cadaver trials shown to us. Doing so may publicly disclose an invention they've yet to get patent pending.
SurgicalTechnologist...daVinci has a "simulation backpack" built right into the surgeon console. Titan would be very, very smart to license the simulation software made by Mimic, or 3-D systems. They are the ones who have simulation packages already in place for Davinci.
Not likely to get news pre-market tomorrow because David McNally is speaking an hour after market open at the Bloom Burton event. The event will be webcast at 10:30am ET here:
http://wsw.com/webcast/bloomburton2/register.aspx?conf=bloomburton2&page=titxf&url=http://wsw.com/webcast/bloomburton2/titxf/index.aspx
Perry/Currier seems to be related to the IPfolio patent management software that Titan uses. I think the only reason they're listed on post prosecution patents is so their system will get mail and updates from USPTO
Burke is an awesome addition to the SAB. Looks like Columbia is definitely on the short list as one of the clinical sites with two SAB surgeons there, one of whom used to also work at the Nicholson Center where Patel is based.
Sp Columbia, Nicholson, and ????? as the clinical sites?
Titan Medical Issued U.S. Patent Related to SPORT Surgical System Robotic Instruments
Marketwired MarketwiredApril 26, 2017
TORONTO, ON--(Marketwired - April 26, 2017) - Titan Medical Inc. (TMD.TO) (TITXF), a medical device company focused on the design, development and commercialization of a robotic surgical system for application in minimally invasive surgery (MIS), announces the issuance of U.S. Patent No. 9,629,688 titled "Actuator and Drive for Manipulating a Tool," which covers the Company's unique robotic surgical instruments and in particular the novel interface and drive mechanism.
The patent generally describes a tool apparatus that includes actuators mounted in a housing in such a way to facilitate travel in a substantially orthogonal direction to the actuating direction of control links, which drive movement of the tool apparatus.
"This issuance of this patent is extremely important to Titan Medical and our development of the SPORT single port robotic surgery system, as it protects our system from would-be competitors and distinguishes our system from existing robotic technologies," said David McNally, the company's Chief Executive Officer. "In addition to the novelty of the instrument design, this patent covers key characteristics we believe will be beneficial for commercial adoption. For example, the technology was developed to provide ease of instrument loading, and it facilitates close instrument proximity when loaded in a surgical system. This is especially important for minimizing the insertion mechanism diameter and ultimately, the incision size in single-port surgery. In addition, the interface design allows for reduced tension on the instrument cables, which potentially extends the life of the reusable device."
The Company expects to file select foreign patent applications related to the issued patent, in addition to a related U.S. continuation application that has previously been filed.
Hey, I'm looking for a logical explanation. If they're just handing on 1MM option grants willy-nilly, then Mac has some 'splainin to do!
Perhaps Genova's option grant signals that he completed a milestone that had a performance bonus of receiving options?
A royalty deal on future sales or a debt instrument are really the only two ways to not dilute further. But both will weigh down the company post commercialization.
I wonder if Titan was contractually obligated to sell the entirety of the last shelf offering via Bloom Burton. Hence the need to get the last $5M out of the way with no overallotment?