Titan Medical Inc (TMDIF)

[IET]

Little reaction in the market so far, so I guess they are taken it well. I guess the biggest take-away is that instead of 1 quarter, as it was previously, they are now giving themselves a lot more time to the in-human cadaver studies to get the info they need for the FDA application in Q1 2017. This is what essentially leads to the one quarter delay of everything else. All in all, when this offering is completed, we're really close to commercialization either way, with not a great deal more of money needed to get to commercialization outside of the US (11 million).