Titan Medical Inc. Archives - Medical Design Sourcing

Titan Medical faces Nasdaq delisting again

Titan Medical (Nasdaq:TMDI) announced today that it received notification of potential delisting from the Nasdaq market.

The Nasdaq Listing Qualifications Staff notified the company of its continued non-compliance with the $1 minimum bid price requirement. Based on this non-compliance (as of Dec. 26, 2022), Nasdaq may delist Titan securities unless it requests a hearing. This hearing would come before the Nasdaq Hearings Panel.

According to a news release, the surgical robotics company plans to request a hearing in a timely manner. This request holds off further action by the market at least pending issuance of the hearing panel’s decision.

Toronto-based Titan said it offers no assurance that the panel grants its request for continued listing. Additionally, it offered no guarantee that the panel will grant an extension to regain compliance. Should Titan receive an extension, it gave no assurance that it will comply with the rule within the granted …

Titan Medical wins new patent to expand surgical robot IP

The Enos surgical robot platform. [Image from Titan Medical]Titan Medical (Nasdaq:TMDI) announced today that the U.S. Patent and Trademark office (USPTO) issued a new patent for its surgical robot.

The USPTO issued patent No. 11,504,191, titled “Graphical User Interface for a Robotic Surgical System.” It generally covers a graphical user interface (GUI) overlay of a surgical workspace to track instrument movement.

According to Titan, the patent aims to enhance the surgeon’s user experience.

“The granting of this patent is a result of our strategic plan to independently build and protect a robust patent portfolio in robotic-assisted surgery, including around the Enos robotic single-access surgical system. Today’s news validates our commitment to the continuum of innovation in robotic-assisted surgery,” said Cary Vance, president and CEO of Titan. “Along with recent patent application filings, including some that have recently published, this patent dem…

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…

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…

Titan Medical to begin strategic review, may explore sale

Titan Medical (Nasdaq:TMDI) announced today that it plans to undertake a review and evaluation of strategic alternatives to unlock shareholder value.

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 best interest of the company and stakeholders.

According to a news release, 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.

Titan CEO Cary Vance recently spoke to MassDevice about the future of its Enos surgical robot. READ HERE.

Titan Medical earlier this month announced a plan to hold a virtual shareholder meeting on Jan. 12, 2023. The goal is to seek approval for …

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…

Titan Medical CEO sees ‘unique opportunity’ for Enos surgical robot in an increasingly crowded field

Titan Medical CEO Cary Vance [Photo from Vance’s LinkedIn page] Titan Medical CEO Cary Vance discusses the Enos robotic surgery platform, deals with Medtronic and supply chain silver linings.

Titan Medical President and CEO Cary Vance said he knew what he was getting into when he was approached about leading the robotic surgery company.

“The challenges, I knew what they were,” said Vance, who had served on the company’s board for two years when he became CEO of Titan in July. “I knew the opportunity we had to meet those challenges and knew the people I’d be working with … could make sure whatever strategy we have is executed.”

Vance sees “a unique opportunity” ahead of Toronto-based Titan, which is manufacturing the Enos surgical robot platform with plans to enter into clinical use next year.

In June, Titan delayed its FDA investigational device exemption (IDE) submission timeline for the roboti…

Titan Medical, Medtronic strike development deal on surgical robots

Titan Medical (TSX:TMD;OTC:TITFX) today announced the signing of a definitive agreement with medtech giant Medtronic (NYSE:MDT).

Under the definitive agreement, the two companies will build upon a development and license deal agreed in June 2020. Titan achieved all three milestones laid out in the agreement, including raising $18 million in capital in October 2020.

It also received a $10 million payment for the second milestone and an additional $11 million for the completion of the third technical milestone. Titan received the final milestone payment from Medtronic in January. In May, Titan signed a $2.6 million purchase order from Medtronic.

The latest deal between the two companies comprises a limited development program. It also includes a preclinical collaboration to evaluate instruments and cameras in gynecological procedures. The agreement also includes the potential for future activities associated with the commercial supply of instruments and ca…

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 …

Titan Medical to start manufacturing Enos systems later this year

Titan Medical’s Enos robotic-assisted surgery (RAS) system is meant to benefit hospitals through a smaller footprint, easy mobility and lower operating costs. [Images courtesy of Titan Medical]Titan Medical (Nasdaq: TMDI; TSX: TMD) expects manufactured units of the Enos robotic-assisted surgery system will be available later this year.

The goal is to commercially launch Enos in early 2025 after securing a De Novo market authorization from the FDA, the Toronto-based robotic surgery company said during its second-quarter earnings report today.

Titan Medical officials said they have an ongoing dialogue with FDA through the agency’s Q-Submission program. Its regulatory timeline includes filing an application for an investigational device exemption (IDE) in mid-year 2023 for its initial target indication for benign gynecologic surgical procedures, followed by an FDA response in the second half of 2023. After the IDE approval, the next step would be to compl…

The biggest medtech personnel moves so far in 2022

In the ever-changing world of medtech, those who are leading the companies are bound to move around a bit.

At the end of last year, we compiled a list of medtech’s biggest personnel changes in 2021. Throughout just over half of 2022, we’ve already seen a slew of major moves around some of the space’s most powerful players.

Here is a list of some of the biggest personnel changes in medtech so far in 2022:

3M’s healthcare president retires 3M Health Care Business Group President Mojdeh Poul [Image courtesy of 3M]Mojdeh Poul, the president of 3M’s healthcare business, announced in May that she would retire from the position and her retirement was made effective on July 1.

Poul joined 3M in 2011 as the global business VP of critical and chronic care solutions. She later became VP and general manager of the company’s food safety business and president of numerous 3M divisions, including infection prevention, 3M Canada, and sa…

Titan Medical names Cary G. Vance as new president, CEO

Titan Medical (Nasdaq:TMDI) announced that it appointed Cary G. Vance as its new president and CEO.

Vance will succeed Titan chair of the board of directors, Paul Cataford, who had served as interim president and CEO since December 2021, when David McNally, who previously held the corner office, resigned. Vance’s appointment was made effective today.

“After a thorough search and selection process using a top-tier recruiting firm and advisor, and after completing a rigorous leadership requirement and assessment analysis, we are pleased to announce that we have selected Cary as our next president and CEO. Cary brings extensive expertise and insights in robotic medical technology and minimally invasive surgery, filling this key leadership role,” Cataford said in a news release. “It was during the interim management period and the interviewing and assessment of a number of candidates that we determined the final requirements for our next president and CEO, an…