Titan Medical Inc. Announces Results for the Three and Nine Months Ended September 30, 2014
Company Revises SPORT(TM) Surgical System Development and Commercial Launch Milestones and Timeline
TORONTO, ON -- (Marketwired) -- 11/14/14 -- Titan Medical Inc. ("Titan" or the "Company") (TSX: TMD)(OTCQX: TITXF) today announced financial results for the three and nine months ended September 30, 2014. All financial results are reported in U.S. dollars, unless otherwise stated.
In addition, the Company has decided to pursue a broader set of surgical indications for the SPORT™ Surgical System, including general abdominal, gynecologic, and urologic procedures. Therefore, management has determined that it is appropriate to update the technology development milestones and estimated costs that were previously published. 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.
The unaudited condensed interim financial statements, and the revised milestones and timeline for the development and commercial launch of the SPORT™ Surgical System maybe be viewed at Management's Discussion and Analysis for the period published at www.sedar.com.
John Hargrove, Chairman and Chief Executive Officer of Titan Medical Inc., commented, "During the third quarter, we continued to make progress with the development of our technology, and we completed our alpha commercial prototype, as well as the initial round of tissue testing using components of the SPORT™ Surgical System. We believe the revisions we have made to our development timeline position us well for accomplishing our strategic objectives, and we remain on track to attain the next major milestone, the design and test of a feasibility prototype for the next generation console and instruments, early next year."
Due to the nature of technology research and development, there is no assurance that these objectives will be achieved, and there can be no assurance with respect to the time or resources that may be required. The Company expects that additional specific milestones could be identified as the development of its SPORT™ Surgical System progresses.
- On September 29, 2014, the Company announced that, effective at market opening on September 30, 2014, Titan's common shares and warrants commenced trading on the Toronto Stock Exchange ("TSX"). Concurrent with the TSX listing, the Company's common shares and warrants were de-listed from the TSX Venture Exchange.
- On September 25, 2014, the Company announced that it had formed a Surgeon Advisory Board that includes seven industry-renowned surgeons who specialize in minimally invasive procedures.
- On September 9, 2014, the Company announced that Dr. Dennis Fowler, who previously served as the Company's Director of Clinical Affairs, was appointed to the newly created position of Executive Vice President, Clinical and Regulatory Affairs.
- On September 3, 2014, the Company announced that the Depository Trust Company (DTC) approved the Company's eligibility application for Titan Medical Inc. (CUSIP 88830X108), effective August 21, 2014.
- As of September 30, 2014, cash and cash equivalents totaled $37,625,755, compared to $2,446,084 as of December 31, 2013.
- Net and Comprehensive Loss for the three and nine months ended September 30, 2014 was $3,279,621 and $13,672,256, which included a gain (loss) on change in fair market value of warrants of $1,713,264 and ($3,984,604) respectively, compared to a Net and Comprehensive Loss of $2,034,966 and $6,545,694, for the three and nine months ended September 30, 2013.
- Research and Development expenses for the three and nine months ended September 30, 2014 were $3,114,124and $7,177,350, compared to $1,299,846 and $4,115,780, for the three and nine months ended September 30, 2013.
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, including general abdominal, gynecologic and urologic procedures. 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 November 14, 2014