Titan Medical Inc (TMDIF)

[pontiacg6]

Looks like they are slightly delayed

The Company continues with additional rounds of testing as the development of the surgical system progresses and is working toward the build of prototype units ready for engineering verification and first-in-human trials. The engineering verification units, which will incorporate substantially all of the design and engineering work toward the SPORTTM Surgical System, are required to be completed prior to the build of the five first-in-human units. The Company reasonably expects that it will complete the build of two engineering verification units in the fourth quarter of 2015. The first-in-human units are expected to be completed in the first quarter of 2016. The schedule for completion of the 5 first-in human units has been moved to Q1 2016 from Q4 2015 to more accurately reflect realistic completion and delivery dates in line with commencement of clinical trials. Given the progress we have made in the build of the prototype units, we now have a better understanding of the time requirements involved in the build process.