Titan Medical Inc (TMDIF)

[Frankestin]

https://ir.titanmedicalinc.com/news-events/press-releases/detail/389/titan-medical-announces-corporate-update-and-provides
In connection with the Strategic Review, as previously disclosed, Raymond James Ltd. and members of Titan’s leadership team, conducted a comprehensive outreach to over 55 potential counterparties, engaged in a number of management presentations and cooperated in confidential due diligence reviews by a subset of the potential counterparties. While none of the parties expressed an interest in acquiring the Company’s business, the Company has, as announced last week, entered into a license agreement with a third party and continues to evaluate additional licensing opportunities.

With today’s announcement, the Company has concluded its engagement with Raymond James with respect to the Strategic Review. While focusing on the Strategic Transition, the Company will continue to review and evaluate further strategic alternatives for the business, including a corporate sale, merger or other business combination, a sale of all or a portion of the company’s assets, strategic investment or other significant transaction.

In order to further reduce operating cost in the business, the following management changes will occur effective June 1, 2023:

Cary Vance will step down as the Company’s President and CEO. Paul Cataford will be appointed Interim President and CEO while the Company continues with its Strategic Transition. Mr. Vance will remain on the Board, replacing Mr. Cataford on each of his Board Committee assignments. Mr. Cataford will continue as Board Chair.
Chien Huang, the Company’s Vice President, Finance will be appointed Chief Financial Officer and the Company’s current Chief Financial Officer, Stephen Lemieux, will transition to a consulting role to ensure an orderly transition and provide ongoing support to Mr. Huang, Mr. Cataford and the Board.
Jasminder Brar, the Company’s Vice President, Legal and IP, General Counsel and Corporate Secretary, will transition to a consulting role to assist and advise the Company with IP transition and strategy.
Bill Fahey, the Company’s Vice President, Operations and Manufacturing, will transition to a consulting role to assist the Company with technical matters.
Nate Jones, the Company’s Director of Human Resources will transition to a consulting role to assist the Company with human resources matters related to Titan Medical USA Inc., its wholly owned U.S. subsidiary.

“I would like to congratulate Chien on his appointment to CFO. Chien is a seasoned financial professional with experience in an IP licensing business,” said Paul Cataford, Chair of the Board of Directors of Titan Medical. “We would like to thank Stephen, Jasminder, Bill and Nate for their effective leadership through the Strategic Review process and for their willingness to remain engaged and available in a consulting capacity to support the Company through the Strategic Transition. The announcement made last week is demonstrative of the Company’s foundational intellectual property and its important role in the field of robotic assisted surgery. Finally, we would also like to thank Cary for his time as President and CEO and look forward to continuing to work with him on the Board.”