Titan Medical Inc (TMDIF)

[66Mustang]

Bristol, I'm with you on the mind-boggling part! They certainly seemed to have everything going their way as recently as this spring.

The FDA guidance (Human Factors) was released in April and seemed to be a big reason for the redesigns (and maybe a little gun-shy about FDA after TRXC got burned) but they had prelim copies and knew it was coming before that.

Can anyone tell us what a typical cash burn rate should be for this type of development program compared to what they had been spending? I don't think they were overly frivolous with the spending but I can't say that I know for sure. Not trying specifically to defend them but if we have some metrics against which to compare, we might determine amongst ourselves if they have been squandering our investments or if they indeed had been acting responsibly on the development effort, in which case the biggest issue lies in their fundraising capability, likely exacerbated by thin PR. Alternately, maybe their fundraising was appropriate for this effort but the engineering side burned through the cash at an inappropriate rate.

If we can figure out where the real issue has been, we would be better poised to offer suggestions to mitigate the issues moving forward.

Part of the inquiry by me is because a week has gone by since our email blast, and I want to start putting together our next round of communication for next Friday or so. I/we figured every 2 to 3 weeks wouldn't be so often as to piss them off, and gives us time to assemble a rational letter with specific concerns listed.