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Development is really really really expensive and will, for sure, be eating up most of the funds. The question is are the prototypes built for engineering verification. That too ... will be expensive as tweeks and changes are made. I forsee it only being less expensive after that is all done. Yet, we then go into human trials which will also be very expensive. How much less or more I have no idea. It would be nice if thats all we had on our plate, cause, as of right now ....... we're all still wondering if we are on track or not. Six months ago they said we were, but absolutely nothing since. Which .... is always disturbing, as we can only imagine the worst rather than the better ... since ... that is their track record.
He's way out of his element. Embarrassing for this level.
The absolute most important question is whether or not the units completely sold or not and not one person looked into it ?
Actually ..... yes I do see it happening. BUT ... as I said before it certainly won't occur until after FDA approval. And .. assuming this thing does everything they are saying it will. Can we trust them any more ? Does one even exist. Go back 7 years and read about all of the prototypes that never really surfaced, going all the way back to Amadues. History keeps repeating. I stopped trusting them last November .... I just thought they wouldn't be stupid enough to do it again. But after botching this ..... who knows .... right ?
Did anyone call a broker to see if units were available. I'm just heading off to work and don't have time to see if anyone did.
Last time the units were gone before anyone had a chance.
If thats not the case this time ... and you / me and anyone off the street can buy them ... then were in serious trouble. They may not even raise the 10 million. Just sayin.
I'm pretty sure most of us realize it could be all gone over night, that's not the real issue even though it's the goal not too.
The real issue is the fumbling stupidity and unprofessional management of it all. If you're going to do something, do it well. Mom was never right by saying it's just a game !!
And in this case, if your not good at it, hire a professional to do it for you.
Hargrove is responsible and has to accept responsibility
That's what's frustrating. With a spin doctor this could have been completely different
Someone on the east coast needs to call in the morning and see if they have access to units
I completely agree and it should have been stated along with the announcement. But it wasn't and they didn't. So guess what.
Can anyone remember if one of the indications was for rectal surgery ? MIS would be the way to go, and after all ....we're all going to need some work done.
Well ... it's blip for you, but history tells us it's a consistant wave of stupidity. More like a sanomi. I thought it was 25 mill and now all this for 10 mill ... instead of going for the entire 45 mill. Zero confidence in themselves.
And we'll be doing this AGAIN in mid summer / fall. Maybe sooner.
Maybe sometimers disease is in play here. And complete silence on the milestones .... you all know what that means.
What comedy.
Of course comments change within 48 hours ... one tries to stay optimistic and certainly doesn't wish to believe people don't learn from their mistakes. But now it's obvious these guys don't and the situation .... well .... we see the situation. LOLOLOLOLOLOL
When a simple lay person can understand marketing better than this .... come on.
LOL ... your not kidding !!
Well ... if they had any brains they would have halted at the 1.50 mark and announced the full details on the "offering". But they didn't and so now were halted at the 1.30 mark and I imagine we'll be hearing the actual details of the price on the "unit" (Share/warrant). So .. instead of the offering being at 1.30 ...( an incentive from the 1.50 ) were probably now looking something sub to the 1.30 ... to something like 1.10.
Which ... will now piss off the Chinese deal I'm sure. Since they got in at 1.23.
Man ... they bungled this up badly. This is what Bertner should be handing I believe ... but I could be wrong. So ... if it is Bertner .... then they are way over paid and could even be considered a liability.
And ... why they don't fullfil the entire offering for 45 million and choose 25 million is also questionable at this point.
I don't know .... maybe they'll pull a rabbit out of a hat. Lets see
I'm not worried .... just pointing out what a "gong" show it is
Yup ... it's halted again
People are "mad" and I don't blame them. Bunch of buffoons. Talk about bad timing and poor management of a budget. They should have known how much money they needed to a least get through to FDA approval. I don't think even this is enough money to get them through. Once your into the hospitals and start testing 25 M isn't going to last very long. Then what about ramping up for production.
Seems very piece mealed to me. I would have thought they would have went for the entire 45 million. Weird. Six months from now we'll quite possibly be doing this again.
Going to the shelf makes it appear Bertner has been another waste of money. Where are all these clients ?
Something doesn't add up. If this was everything we think it is, then JnJ/Google and et el should be lining up. But their not.
So whats up then ?
So .... here we go again. This is like watch a high school foot ball team trying to play in the NFL.
I am not the least bit worried. I'm glad I got back in when I did. I don't think it's going to drop at all ... in fact it may go up as soon as everyone figures out its completely sold already. If it's not completely sold .... we're in "trouble" for pps.
I believe the encore is next and were about to go on a run up up up.
Look at everything that is going to go on in the next year. Are you kidding me .... this is going to be EXPLOSIVE !! This time next year human trials will be done .... just use your imagination.
Legal recourse ....that's just nonsense, there is none, read the long ass disclaimer on everything that goes out. You go in knowing the risks and hope for the best.
Anyway, this is exactly how I expected it to play out. Except I thought it would be a private placement, just like this China deal.
I did expect an unvailing of the unit. To over shadow the news. I'm just pissed I missed out on warrents again. But I suspect that this will sell out before the public even get a chance. Just like last time. So I'm happy !!
For sure .. he made sure he bailed his interest before saying anything and then choose to say nothing at all. Normally you can't blame a guy for doing such, but he had represented himself as someone that had everyones interest and thats a breach of trust.
SA is like junk mail .... "but wait .. there's more .. if you buy now ... we'll throw in 3 more for free !!"
I didn't read the article .. you have to register an email ... and I couldn't be bothered to waste my time. Should someone care to cut and paste it ... I'll read it ... otherwise it's a case of "what ever".
Well ... another pretty good day and I suspect, as I mentioned before, I'm certain we're gonna hear more news as this China deal doesn't address the shortage of cash situation in the immediate. Since that money is clearly ear marked for operations overseas as per the statement released.
Another deal maybe ? and an unveiling of unit #0000000000000001
GLTA
It is time to celebrate ....in fact this entire year should be celebrations. We've turned a corner from a very long year. I can't complain I got in at .465 cents. But not bailing in November at 2.40 cost me 12k since I didn't bail till after the announcement. But alas ...got back in at a 1.35 and in the green already.
We have nothing but good news ahead of us now.
Happy Days ahead !!
Oh .. nope ...Geo was right in there too ... but you gave a spread Geo ... that's "cheating" ....*wink
I think I win .... I guessed 1.45 last night for the close today.
Actually .. we all win .... good day for all !! The market see's the significance of the deal. BOOM
$1.45 Canadian / TSX is what it should close at.
Warrent are extremely important ..... I don't have any ( just to get that out of the way ) ... BUT .... Warrents are part of a "unit" that come as an an incentive to potential investers. Kind of like a promisary note in that the company is saying "hey ... you get this share at a discount AND you get a warrent that you can exercise down the road #1 .. because we believe the pps will be over the price of the warrent and you will profit from this deal.
#2 .. it brings in additional cash flow into the company your investing in, thus ... making it a win win situation for all.
Failing to do your darnedest ( if thats a word ) to make that happen is tandimount to the old "not doing what you said you were going to do" and it's a breach of trust ( once again ).
Personally, I would have dumped all my warrents into the market to reduce my average cost per share if I had any.
Long story short ... I think it makes them look bad and if they can't achieve that goal. ( bringing warrents into the money ) What other goals are they not going to achieve. It begs the question.
It's easy ( classic as always ) to dismiss the topic if you don't hold warrents. Shelfish really.
That all said ..... it aint over yet ... so lets see what happens as we have been given some really good news on Friday !!
Ningbo Long Hengtai International Trade Co. Ltd is the parent company in China .... Longtai Medical Inc. is the Canadian subsiduary.
And ... for those of you stuck on the "Cinderella" story of JnJ and Google etc .. look back at some of the history. Guidant was the company that had first crack at daVinci .. and they "laughed" at Dr. Frederic Moll, and he went out on his own. Whos laughing now ?
https://en.wikipedia.org/wiki/Intuitive_Surgical
https://en.wikipedia.org/wiki/Guidant
You guys aren't getting it ........ it ends up being 15 million and it's earmarked for development in the Asian/Chinese market. That means there is more to the Story ... that .. as per usual we know nothing about. Hold your breath ...more to come. This is great news. A Chinese company isn't going to sink in 15 million to support an interm cash shortage. Read the deal slowly.......
Titan Medical Inc. Announces Letter Agreement With Longtai Medical Inc.
TORONTO, ON--(Marketwired - October 30, 2015) -
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Titan Medical Inc. ("Titan" or the "Company") (TSX: TMD) (OTCQX: TITXF) today announced that it has signed a Letter Agreement with Longtai Medical Inc. ('Longtai'), a Canadian subsidiary of Ningbo Long Hengtai International Trade Co. Ltd., which is incorporated under the laws of China with annual sales exceeding US$100,000,000.
Under the terms of the Letter Agreement, Longtai will subscribe for and purchase US$4,000,000 worth of Common Shares of Titan under a private placement, at a subscription price of CDN$1.23 per share. The private placement is expected to close on November 15, 2015 and is subject to normal closing conditions including TSX approval. Titan has granted to Longtai exclusive rights to negotiate with Titan for an exclusive marketing, sales and distribution agreement for Titan's SPORT™ Surgical System in the Asia Pacific region (the "Distributorship Agreement") for a period of 183 days commencing at closing. Additionally, Longtai has paid to Titan US$2,000,000 as a deposit toward the Distributorship Agreement ("Distributorship Deposit"), which shall be repaid to Longtai in the event that the agreement is not entered into within the 183-day period. Concurrently with the signing of the Distributorship Agreement, Longtai has agreed to subscribe for and purchase an additional US$4,000,000 worth of Common Shares at a share issue price equal to the 5-day VWAP (less a 12.5% discount). If the Distributorship Agreement is signed and the second US$4,000,000 private placement is completed, Titan shall retain US$1,400,000 of the Distributorship Deposit and repay US$600,000 to Longtai.
Based on successful negotiations, the Distributorship Agreement will further lead to an additional US$15,000,000 investment by Longtai. The investment proceeds will be used for the establishment and support of a Titan operation office and facility in the Asia Pacific Region; establishment of a training program for the SPORT system; sales and marketing of the SPORT system.
About Titan Medical Inc.
Titan Medical Inc. is a Canadian public company focused on the design and development of a robotic surgical system for application in minimally invasive surgery ("MIS"). The Company's Single Port Orifice Robotic Technology, SPORT™ Surgical System, currently under development, is comprised of a surgeon-controlled robotic platform that includes a 3D vision system and interactive instruments for performing MIS procedures, and a surgeon workstation that provides the surgeon with an interface to the robotic platform for controlling the interactive instruments and providing a 3D endoscopic view of inside a patient's body during MIS procedures. The SPORT™ Surgical System is being designed to expand robotic surgery into both simple and complex areas of surgical specialties and procedures that are currently under-serviced. It is also being designed to allow surgeons to perform procedures within small- to medium-size surgical spaces for general abdominal, gynecologic, and urologic indications. For more information, visit the Company's website at www.titanmedicalinc.com.
About Ningbo-Longtai Healthcare Group
Medical Distribution
Ningbo-Longtai has engaged in the distribution of medical equipment for 17 years and is among the top medical equipment distributors in China. Ningbo-Longtai has constructed a very mature three-level distribution system, with 20+ provincial sub dealers, and approximately 1000 sub-sub dealers. Currently, the company distributes AGFA film, printers, CR, DR, Tohsiba DR, Newtom CBCT, Medi-future FFDM, Stephanix DRF, and more product lines will come.
Medical equipment service
The Ningbo-Longtai service team was set up ten years ago, and has 50+ service engineers and a dozen service offices. The company has its own service spare parts storage and standard 900 call center. Its response speed and fix speed are all better than international companies, and it has a very good reputation in the industry.
Healthcare service
Ningbo-Longtai is preparing to establish two high-end healthcare centers. They are all in leading positions in hardware, service quality and techniques.
Forward-Looking Statements
This news release contains "forward-looking statements" which reflect the current expectations of management of the Company's future growth, results of operations, performance and business prospects and opportunities. Wherever possible, words such as "may", "would", "could", "will", "anticipate", "believe", "plan", "expect", "intend", "estimate", "potential for" and similar expressions have been used to identify these forward-looking statements. These statements reflect management's current beliefs with respect to future events and are based on information currently available to management. Forward-looking statements involve significant risks, uncertainties and assumptions. Many factors could cause the Company's actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements, including, without limitation, those listed in the "Risk Factors " section of the Company's Annual Information Form dated March 31, 2015 (which may be viewed at www.sedar.com). Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward looking statements prove incorrect, actual results, performance, or achievements may vary materially from those expressed or implied by the forward-looking statements contained in this news release. These factors should be considered carefully, and prospective investors should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in the news release are based upon what management currently believes to be reasonable assumptions, the Company cannot assure prospective investors that actual results, performance or achievements will be consistent with these forward-looking statements
CONTACT INFORMATION
Titan Medical Inc.
John Hargrove
Chairman & Chief Executive Officer
(416) 548-7522 (ext. 151)
john.hargrove@titanmedicalinc.com
www.titanmedicalinc.com
Well .....GREAT NEWS !!
This news release spells out the details pretty good :
http://web.tmxmoney.com/article.php?newsid=80254386&qm_symbol=TMD
in summary:
Based on successful negotiations, the Distributorship Agreement will further lead to an additional US$15,000,000 investment by Longtai. The investment proceeds will be used for the establishment and support of a Titan operation office and facility in the Asia Pacific Region; establishment of a training program for the SPORT system; sales and marketing of the SPORT system.
JnJ/Google was never in the cards .... just some wishful thinking ... but ... it never means its out of the question. After FDA approval they could certainly be knocking at our doors and for sure standing on their tippy toes trying to get a look into the windows.
Breaking into markets like China and India, Middle East ... is so much more exciting than just the US. Looking forward to the next 24 months on this one. This year alone is gonna be something.
The news couldn't have come any later .... leaving us in the dark is such bullsh*t. I don't have any of these warrents coming up .... put it sure does put credibility on the line.
All these good and really pertinent questions that we all should already have answers too.
But .....we don't ....and that's a serious problem yet again. These guys may be smart but they are definitely marketing challenged. To not realize that we all need to know where we're at concerning financing and to not realize how that is reflecting on today's share price and what it's going to do to the upcoming warrents. ....is just simply stupid. No other way to say it. If they go to the shelf .....we'll .....be prepared to feel sick to your stomach.
Agreed. They have backed out of many time lines / mile stones in the past and have earned our lack of certainty. Also, it's not just about the milestones at this point, it's about where we are financially. In my humble opinion they need to be explaining in full disclosure where we are at in present time. In fact... an update 8 weeks ago would have been most appropriate. At the end of the day they can always hide behind their disclaimer. But it's not a healthy way to do business.
I think we're in good hands but I have nothing with concrete evidence to back that up with ....and that's the problem.
So .. then .. we are out of money ... hmmm.
Ya ... I hear ya Honey ... I had the same sentiments ... in fact I was thinking more like the .75 mark. But I just didn't want to chance it .... it's at a good mid way price. If they have their sh** together and it goes up then I didn't wanna get caught not holding. So ... I blinked ...... and got back in.
There you go ... thanks Cuin2 .... ya ... see .. that's way different from what was being eluded. That cash will take us into the beginning of Human Trials ... in which case .... we're in good shape. It would be a shame for the warrents not hit their marks ... so we'll see what the market says. But this feels like Sept of 2013 when I got in at .46 cents. I think we're gonna take off again this Novemeber. Markets are slower so it may not be as dramatic ... but I'm guessing the warrents will be in play for December.
Don't get me wrong ... I totally believe in this thing, that's why I got back in and purchased 15k shares. BUT .... sometimes these guys "bumble sh**" and it makes me shake my head.
The reason I keep going back to Sage ... is that it is the biggest event of all for this industry and it's in July. My gut tells me thats when we should pretty much be seeing a design freeze announcement .... roll out the robot in all it's glory ... and step into the pivotal human trial for 3rd quarter. I'm guessing your at the design freeze point before going into clinicals. So between now and then ... it will be "engineering verification" time.
Now ... I haven't done all my homework .. since I just got back ... but the information I'm getting is ( and this is what concerns me most ) that they will now be running out of money. Thats the scary part and how they handle it. ( And I though it was 11 robots .. not 4 or 5 .. which is another concern ).
In the long term ... I'm very concerned with the new players coming into the field on our heals. I'm half expecting / hoping like the rest of you ... that we get gobbled up by JnJ/Google ... it's just makes so much sense for them to take what we have and go beyond. I know Fowlers dream is to turn the Sport ultimately into a "true" robot ... google would be the perfect match to be writing the algorithms for such features as "automated" closing up and suturing. The surgeon performs the surgery and then the robot takes over and finishes up. Thats one of the dreams .. and efficient.
That all said ... you can easily compare us to Mazor ... which is super specialized ... so we should/can easily out perform that robot and they are sitting at 12$ mark pps. So ... I see us in the 12 to 20 plus mark over the next 2 years if we go it alone. If we get partnered up with the right company ... it could be more ... lots more.
But ... back to present time .... and I believe we are out of money ( can someone confirm that statement for me ? ). So ... thats a big problem for pps.
I'm betting they have a better plan this time .... but the silence is bad .... cause it means they have nothing good to say. So it's better to be quiet. And thats just the wrong way to deal with share holders. Better to keep all informed so there are no freaking suprises.
Good luck everyone
No Honeycomb .... I don't think dilution has been already factored in. If they come to the table with an offering we are going to get punished big time, the pps share will get hammered and hammered hard. I still got back in however, cause I just can't believe they are really THAT stupid. They absolutely have to have a plan in place to get the pps up so that warrents are executed.
However ........ the silence is becoming quiet deafening but once again .... and they've sucker punched us many times in the past.
My hope ... is there is "someone" in the back ground all ready in place to finance ... or ... there is a M/A in play. But I'm starting to doubt the M/A. At least with the players we were all hoping for ie. JnJ and associates / Google.
The last offering was instantly purchased and really wasn't an offering at all ... that player bought EVERYTHING. Joe public didn't get a chance to buy any. And we never did find out who that was.
The best news would be a big money partner with the announcment of the final design / actual prototype and at a place and time that would stir real excitement and news. Thats why my thought was Sage. But we're running out of money and time is no longer our friend.
I'm invested in an other company that pretty much did the same thing as Titan and said it's going to be another year ... BUT .. they told everyone the reasoning AND ahead of time ... so that it didn't affect the pps at all. Not like Titan that waited till the absolute 11th hour to tell us ..."oh .. guess what ... we didn't do our homework and we have to go back to the drawing board to introduce more indications" right at the point when excitement was at it's highest .... NO ONE likes to be dissappointed like that. We instantly lost a dollar on pps.
I put my money on the fact they don't do THAT again. But we're about to find out ... arn't we !!!
Haptic feedback is just a gimmic and in the end just simply annoying to the user. It's not required nor useful.
It won't be a part of this surgical robot and probably will not be seen on future units either. It's just an idea that sounds kewl but really isn't.
But ....that leaves the obvious question ....where does it get revealed? Will it be after engineering verification for July's Sage conference in 2016 ?
I think that would be the most logical.
I bought in at a 1.35 and a 1.37 ....so I'm back in at a 1.36 ...big year ahead of us.
LMAO .....High level .....lololololol ...what ...the janitor on the 12th floor ...lololololol
And his company ... busy ( and smart ) boy ....
http://www.designstandards.com/patents.html
A short article making reference to Lawrence Crainich
https://hbr.org/2004/04/a-network-of-invention