Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Confirmed via a primary source that the work to date on the robot has been done at Providence.
It'd be interesting if they get a couple of laparoscopic->robotic converts on the SAB.
As is the case with the recent offering...
Should be almost time for the green shoe on the last offering.
A good way to find out which of these guys is involved with Titan and in what way is to troll the web for their faculty disclosures on continuing medical education courses.
ST, you could take your hypothesis regarding Dr. Patel and replace his name with Dr. Advincula's and find yourself asking the same questions. Why are all of these surgeons who are decidedly the cardinals of the Church of Intuitive consulting for Titan?
Just replay the call using the webcast link on the Investor tab on the web site...
Intriguing... :)
The royalty payments are connected to the licensing agreement for IREP with Columbia University.
MD&A is now posted on SEDAR
Okay Titan, let's get the MD&A posted today...
Titan Medical Reports Financial Results for Fiscal Year Ended December 31, 2016
TORONTO, ON--(Marketwired - March 21, 2017) - Titan Medical Inc. (TSX: TMD) (OTCQX: TITXF), a medical device company focused on the design, development and commercialization of a robotic surgical system for application in minimally invasive surgery (MIS), today announced financial results for the fourth quarter and full year ended December 31, 2016. All financial results are reported in U.S. dollars, unless otherwise stated.
2016 and 2017 Year-to-date Highlights
Effective January 1, 2017, David J. McNally was appointed Chief Executive Officer of the Company, succeeding John Barker, and also was appointed as a Director of the Company.
Effective February 6, 2017, Perry Genova, PhD., was appointed Vice President of Research and Development.
On August 8, 2016, the Company announced that it exhibited its SPORT™ Surgical System at the World Robotics Gynecology Congress in New York, August 5th and 6th.
On August 24, 2016 Titan announced that it had extended the rights granted to Longtai Medical Inc. to negotiate an exclusive distribution agreement. The parties then agreed to modify their previous three-month extension to monthly progress reviews.
On September 6, 2016 Titan announced that Dr. Rafael Sanchez-Salas presented an overview of the SPORT Surgical System, at the 13th meeting of the European Association of Urology Robotic Urology Section in Milan Italy on September 14 - 16.
In addition to the above:
Effective August 31, 2016, Dennis Fowler, MD, Executive VP, Clinical and Regulatory Affairs, resigned from the Company.
Effective October 4, 2016, John Hargrove resigned as Chief Executive Officer, Director Martin Bernholtz was appointed Chairman of the Board, and John Barker was appointed Interim Chief Executive Officer of the Company.
Effective January 9, 2017, Dr. Reiza Rayman, President, resigned from the Company. David J. McNally assumed the role of President of Titan Medical Inc.
David McNally, President and Chief Executive Officer, stated, "2016 was a year of extraordinary challenges and change for Titan Medical. However, the Company continued to gain surgeon support for its unique single-port robotic surgical system while proceeding with development. I am grateful to the board of directors for my appointment as President and CEO in January of 2017, and enthusiastic about our future. Already in 2017, we have strengthened the management team, expanded our world-class surgeon advisory board, renewed focus on streamlining the pathway to commercialization, and established meaningful product development milestones and timelines. The successful capital raises of 2016, followed by that which we announced last Thursday March 16th, set the stage for the Company to proceed toward the goal of capitalizing on the multi-billion dollar global surgical robotics market opportunity."
Mr. McNally continued, "During 2017, our team will remain focused on executing design engineering and pre-clinical validation work in preparation for our planned regulatory filings in 2018. We continue to aim for FDA 510(k) application and CE Mark submission by the end of 2018. We have updated our milestones accordingly, and we look forward to communicating our progress to our shareholders on an ongoing basis. In addition, we will be seeking additional capital in order to fully realize the potential of the Company and maximize the opportunity to build shareholder value."
For the fourth quarter, Titan incurred $1,331,811 million in operating expenses, versus $834,456 during the prior year period, and a loss from operations prior to interest income and fair value reevaluation of warrants of $2,336,821 million versus $13,840,124 during the fourth quarter of 2015. Net and comprehensive loss for the fourth quarter was $2,008,365, or $0.01 per share as compared with $13,136,604 or $0.12 per share during the fourth quarter of 2015.
For the full year, Titan incurred operating expenses of $27,805,093 million versus $42,644,794 million during 2015. Research and development expenses for the full year were $22,577,885 compared to $38,213,332 for the year ended December 31, 2015. Net and comprehensive loss for 2016 was $23,323,496 compared to a net and comprehensive loss of $41,413,281 for 2015.
The Company completed 2016 with cash, cash equivalents and short-term investments of $4,339,911. On March 17, 2017, the Company announced the closing of an equity raise netting $5.1 million.
The audited financial statements and management's discussion and analysis for the fiscal year ended December 31, 2016 may be viewed on SEDAR at www.sedar.com.
Management led by David McNally, President & CEO, will host a conference call to discuss these results and recent corporate developments at 4:30 PM ET on March 23rd. Investors within Canada and the United States interested in participating are invited to call 800-274-0251. All other international participants can use the dial-in number +1 416-642-5209.
During the call management, will offer remarks and take live questions from analysts and professional investors. Others are encouraged to submit questions prior to or during the call to aprior@evcgroup.com.
A replay of the event will be available for two weeks following the conclusion of the call. To access the replay, callers in Canada and the United States can call 888-203-1112 and reference the Replay Access Code: 5784933. All callers outside Canada and the United States can dial +1 647-436-0148, using the same Replay Access Code. To access the webcast, please visit http://www.titanmedicalinc.com/and select 'Investors.'
About Titan Medical Inc.
Titan Medical Inc. is a Canadian public company focused on research and development through to the planned commercialization of computer-assisted robotic surgical technologies for application in minimally invasive surgery ("MIS"). The Company is currently developing the SPORT Surgical System, a single-port robotic surgical system. The SPORT Surgical System is comprised of a surgeon-controlled patient cart that includes a 3D high definition vision system and multi-articulating instruments for performing MIS procedures, and a surgeon workstation that provides the surgeon with an advanced ergonomic interface to the patient cart and a 3D endoscopic view inside the patient's body during MIS procedures. With the SPORT Surgical System, the Company aims to pursue a broad set of surgical indications, including general abdominal, gynecologic and urologic procedures.
For more information, please visit the Company's website at www.titanmedicalinc.com.
For those who find the SEDI interface to be cumbersome, the recent insider buys are now listed on Canadian Insider as well.
I'm not going to defend or explain McNally's actions. But after recently getting several million options, he doesn't have as much incentive as the others to buy more. I see this more as a move to send the message to the market that they all stand behind their product and are willing to invest their own money in it.
We know now who bought some of the offering...see my other post from this evening that outlines the buys by Genova, McNally, and Randall. I'm guessing we'll see the rest of the filing by tomorrow.
I *LIKE* managers who are willing to stand behind their own product in this way. Things are about to get very interesting, IMHO!!!
SEDI has new information on the recent insider buys by many of our senior management. Lot's of activity:
Perry Genova picker up 15,407 units of the recent offering on March 16 (which also included the two 1/2 warrants that came with it).
David McNally picker up 20,000 units of the recent offering on March 16 (which also included the two 1/2 warrants that came with it).
Stephen Randall picked up 94,507 shares on 3/16. This shows as an "open market" transaction, but I think that's a filing error because he also picked up 47,254 units of each of the new warrant classes on the same day, which suggests this was actually under the prospectus.
So that accounts for around 130,000 shares of the 620,000 shares that insiders bought, which means that we should be learning about several other insiders on the management team who participated in the coming days. Clearly Barker and Bernholz will be on there, and hopefully some of the other senior managers like Shore, Brar, Sankholar, etc....
Disagree. If we did a 1 for 20 R/S here then McNally's option strike price would go up to $11.40 per share (0.57 x 20). However, if the reverse split meant we'd now be on a legit exchange, then I believe the demand for the stock would actually drive the price UP from the post reverse split price of $5.00 per share very quickly.
New article on robotic surgery, penned by David McNally:
http://www.titanmedicalinc.com/wp-content/uploads/2017/03/Reprint421.pdf
You guys should take note that the press release indicates that only professional investors and analysts can ask questions live. Retail investors need to submit questions to Amanda Prior at EVC for consideration.
The prospectus indicated that a full raise = 4 months of funds.
Just because there is a patent floating around for the right kind of light source to do spectral imaging doesn't mean it'll be in 1.0. Right now there is a light source in SPORT that illuminates a surgical space with the right kind of light for a square imaging sensor....that's all the patent tells us.
TMX will list the new shares beginning on Thursday:
http://www.stockwatch.com/News/Item.aspx?bid=Z-C:TMD-2452076&symbol=TMD®ion=C
CUIN2, your point is well taken....a higher up front capital outlay for SPORT will be a barrier for some of the smallest surgical centers. However, if Titan can follow through on the promise to keep the service contracts and consumables (i.e. the "razor blades") side of the equation to a reasonable number, then the overall affordability of the SPORT platform will still be far better than the daVinci platform even if SPORT is a million and a quarter.
Give that man a prize. :)
From the two surgical indications that he mentioned during the presentation, you can bet with certainty who the two surgeons are who will be doing the pre-clinical testing in the United States. And that my friends is a surprise!
Key highlights:
- System price will be closer to $1.25M
- Two US and one European pre-clinical sites to be announced by end of Q3
- First published results by the end of Q4
- Year end results to be published next week with updated milestones
- Next hire will be VP of Quality and Regulatory Affairs with the intent to get the FDA 510(k) submission done "right the first time"
- Company will be doing investor road shows with Roth and Bloom Burton this year to tap capital markets.
Canadian companies are not required to report payments to CMS.
If you look at the detail on the TRXC payment, it looks like they reimburse him for one trip to Transenterix HQ on March 2015. Too bad Titan doesn't have similar reporting requirements.
The prospectus was an interesting read. It was definitely obvious that they're looking to streamline. The clinical sites should all be selected by the end of Q2 (3.5 months) and the software development process will run concurrently with preclinical trials.
One interesting revelation was that they still had 1.82M in the bank at the end of Feb. clearly their burn rate decreased somehow.
The future money situation is still unclear beyond the current offering.
Prospectus Page 10 - Instead of building additional Engineering Verification units, the company will simply upgrade the existing EV units.
As an FYI to the Board, the prospectus is now up on SEDAR. Reading now...
Design freeze = this is exactly to spec for the design of the unit that will get FDA /CE approved and then built.
If SPORT was unable to suture, then the November 2015 press release about the first three full procedures performed with SPORT on cadavers would be materially false:
http://www.titanmedicalinc.com/titan-medical-inc-completes-first-successful-surgical-cadaver-studies-using-the-sport-surgical-system/
You can't complete these procedures fully without the ability to suture.
FYI JMAC, my cost basis is only 41 cents US, so I'd hardly call myself handcuffed to the bow of the ship. It has certainly been a bit gut wrenching to ride all the way up to 2.50 and then down to 1/10 that much, but in the end I'm almost right back where I started.
That said, the only reason I'd sell at this point is if they came back and said "Hey, there is this patent conflict with Intuitive that's a complete showstopper" or "we figured out that the instruments can't be reliably manufactured for safe use" or "commercialization is now delayed to 2022. I'm not holding on because I'm in over my head...I'm holding on because my research (much of what I've shared here) suggests that these guys have control of a game changing piece of technology that the previous management team had no F'ing clue how to commercialize.
I think the big thing most of us have learned here is that creating a new surgical robot is a hugely challenging endeavor. That said, I wish we could go back in time and somehow transpose Titan's technology with Transenterix' financial resources, in which case we probably would be looking at $25/share right now.
Not exactly...we've seen this sequence of press releases before, but never so quickly. I had heard that the prospectus would hit late next week, and was really surprised to see the announcement last night.
For me, the notes in this prospectus are make or break. If I see more of the same "biding our time" attitude, then I think I might reconsider my whole investment here, loss or not. As an investor, I'm expecting the new management team to use this prospectus and the upcoming MD&A to really lay out a workable path forward for SPORT.
Four press releases this week, the last hyping a late Friday prospectus filing that we will probably see on SEDAR on Monday. Interesting!
I was initially put off by that patent comment too, but then I reflected back on the long term history of this company and the patent issues that scuttled SPORT's predecessor, Amadeus.