Titan Medical Reports Third Quarter 2019 Financial Results
14 Novembro 2019 - 7:39PM
Business Wire
Titan Medical Inc. (TSX: TMD) (Nasdaq: TMDI) (“Titan” or
“the Company”), a medical device company focused on the design and
development of a single-port robotic surgical system for
application in minimally invasive surgery (“MIS”), announces
financial results for the three and nine months ended September 30,
2019.
All financial results are prepared in accordance with
International Financial Reporting Standards (“IFRS”) and are
reported in U.S. dollars, unless otherwise stated. The unaudited
condensed interim financial statements and management’s discussion
and analysis for the period ended September 30, 2019 may be viewed
on SEDAR at www.sedar.com and on EDGAR at www.sec.gov.
David McNally, President and CEO of Titan, said, “The third
quarter and recent weeks have been challenging for all of us at
Titan, as inhospitable conditions in the equity capital markets
have caused us to seek alternative sources of financing while
suspending work for our single-port robotic surgery system. We are
keenly focused on securing the funds necessary to complete the
development of our system and subsequent regulatory filings. We see
the market for single-port robotic surgery already developing, with
experienced multi-port robotic surgeons recently reporting
encouraging results from single-port urologic procedures performed
with the leading robotic surgery manufacturer’s single-port
offering. We believe that this success confirms the potential for
surgeon adoption of single-port robotic surgery. With respect to
gynecology, our initial area of focus, surgeons we have interviewed
perceive clinical benefits relative to the potential for reduced
patient trauma with single-port surgery versus traditional open,
laparoscopic and multi-port robotic surgery.”
Mr. McNally concluded, “During the third quarter we announced
completion of the surgeries associated with Good Laboratory
Practices (“GLP”) studies. These studies were undertaken in
preparation for submitting an Investigational Device Exemption
(“IDE”) application to the U.S. Food and Drug Administration
(“FDA”) for human confirmatory studies, which we plan to conduct
after our financial position is secured and product development is
completed. We are actively exploring alternative financing options,
including strategic investments, while drawing on our $35 million
common stock purchase facility with Aspire Capital, in accordance
with its terms.”
Business highlights and achievements for the third quarter of
2019 and recent weeks include:
- Expanded the Company’s global intellectual property portfolio
to 47 patents issued and 82 patents pending, including the receipt
of Titan’s first patent in China.
- Completed the surgeries associated with GLP studies in
preparation for an IDE submission to the FDA.
- Completed the Human Factors Evaluation studies, which included
verification of production system operation with clinical experts
under rigorous formal (summative) human factors evaluation under
simulated robotic manipulation exercises.
- A European Notified Body completed audits of the Company’s
quality system procedures and related documentation for ISO
Certification.
- Withdrew a planned public offering of units due to market
conditions.
Financial results for the three and nine months ended September
30, 2019 include:
- Research and development (“R&D”) expenses for the three and
nine months ended September 30, 2019 were $16,570,480 and
$49,339,766, respectively, compared with R&D expenses of
$9,143,987 and $18,664,336, respectively, for the corresponding
prior-year periods, as the Company accelerated advanced product
development.
- Net and comprehensive loss for the three and nine months ended
September 30, 2019 was $1,564,196 and $44,319,942, respectively,
compared with a net and comprehensive loss of $7,534,456 and
$14,228,570, respectively, for the three and nine months ended
September 30, 2018. In addition to increased R&D expenses, the
results for both 2019 periods include the impact of changes in
warrant valuation.
- Cash, cash equivalents and deposits with service providers as
of September 30, 2019 were $3,499,344, compared with cash, cash
equivalents and deposits with service providers of $20,012,873 as
of December 31, 2018.
About Titan Medical Inc.
Titan Medical Inc. is focused on computer-assisted robotic
surgical technologies for application in MIS. The Company is
developing a single-port robotic surgical system comprised of a
surgeon-controlled patient cart that includes a dual-view camera
system with 3D and 2D high-definition vision options and
multi-articulating instruments for performing MIS procedures, and a
surgeon workstation that provides an advanced ergonomic interface
to the patient cart and a 3D endoscopic view inside the patient’s
body. Titan intends to initially pursue gynecologic surgical
indications for use of its single-port robotic surgical system.
For more information, please visit the Company’s website at
www.titanmedicalinc.com.
Forward-Looking Statements
This news release contains “forward-looking statements” within
the meaning of applicable Canadian and U.S. securities laws. Such
statements reflect the current expectations of management of the
Company’s future growth, results of operations, performance and
business prospects and opportunities. Wherever possible, words such
as “may”, “would”, “could”, “will”, “anticipate”, “believe”,
“plan”, “expect”, “intend”, “estimate”, “potential for” and similar
expressions have been used to identify these forward-looking
statements. These statements, including with respect to the
Company’s intention to pursue alternative financing options,
reflect management’s current beliefs with respect to future events
and are based on information currently available to management.
Forward-looking statements involve significant risks, uncertainties
and assumptions. Many factors could cause the Company’s actual
results, performance or achievements to be materially different
from any future results, performance or achievements that may be
expressed or implied by such forward-looking statements, including,
without limitation, those listed in the “Risk Factors” section of
the Company’s Annual Information Form dated March 29, 2019 (which
may be viewed at www.sedar.com).
Should one or more of these risks or uncertainties materialize, or
should assumptions underlying the forward-looking statements prove
incorrect, actual results, performance, or achievements may vary
materially from those expressed or implied by the forward-looking
statements contained in this news release. These factors should be
considered carefully, and prospective investors should not place
undue reliance on the forward-looking statements. Although the
forward-looking statements contained in the news release are based
upon what management currently believes to be reasonable
assumptions, the Company cannot assure prospective investors that
actual results, performance or achievements will be consistent with
these forward-looking statements. Except as required by law, the
Company expressly disclaims any intention or obligation to update
or revise any forward-looking statements whether as a result of new
information, future events or otherwise.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20191114005917/en/
LHA Kim Sutton Golodetz (212) 838-3777 kgolodetz@lhai.com or
Bruce Voss (310) 691-7100 bvoss@lhai.com
Titan Medical (NASDAQ:TMDI)
Gráfico Histórico do Ativo
De Mar 2024 até Abr 2024
Titan Medical (NASDAQ:TMDI)
Gráfico Histórico do Ativo
De Abr 2023 até Abr 2024