Titan Medical Provides Update on Development Milestones for SPORT Surgical System
Titan Medical continued improved investor communication under relatively new CEO, David McNally, as today they announced year-to-date development milestones for their SPORT Surgical System.
Key achievements during the second quarter included:
- Creation of prototypes of improved workstation controls
- Testing of the prototypes and the procurement of confirmatory feedback from surgeons
- Completion of software and hardware change requirements
- Finalization of computer and software architecture for production systems
- Demonstration of satisfactory performance of lens wash system and revised instruments
“We are proud of the considerable recent progress we have made in the development and refinement of our single-port robotic surgery system. Based on insights gained from previously completed feasibility studies, we have completed key advancements on the SPORT system to ensure that upon launch we will have an efficacious surgical system and a commercially competitive product that addresses surgeon concerns and fulfills their wish lists,” said David McNally, Titan’s chief executive officer. “We have met all of our first and second quarter 2018 expectations. Our team is now focused on meeting all milestones for the rest of the year, with more than 80 contract engineers developing advanced software and hardware while continuing to strengthen our IP position.”
Mr. McNally continued, “The engineering of the instruments has accelerated, and the results of recent laboratory demonstrations of design revisions are encouraging. At our Annual General Meeting on June 14th, we showcased videos of the lens wash system and an earlier generation of instruments in use during recent preclinical studies. Maintaining a clear high-definition field of view is vital for the practical conduct of surgery. We have posted to our website a video of the entire meeting.”
The company recently completed a 1-for-30 reverse stock split, which put them in position to trade on the Nasdaq, theoretically providing more investment opportunities from institutional investors. Titan is now trading under the ticker, TMDI.
Looking ahead, the company is still sticking to their commercialization plan for SPORT to be FDA cleared in 2020.
Titan provided a more detailed corporate update in their investor presentation from May of 2018.