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…