Titan Medical provides Q1 update
Titan Medical reported their Q1 financial update today and also shared how they are tracking towards commercialization of their SPORT Surgical System.
Titan Medical Commercialization Plan
- 2018 Optimize handpieces, camera, instruments and software for best-in-class
performance, produce per-reviewed publications, plan
regulatory submittals, complete engineering confidence build
- 2019 Design freeze, human factors evaluation, conduct preclinical and
confirmatory human studies for regulatory data, FDA 510(k)
application, submit Technical File for CE Mark to Notified Body
- 2020 Anticipated regulatory clearance, launch in U.S. and Europe
Highlights for the first quarter of 2018 and recent weeks include:
- On February 27, 2018, the Company announced that it had been granted Canadian Patent No. CA 2,982,615, titled “End Effector Apparatus for a Surgical Instrument.”
- On March 12, 2018, the Company presented at the 30th Annual ROTH Conference in Laguna Niguel, Calif.
- On March 20, 2018, the Company presented at the 28th Annual Oppenheimer Healthcare Conference in New York City.
- On March 27, 2018, the Company reported the issuance of U.S. Patent No. 9,925,014, titled “Actuator and Drive for Manipulating Tool.”
- On March 29, 2018, Titan Medical and Mimic Technologies announced a collaboration and the successful demonstration of the first simulation training modules.
- On April 16, 2018, a surgeon-authored abstract highlighting the early European experience with the SPORT Surgical System was presented at the Society of American Gastrointestinal and Endoscopic Surgeons Annual Meeting in Seattle.
- On May 3, 2018, the Company presented at the Annual Bloom Burton & Company Healthcare Investor Conference in Toronto.
David McNally, President and CEO said, “Refinements made to the SPORT Surgical System during the first quarter of 2018 incorporate surgeon input and will be important for future market adoption. With the goal of a successful commercial launch we were pleased to announce our collaboration with Mimic Technologies, a leader in robotic simulation software, and the demonstration of the first two simulation training modules. Also, we secured additional intellectual property protection for features of our robotic surgical system and recently strengthened our capital position.”
Mr. McNally continued, “We are pleased with the medical community’s continued acknowledgment of our progress, as evidenced by the acceptance and presentation of a surgeon-authored abstract at the highly regarded SAGES Annual Meeting. The abstract describes encouraging preclinical validation studies, and we expect that additional presentations related to preclinical evidence will follow at other conferences later this year.”
Financial results for the first quarter of 2018 include (all comparisons are with the first quarter of 2017, unless otherwise stated):
- Research and development expenses for the first quarter of 2018 were $3,274,074 compared with $2,946,323.
- Net and comprehensive loss for the first quarter of 2018 was $808,699, compared with a net and comprehensive loss of $4,988,274.
- The Company completed a public offering on April 10, 2018 for gross proceeds of $8,035,941.
- Cash, cash equivalents and deposits with product development service providers as of March 31, 2018 were $24,807,257, compared with $28,668,927 as of December 31, 2017.
Check back for Titan Medical's updated Q2 investor presentation.