Titan Medical Reports Financial Results for Fiscal Year Ended December 31, 2015
TORONTO, ON -- (Marketwired) -- 03/30/16 -- Titan Medical Inc. (TSX: TMD) (OTCQX: TITXF), a medical device company focused on the design and development of a robotic surgical system for application in minimally invasive surgery (MIS), today announced financial results for its 2015 fiscal year ended December 31, 2015. All financial results are reported in U.S. dollars, unless otherwise stated.
The audited financial statements and management's discussion and analysis for the fiscal year ended December 31, 2015 may be viewed on SEDAR at www.sedar.com.
John Hargrove, Chairman and Chief Executive Officer of Titan Medical Inc., commented, "2015 was a significant year for Titan in which we completed the build of an initial SPORT™ Surgical System, including both the work station and patient cart. Earlier this month we made our first public unveiling and demonstration of SPORT at the Society of American Gastrointestinal and Endoscopic Surgeons (SAGES) Annual Meeting in Boston to strong turnout and interest from the surgical community. We remain on track with our development timeline and are focused on accomplishing our next major milestones, which include the initiation of optimization trials and cadaver studies, and commencing the audit for CE marking for European regulatory approval later this year."
- On March 17, 2015, the Company announced that it had completed another major milestone in the development of the SPORT™ Surgical System -- the design and test of a feasibility prototype -- demonstrating the feasibility to build a next generation workstation and advanced instruments and enabling expanded use of the SPORT™ Surgical System.
- On June 16, 2015, the Company announced that it signed an option agreement with Platform Imaging, LLC to acquire the exclusive rights to integrate camera control software into the SPORT™ Surgical System.
- On July 30, 2015 the Company entered into an agreement with BSI Group America Inc., a recognized European Notified Body, as part of its qualification process to obtain CE marking for European regulatory approval.
- On October 30 2015, the Company announced a letter agreement with Longtai Medical Inc. for the subscription and purchase of shares by Longtai and the exclusive rights to negotiate an exclusive marketing, sales and distribution agreement for Titan's SPORT™ Surgical System in the Asia Pacific region.
- On December 16, 2015, the Company announced the signing of a license agreement with Mayo Clinic to enhance the use of the SPORT™ Surgical System in colorectal surgery procedures. Under the terms of the agreement, Mayo Clinic would transfer know-how and technology developed by David Larson, M.D., Chair, Colorectal Surgery at Mayo Clinic, including that developed through his participation in cadaver studies with Titan's SPORT™ Surgical System.
- On December 21, 2015, the Company announced the completed build of an initial SPORT™ Surgical System to include both the work station and the patient cart, and would undergo extensive testing as a part of engineering verification (EV) to be tested to measure performance in relation to design specifications and to measure compliance with regulatory guidelines.
- Cash and cash equivalents at December 31, 2015 totaled $11,197,573, compared to $26,165,182 at December 31, 2014.
- Short-term investments at December 31, 2015 were nil, compared to $7,758,000 at December 31, 2014.
- Net and comprehensive loss for the fiscal year ended December 31, 2015 was $41,413,281 compared to a net loss of $13,450,261 for the fiscal year ended December 31, 2014.
- The Company's research and development expenses for the fiscal year ended December 31, 2015 were $38,213,332, compared to $10,678,849 for the year ended December 31, 2014.
- The increase in research and development costs and net and comprehensive loss for the year ended December 31, 2015 compared to December 31, 2014 is due primarily to the increase in ongoing spending related to the continued research and development of the SPORT™ Surgical System.
About Titan Medical Inc.
Titan Medical Inc. is a Canadian public company focused on the design and development of a robotic surgical system for application in minimally invasive surgery ("MIS"). The Company's SPORT™ Surgical System, currently under development, includes a surgeon-controlled robotic platform that incorporates a 3D high-definition vision system and multi-articulating instruments for performing MIS procedures through a single incision. The surgical system also includes a surgeon workstation that provides a surgeon with an advanced ergonomic interface to the robotic platform for controlling the instruments and provides a 3D high-definition endoscopic view of inside a patient's body. The SPORT™ Surgical System is designed to enable surgeons to perform a broad set of surgical procedures for general abdominal, gynecologic, and urologic indications. For more information, visit the Company's website at www.titanmedicalinc.com.
This news release contains "forward-looking statements" which 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 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 30, 2016 (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.
Titan Medical Inc.
Chairman and Chief Executive Officer
(416) 548-7522 (ext. 151)
EVC Group, Inc.
Source: Titan Medical Inc.
Released March 30, 2016