If I were Titan, my primary goal is to get to design freeze and make sure the best possible product is available for commercialization. Barring a delay, they mentioned they have enough cash to get to that point. So don't worry about PPS and investors right now (not what we want) and stay focused on the big picture rather than pennies, dimes or a buck or two. If they believe in the product and the opportunity don't worry about floating out small bits of news (Medassets conf, IRCAD, etc).
Focus on the product and the path of least resistance to market (CE and European launch). It is much harder to get FDA and launch in the US. Sell SPORT to Apollo and the hospital system in France to start generating revenue. Gain PO committments from other hospitals, build anticipation for US commercialization, improve financials. Then sell to the company who values Titan the most and is willing to pay. What I've learned from M&A in medical device is you only need one bidder willing to pay. I've seen companies pay a significant premium for a product or company b/c the value they put on it. Sometimes that premium seems illogical to financial guys who don't understand how someone would pay that much for a device but it happens.
IMO, Titan sticks to their timelines and gets thru to european commercial launch and sells to a company that will be better prepared (infrastructure) to handle a domestic launch. At the point that they could sell (Summer 2015) - PPS should certainly be $10 or higher with a valuation 5x or 6x the PPS at that time.
