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I don't expect him to have any accomplishments, nor does he.
Put down your pitchfork.
There is no standard CFO. You should know that.
Randall is playing a role.
He's a part of the meetings so that he can discuss the financials. That's common.
I'm always open to other perspectives should you have something meaningful to add, but haven't read actual instances of his deficiencies.
And I'm not sticking up for Randall, I actually associate him with our very poor prior leadership.
I've said this before, but I think you continue to misunderstand the role of the CFO in general, and more specifically in this company.
He is running the financials, the filings, and keeping us compliant. My opinion through conversations with him and most recently his presentation at the AGM, is that he is not involved in the day-to-day decision-making or high-level operations of the business.
Also, ask yourselves this - do you have any information on any of the other robotic surgery players that are in the R&D stage? No, you don't. This is not a Titan problem, it's an inherent risk in the space when you invest at this stage.
Titan announces closing of offering.
$7.2 USD raised. Strategic. Minimized dilution. Trial sites forthcoming. Partnerships everywhere.
Get this thing to 30+ cents and reverse cowgirl.
L&S
It reads that the venture is verb to me
What are you implying?
Jasminder once again in the company of kings and queens of industry. Look at the event he is scheduled to speak at in November. Great exposure.
http://www.ipcounselcafe.com/
Agreed. Many want to point the finger but this is going to take time and given the timeline, any large investor will have trepidation.
If there was another management overhaul, that may sink this ship. It would mean inevitable timeline delays and new relationships lost. McNally and Genova are doing fantastic work, and there is a lot more going on than anyone knows, whether you want to admit it or not. No investors in this offering have access to non-public info, so imagine how challenging it must be to raise significant funds given the shroud of secrecy.
Let's see what shakes out after they announce the other two centers and this offering closes. I imagine there will be other catalysts that we don't anticipate. I don't think getting funds until year end is imperative right now as I feel there may be major progress prior before then.
I have a lot of shares and a higher basis than many have mentioned so am equally as frustrated, but I see no point in joining the whining. We need to let the big boys do their job and not give the shorts or any potential investors any more negativity.
Delays are common with any R&D company and sadly failure can come often even for great technologies. Titan has made a lot of progress this year and looks to remain on track despite PPS. L&S.
Per Randall, the offering is still open. Additional closings are TBD.
Patel
I reached out to Bloomberg regarding the information in Patel's bio. They confirmed that the source was simply the company website. It must be an algorithm that just captures activity.
As they put it, "Mr. Vipul Patel was captured from website source on March 3, 2017 and we received an alert and removed on May 26, 2017 based on the same company webpage."
Given that info, I think we should assume management is being forthright and Patel is still involved.
They continue to reference an "initial design freeze" and may announce this near-term (potentially prior to deployment to centers of excellence, that would be a great PR) but are clear that the process continues through testing as they receive feedback and make changes prior to green lighting the actual commercial production units.
This is standard and does not necessarily imply a problem, just that they can make and are choosing to make improvements in order to make the system superior.
They can't do a reverse split at this level because they need to sustain $4. They'll uplist with cushion to that.
The shareholder consolidation approval was done for a max of 30 to 1. They would need another shareholder approval to increase that amount which I find to be very unlikely.
Time is a catalyst in and of itself, and we know other updates are coming.
My bet is the R/S comes early 2018.
Honey, put yourself to good use and map outcomes of RS when it involves an uplist from OTC to major exchange. We all know negative slant of a RS, but isolate the other part for us. Looking forward to your research.
No one is going to line up while they are OTC. It's that simple. They need progress on milestones and public press. If we get to 30-50 cents I think we move towards an uplist, but not until then. I think 20-25 cents is the absolute minimum at which we would attempt an uplist.
Then institutional money may actually show up. Look at the inst. ownership % right now, and then look at the short interest. Retail is getting clobbered by the market makers. Should we get through end of year without delay, m&a speculation alone may drive this higher and ISRG, TRXC and others seek to thwart competition and or retain/grow market share. The centers of excellence should go a long way in accelerating investor and industry confidence in the capabilities and viability of SPORT. AGM gave me a lot of confidence in the mgmt team and known/unknown business partners, but this is all about timely execution and active messaging. Technology is intact.
ST, can't moderators block vitriolic posters?
Randall is an accountant. He doesn't need to be a great public speaker or market savvy, he just needs to tie the numbers, make the filings, get invoices paid and keep us compliant.
We know based on AGM that of the remaining two centers, one is in Europe. IITF, completely agree that it's the IRCAD facility at Strasbourg in France. This is equally as big as Nicholson. My short list for the domestic location is Mayo, UCLA, Columbia, in that order.
Same offering.
If subscriptions for the Minimum Offering have not been received within 10 days following the date of issuance of a receipt for the final prospectus, the Offering will not continue and the subscription proceeds will be returned to subscribers, without interest or deduction. In any event, the total period of the distribution will not end more than 30 days from the date of issuance of a receipt for the final prospectus. Should a closing occur in respect of the Minimum Offering, one or more additional closings, if necessary, may occur until the earlier of the Maximum Offering being
subscribed and the expiry of the 30 day period.
The current offering is still open at the same terms until July 27, unless they reach the maximum amount prior to that. I don't think we can expect PPS to move until after.
Ximedica is actively engaged still, but I believe the majority of work has shifted to Plexus.
Also, in the updated prospectus that was just filed, they pushed a total of $4 million in cost to 2018. $2mm from both 3Q17 and 4Q17 were pushed to 1Q18 and 2Q18, respectively. The description of milestones did not change, however. Near-term capital needs are less.
Final prospectus filed.
Looks like they pulled back on the total offering size. Hopefully to limit dilution and raise organically post-closing.
http://www.marketwired.com/press-release/titan-medical-inc-announces-filing-final-prospectus-marketed-offering-units-2224077.htm
It's only a few hundred thousand dollars. We need 30 mil shares traded to be relevant at this level. There is STILL no interest because we are OTC and the market doesn't know how much of the offering we have filled, and we are swimming under any mainstream media.
We need milestone updates, material participation by the BOD and officers, and most importantly management needs to stop f'ing around.
Time IS money. Make us whole, McNally.
L&S. GLTA.
If they pick up $17 mil at this level, it will nearly double the total shares outstanding. That's some serious dilution.
I didn't see this being covered in historical posts, apologies if it has already been discussed.
Is there any indication why nearly all recent offerings have been announced as overnight, and this one was simply announced as an offering of securities?
I guess this may allow more time to fill the offering but also more time for the market jackals to short the stock.
Nothing new and not sure if this has been mentioned before, but Dr. Patel was also in attendance and a guest speaker at the FDA robotics workshop in 2015 that Fowler attended. He spoke briefly regarding training.
https://www.fda.gov/downloads/MedicalDevices/NewsEvents/WorkshopsConferences/UCM459379.pdf
Not sure what this implies, but it's odd that this filing occurred the same day that the PR regarding the Longtai negotations was released.
It appears Titan switched their exchange on the OTC from OTCQX to OTCQB. Not sure what this means.
http://www.otcmarkets.com/financialReportViewer?symbol=TITXF&id=170712
Orep - I am the person you are referencing here.
Fly - Same person as you yesterday.
Not sure why glg is not correcting you.
For the record, I am a personal investor only.
Ximedica back on!
Hargrove out!
Per the pricing supplement on SEDAR, this was the minimum amount of units that they could raise which hopefully means this can get them back online, which would have to be the case if the regulators allow this raise to be completed.
Not sure how to digest this one, seems like a light number. The company NEEDS to issue a PR outlining a plan and that we have restarted production.
Randall
Anything is possible. But we should all expect to close tomorrow with funds necessary to get to the next milestone. I believe it was stated in the shelf offering prospectus last year that the regulators will not allow Titan to continue operations unless they are able to raise enough to get to the next milestone.
In addition, some type of activist approach to change management by a horde of angry retail investors is not the message the market needs, nor would a drawn out lawsuit be any better, especially for Titan's already fragile balance sheet.
I am not defending management or their fumbling of certain issues, but there are no guarantees with a development-stage company like this, and their disclosure always hedges to the downside because things change. The milestones and timelines and costs are simply best estimates. I don't think anyone believed the FDA would overhaul the approval process mid-stage but it happened. We all invest here because of the homerun potential, but it's easy to forgot the tremendous amount of risk that lurks in this OTC arena.
Hargrove was 'voted out' because Longtai withheld their votes which then count as no votes.
I agree that mgmt continues to fumble and there is no reason to support that mismanagement, but there must be more to an old southern bulldog who climbed the J&J ladder.
Also, any large company that may be in the space or interested in entering the space will happily pay a premium for a viable and approved product rather than take a flyer on a mid-development project almost a year from approval. That's just real time value of money and opportunity cost.
I know the $65mm has been disclosed prior to this amendment. It was included in the 6/30 MD&A as filed on 8/15, but am not sure if it was provided prior to that filing. There shouldn't be much of a reaction to this, however, the language has changed slightly.
To echo what IITF inquired, is anyone else having a hard time navigating some of the language in the supplement?
I can't tell if this raise is going to get production started again, and I don't understand where the incremental $8.31mm fits in.
The Company estimates that it will require a minimum of approximately US$16 million to fund its development milestones for the balance of 2016 and the first half of 2017, being the development milestones related to the completion of the Human Factors and Usability Trials.
At August 31, 2016, management’s unaudited estimate for the Company is that it had approximately US $1.6 million in cash and cash equivalents and a working capital deficit of approximately US $4.4 million excluding warrant liability. The Company anticipates that it will be able to
continue to operate for approximately 5 months from the date of this prospectus supplement based on its estimated cash on hand and short term securities and its projected expenditures. This 5 month estimate assumes a continued temporary suspension of work on the SPORTTM Surgical System by the Company’s principal development firm and the principal manufacturing company engaged by the Company. If the full proceeds of the Minimum Offering are received by the Company, it is expected that the Company would be able to continue to operate for approximately 3
months from the date of this prospectus supplement and if the full proceeds of the Maximum Offering are received by the Company, it is expected that the Company would be able to continue to operate for approximately 5-6 months from the date of this prospectus supplement, each expectation based on its estimated amount of its cash on hand,
short term securities, the proceeds from the Offering and its projected expenditures. The Company expects that approximately US $8.31 million in incremental funding will be required by the end of 2016 to maintain its currently anticipated pace of development.
Thanks. Have to believe that whoever is taking part in this round of financing feels confident enough in the end game, both near term and long term. One would assume those contributing millions of dollars should be sophisticated investors.
How do you arrive at the $25mm capital requirement for 6 mos? Just curious.