Titan Medical shelves its plan to avoid Nasdaq delisting

Titan Medical (Nasdaq:TMDI) is suspending a special meeting of shareholders that was supposed to vote on a share consolidation plan.

Since announcing the plan for the Jan. 12 meeting, however, the surgical robotics company’s management has decided to instead begin a strategic review. A sale of the company is a possibility. Meanwhile, Titan has also announced cost-cutting measures. They include furloughing 40 employees.

Cary G. Vance, Titan’s President and CEO, commented, “After consultation with our financial and legal advisors, we determined it was in the best interest of the company and its shareholders to suspend the special meeting,” Titan Medical CEO Cary G. Vance said in a news release.

“This action, in addition to resulting in a cost savings, allows the company to focus its attention on the strategic review process, completing tasks towards an IDE filing with the FDA and fulfilling certain other contractual development and supply…

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Moon Surgical wins first FDA 510(k) clearance for surgical robot

This screen grab from a Moon Surgical marketing video gives an idea of what the Maestro robotic surgery system looks like in action [Image courtesy of Moon Surgical]Moon Surgical announced today that it received FDA 510(k) clearance for its Maestro surgical robotics system.

Paris- and San Francisco-based Moon Surgical designed Maestro to support surgeons in soft tissue surgical procedures. Think of it as a robotic surgical assistant.

The small, adaptable system can integrate into existing clinical workflows. It features capabilities that bolster operating room efficiency and allow for alternative labor models, the company said.

In June, Moon Surgical completed a $31.3 million Series A fundraising. CEO Ann Osdoit said the company aims to make Maestro capable of use in any laparoscopy in any operating room. This could revolutionize minimally invasive surgery through collaborative and adaptive robotics.

Moon Surgical featured…

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Titan Medical to implement cost-cutting measures, furloughs 40 employees

Titan Medical (Nasdaq:TMDI) announced today that it plans to implement cost-cutting measures that include temporary furloughs.

News of cost-cutting follows last week’s announcement that Titan plans to review and evaluate strategic alternatives.

Toronto-based Titan develops single-access robotic-assisted surgery technology. It consulted with financial and legal advisors to determine that the review is in the company’s and stakeholders’ best interest. Titan’s board plans to consider a full range of strategic alternatives. That may include a corporate sale, merger or other business combination. It could also lead to a sale of all or a portion of its assets, strategic investment or other significant transaction.

According to a news release, Titan’s measures allow it to continue working on its FDA investigational device exemption (IDE) filing. As part of the plan, Titan’s U.S. subsidiary intends to temporarily furlough approximately 40 emplo…

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Titan Medical to seek share consolidation to keep Nasdaq listing

Titan Medical (Nasdaq: TMDI; TSX: TMD) said today that it will hold a virtual shareholders meeting on Jan. 12, 2023 to seek approval for a share consolidation plan.

The surgical robotics company described share consolidation as the last option to regain compliance with Nasdaq’s $1 a share minimum bid price requirement and retain its listing.

Titan Medical has until Dec. 26 to demonstrate that TMDI shares can trade over $1 apiece for at least 10 consecutive business days. After that, TMDI shares are subject to a delisting after Titan Medical exhausts its appeals process.

TMDI shares were down more than 2% to 44¢ apiece in morning trading today.

“We believe that a consolidation is in the best interests of shareholders, including for the purposes of regaining compliance with Nasdaq listing requirements,” CEO Cary G. Vance said in a news release.

“A continued Nasdaq listing provides numerous benefits to the company, incl…

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Stereotaxis stock up on new orders, progress on next-gen robot

Stereotaxis’ headquarters in St. Louis include an operating room with a Genesis RMN system for demonstration and training purposes. [Image courtesy of Stereotaxis]Stereotaxis (NYSE:STXS) today reported third-quarter results that missed on revenue. However, investors reacted positively to a list of positive news from the surgical robotics company.

St. Louis–based Stereotaxis lost $5.3 million, or 7¢ per share, off $7.7 million in revenue for the quarter ended Sept. 30, 2022. It lost $5.0 million, or 7¢ per share, off $9.1 million in revenue in Q3 2021.

Wall Street analysts had expected $8.2 million in revenue.

However, much of the news was positive for Stereotaxis, which provides surgical robotics that incorporate magnets for minimally invasive endovascular intervention. (It’s included in MassDevice’s list of robotic surgery companies you need to know.)

“Stereotaxis continues to demonstrate robust commercial and technological progres…

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Neocis raises $40M for dental surgical robot

The Yomi surgical robot. [Image from Neocis website]Robot-assisted dental surgery technology developer Neocis announced today that it completed an oversubscribed financing round worth $40 million.

Miami-based Neocis manufactures Yomi, a computerized robotic navigational system. It provides assistance in the preoperative and intraoperative phases of dental implantation surgery. Yomi provides software for planning procedures and offers robotic navigational guidance for surgical instruments during procedures. The company developed its system for use in partially edentulous and fully edentulous adult patients who qualify for dental implants.

Yomi assists clinicians during all phases of implant placement. Its streamlined digital planning and haptic guidance offer accuracy, efficiency and confidence for clinicians. Its uses often include flapless procedures, a less invasive surgical approach.

An unnamed specialist investor within the dental industry led Neocis…

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Monteris Medical raises $35M for its robotic brain surgery system

Monteris Medical recently raised $35 million as it continues to advance its minimally invasive robotic brain surgery system.

The NeuroBlate surgical robotics system for the brain. [Image courtesy of Monteris Medical]The Minnetonka, Minnesota–based company reported a $13.5 million raise in an SEC Form D filed on Sept. 15. But in an article published yesterday in the Star Tribune of Minneapolis, CFO Jim Erickson said the equity financing range was actually $35 million.

“The first half of this year was more challenging than the year before. It took longer than we would have hoped,” Erickson told the Star Tribune. He later added that the life sciences space is proving to be a durable investment space, even amid the present economic hurdles.

Monteris Medical is among a host of companies big and small that are seeking to innovate in a surgical robotics space that has long been dominated by Intuitive. [Intuitive CEO Gary Guthart will deliver a keynote …

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Smith+Nephew announces first clinical use of Legion revision knee handheld robotics tech

The Cori surgical robot system for knee replacement. [Image from Smith+Nephew]Smith+Nephew (NYSE:SNN) today announced the first cases for revision knee replacement using the Cori surgical robot system.

Dr. Thorsten Seyler of Duke University performed the first cases on Aug. 17, 2022. Seyler used the combination of Smith+Nephew’s handheld Cori robotic technology with the Legion revision knee system. The system uses image-free smart mapping to eliminate the need for pre-operative CT/MRI scans. It also eliminates the potential for image distortion due to in situ components from the primary procedure.

London-based Smith+Nephew said in a news release that surgeons can build patient-specific 3D models of the joint. They can also register anatomy and bony defects after implant extraction. With the system, surgeons can intra-operatively gap balance in real-time, and accurately precision mill for final placement of components.

Smith+Nephew said it is the first…

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8 more surgical robotics companies you need to know

The Versius surgical robotics system [Image from CMR Surgical] You know the big hitters in surgical robotics. Here are some of the companies you may not know about, but you should keep an eye on them.

Last month, MassDevice compiled a list of 16 surgical robotics companies you need to know. That list included the usual suspects, like Intuitive, Medtronic, Johnson & Johnson and more. But, a list of 16 companies hardly scratches the surface.

Competition continues to heat up what is already one of the hottest spaces in medtech. Here are eight more companies that made waves in robot-assisted surgery recently:

Company Robotic system CMR Surgical Versius Medical Microinstruments Symani Levita Magnetics MARS Virtuoso Surgical Virtuoso System eCential Robotics Surgivisio Globus Medical ExcelsiusGPS Distalmotion Dexter Quantum Surgical Epione CMR Surgical

Cambridge, United Kingdom-based CMR Surgical took a massive step forward in 2021.

The …
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FDA clears eCential Robotics’ spine surgery robot

The robotic arm of the eCential Robotics platform for spine surgery [Image courtesy of eCential Robotics]French robotic spine surgery tech company eCential Robotics announced today that it has received FDA clearance for its 3D imaging, navigation and robotics guidance system.

With the help of recent partnerships with U.S. implant companies, Gières, France–based eCential Robotics plans to start selling its surgical robotics system in North America. The company has already sold 10 systems in Europe, with more than 2,000 surgeries.

“The FDA clearance of the eCential Robotics unified platform recognizes reliability and robustness of our product, confirms the confidence in eCential Robotics’ unique concept of focusing surgical workflows on the essential via a unified, open and multi-app system, and also encourages our ambition to expand our footprint in the United States,” said Laurence Chabanas, the company’s chief strategy officer and U.S. CEO…

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How IP protection is enabling robotic surgery innovation

Vicarious Surgical has been generating buzz in the robotic surgery space, but none of it would happen if IP protection wasn’t shielding the value of its technology.

[Beta 2 image courtesy of Vicarious Surgical]

Count Vicarious Surgical among a group of relatively young surgical robotics companies seeking to innovate and make a difference in a space that has been dominated by Intuitive. Vicarious’ technology uses proprietary human-like surgical robots combined with 3D visualization to transport surgeons inside the patient to perform minimally invasive surgery.

Vicarious Surgical CEO Adam Sachs announced on his latest earnings call that the Waltham, Massachusetts–based company has completed the design of its Beta 2 robotic surgery platform. It’s beginning the integration phase of the build, and the company has inked center of excellence agreements with the nationwide HCA Healthcare as well as University Hospitals…

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16 surgical robotics companies you need to know

Intuitive remains the dominant surgical robotics company, but corporations ranging from Medtronic to Vicarious Surgical look to compete. The Da Vinci Xi robotic surgery system. Intuitive continues to dominate the space. [Image courtesy of Intuitive]Robotic-assisted surgery remains one of the hottest spaces in medtech. Intuitive, which pioneered the field in the 1990s and early 2000s, continues to innovate. At the same time, a host of other companies are looking to compete.

Companies making headlines in the robotic surgery space over the past year include:

Company Robotic system(s) Intuitive Surgical Da Vinci Xi, Da Vinci X, Da Vinci SP, Ion Medtronic Hugo Johnson & Johnson Monarch, Velys, Ottava Stryker Mako Siemens Healthineers’ Corindus CorPath GRX Vicarious Surgical Beta 2 Titan Medical Enos Asensus Surgical Senhance Moon Surgical Maestro Momentus Surgical Anovo Virtual Incision MIRA Stereotaxis Genesis RMN, Vdrive, Niobe Monteris …
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