Replies to post #28016 on Titan Medical Inc (TMDIF)

[pontiacg6]

Outlook from SEDAR

Titan continues to focus its efforts on the development of the SPORTTM Surgical System and is continuing its move towards commercialization. On April 16, 2015, the Company announced that effective March 31, 2015 it had signed an agreement with a worldwide supplier of endomechanical devices for the development and supply of single patient use robotic tools. Under the terms of the agreement, the supplier will create customized single patient use tools for Titan’s SPORTTM Surgical System. On May 5, 2015, the Company announced that it had signed an agreement with the James and Sylvia Earl, Simulation to Advance Innovation and Learning (SAIL) Center at Anne Arundel Medical Center (AAMC) in Annapolis, MD, for the development of a training curriculum and post-training assessment of surgeons and surgical teams who would use the SPORTTM Surgical System.
On a regular basis, Titan undertakes a detailed analysis and reasonableness review of its development milestones and related cost estimates. Over the course of the next twelve months, Titan’s objectives include significantly advancing the development of its robotic surgical system including completion of prototype units for engineering verification in Q4 of 2015. In addition, Titan will undertake human clinical cases utilizing additional prototype units completed in early 2016. On September 7, 2015, the Company entered into a master services agreement with Chiltern International, Inc. (“Chiltern”), formerly Theorem CR, Inc., which will allow the parties to negotiate the provision of clinical trial research services to be provided by Chiltern to Titan from time to time, without having to re-negotiate the terms and conditions for each such service.
The Company anticipates commencing an audit for obtaining CE Mark approval in Q2 2016. As of July 30, 2015, Titan had entered into an agreement with BSI Group America Inc. (“BSI”), a recognized European Notified Body, for BSI to perform the necessary assessments so as to certify Titan’s quality system for compliance with international and European requirements, as required to obtain CE Mark approval to market medical devices in the European Union.
On July 23, 2015, the Company filed with the securities regulators in Ontario, British Columbia and Alberta, a Preliminary Short Form Base Shelf Prospectus, relating to the offering for sale from time to time, during the 25 month period covered by the prospectus, securities with a total offering price of U.S. $45 million. The securities may be offered separately or together, in amounts, at prices and on terms to be determined based on market conditions at the time of the sale and set forth in an accompanying prospectus supplement. The Company currently intends to use the net proceeds from the sale of the securities for the Company’s research and development of a clinical- grade prototype of its SPORTTM Surgical System, pre-clinical trial and regulatory costs and for working capital and other general corporate purposes.
On August 18, 2015, the Company filed with the securities regulators in Ontario, British Columbia and Alberta, a Final Short Form Base Shelf Prospectus, relating to the offering for sale from time to time, during the 25 month period covered by the prospectus, securities with a total offering price of U.S. $45 million.
On October 30, 2015, Titan announced that it had signed a Letter Agreement with Longtai Medical Inc. (‘Longtai’), a Canadian subsidiary of Ningbo Long Hengtai International Trade Co. Ltd., which is incorporated under the laws of China. Under the terms of the Letter Agreement, Longtai will subscribe for and purchase US$4,000,000 worth of Common Shares of Titan under a private placement, at a subscription price of CDN$1.23 per share. The private placement is expected to close on or about November 15, 2015. Titan has granted to Longtai exclusive rights to negotiate with Titan for an exclusive marketing, sales and distribution agreement (“Distributorship Agreement”) for Titan’s SPORTTM Surgical System in the Asia Pacific region for a period of 183 days commencing at closing. Additionally, Longtai has paid to Titan US$2,000,000 as a deposit toward the Distributorship Agreement, which shall be repaid to Longtai in the event that the

[was CUIN2]

Yes, but many here will say that is a good thing. Delays are spun into positives, as are funding shortages; and little to no communication is also good because it protects our IR and allows management to do what they do best.

[Geo2014]

Hey fellas, call Titan and ask some specific questions about the build of the engineering verification units. Hopefully you will get enough information about the process to understand why it is taking a little longer. It may ease your minds a little bit.