Titan Medical Inc. Announces Results for Fiscal Year Ended December 31, 2014
TORONTO, ON -- (Marketwired) -- 02/10/15 -- Titan Medical Inc. ("Titan" or the "Company") (TSX: TMD)(OTCQX: TITXF) today announced financial results for the fiscal year ended December 31, 2014. 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, 2014 may be viewed on SEDAR at www.sedar.com.
John Hargrove, Chairman and Chief Executive Officer of Titan Medical Inc., commented, "2014 was an important year for Titan. We made significant progress with the development of our SPORT™ Surgical System and continued to build relationships in the industry. We remain on track to deliver according to our development timeline and to accomplish our next major milestone, the design and test of a feasibility prototype for the next generation console and instruments, early this year."
- On February 19, 2014 Titan completed an offering of securities, which consisted of 9,142,500 units at a price of CDN. $1.40 per unit for aggregate gross proceeds of $11,588,667.
- On April 23, 2014 Titan completed an offering of securities, which consisted of 12,203,189 units at a price of CDN. $2.10 per unit for aggregate gross proceeds of $23,232,936.
- Effective September 30, 2014, Titan's common shares and warrants began trading on the Toronto Stock Exchange (TSX) and were delisted from the TSX Venture Exchange.
- During the year the Company completed the design and build of an Alpha commercial prototype.
- During the year the Company completed tissue testing involving the performance of individual features and functionality.
- On November 14, 2014, the Company announced its decision to pursue a broader set of surgical indications for the SPORT™ Surgical System, including general abdominal, gynecologic, and urologic procedures. Based on "voice of customer" feedback and further consultations with the Company's development partners and the newly formed Surgeon Advisory Board, the Company is building additional prototypes and developing more advanced instruments and training systems for expanded use in additional surgical procedures.
- Cash and cash equivalents at December 31, 2014 totaled $26,165,182, compared to $2,446,084 at December 31, 2013.
- Short-term investments at December 31, 2014 were $7,758,000, compared to nil at December 31, 2013.
- Net and Comprehensive Loss for the fiscal year ended December 31, 2014 was $13,450,261 compared to a net loss of $8,784,993 for the fiscal year ended December 31, 2013.
- The Company's Research and Development expenses for the fiscal year ended December 31, 2014 were $10,678,849, compared to $5,184,956 for the year ended December 31, 2013.
- The increase in Research and Development costs and Net and Comprehensive Loss for the year ended December 31, 2014 compared to December 31, 2013 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 Single Port Orifice Robotic Technology, SPORT™ Surgical System, currently under development, is comprised of a surgeon-controlled robotic platform that includes a 3D vision system and interactive instruments for performing MIS procedures, and a surgeon workstation that provides the surgeon with an interface to the robotic platform for controlling the interactive instruments and providing a 3D endoscopic view of inside a patient's body during MIS procedures. The SPORT™ Surgical System is being designed to expand robotic surgery into both simple and complex areas of surgical specialties and procedures that are currently under-serviced. It is also being designed to allow surgeons to perform procedures within small- to medium-size surgical spaces 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 April 4, 2014 (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.
Source: Titan Medical Inc.
Released February 10, 2015