Titan Medical Inc (TMDIF)

[66Mustang]

From the Short Form Prospectus in SEDAR filings, end of June -

2nd quarter R&D and Net & Comprehensive loss for the quarter add up to about $4.5M (compared to Q2 2016 total of $15.5M). Burn rate way down from last year; operating much more efficiently.

They had $6.8M cash and equivalent on hand as of June 30, then closed the offering for over $5M and converted Longtai for another $2M. That's just about $14M total. If their burn rate remains fairly steady, they are funded halfway through Q1 2018.

Prospectus said 2017 Q3 would cost $5.7M and Q4 would be 5.9M, so from July 1 to end of year had $11.6M budgeted. Out of the $14M on hand, balance of $2.4M for New Years Eve party. Or to get a leg up on 2018 Q1 which looks to be an expensive quarter, budgeted at $10M. That's where I threw out a ballpark date of Jan 20, about a quarter of the way through the first quarter of 2018.

Granted, those numbers will be over 6 months old by the time it happens, but we also should have updated numbers presented on SEDAR by the end of the year, if not the end of this quarter. I don't know if they will release this type of info quarterly or on the halves. But based on the info currently available, I'm sticking by my January estimate, because I don't think anything else would have any basis in reality. As it is, I still call this my opinion, not fact (nobody can factually claim to know the future) but it's the best I can do.