Titan Medical Inc. Archives - Page 2 of 4

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…

Nasdaq grants Titan Medical 180-day extension to regain compliance

Titan Medical (Nasdaq:TMDI) announced today that it received an additional 180 days to regain compliance with the Nasdaq market.

According to a news release, the Listing Qualifications Staff of The Nasdaq Stock Market notified the company that it received 180 extra calendar days — running through Dec. 26, 2022 — to evidence compliance with the $1 minimum bid price requirement for continued listing on the market.

Shares of TMDI were down 7.3% at close to 54¢ per share in mid-afternoon trading today.

If at any time before Dec. 26, the bid price for the company’s common shares closes at or above $1 per share for a minimum of 10 consecutive business days (and generally not more than 20 consecutive business days, in Nasdaq’s discretion), it is expected that Nasdaq would provide formal notice that the company has regained compliance with the bid price requirement.

Should Titan not evidence compliance with the minimum bid …

‘Multiple disruptions’ slow timeline for Titan Medical’s Enos robotic surgery platform

Titan Medical (Nasdaq:TMDI) announced today that it updated the FDA submission timeline for its Enos robotic surgery platform.

“Multiple disruptions” have resulted in an updated FDA investigational device exemption (IDE) submission timeline for the Enos robotic single access surgery system, with the Toronto-based company now expecting the IDE submission to come in mid-2023, rather than the previously slated first quarter of 2023.

Following successful regulatory review and upon receipt of marketing authorization, Titan expects the U.S. product launch for the Enos system to remain on schedule for early 2025.

“We have been fortunate to have avoided and mitigated against many of the issues facing almost all other technology companies over the last few months,” Titan interim President and CEO Paul Cataford said in a news release. “However, we now expect our targeted IDE application date to be pushed out to the summer of 2023. Human cli…

Titan Medical SVP of research and product development departs

Titan Medical (Nasdaq:TMDI) announced today that executive Perry Genova will depart the company effective immediately.

Genova, who served as senior VP of research and product development, will leave Titan following what the single access robotic-assisted surgery technology developer described as careful consideration and a review of the company’s future needs.

“As we transform from a technology research and development company to a company focused on regulatory clearance and commercialization, our needs continue to evolve,” Titan interim President, CEO and Chair Paul Cataford said in a news release. “We wish Perry success in his future endeavors.“

Titan Medical develops the Enos robotic single-access surgical system with an ergonomic focus. The company aims to provide a surgical experience that imitates a surgeon’s real-life movements, with multi-articulating instruments, dexterity and the ability to exert the forces necessary to complete everyday …

Titan Medical inks a $2.6M purchase order from Medtronic

Robotic-assisted surgery company Titan Medical (Nasdaq: TMDI; TSX: TMD) is deepening its relationship with Medtronic (NYSE:MDT), securing a $2.6 million purchase order from the medtech giant.

The purchase order news comes more than three months after Titan Medical completed a development and licensing agreement with Medtronic that brought in a net $8.3 million, helping the robotic surgery tech developer weather the COVID-19 pandemic and resulting recession.

The purchase order announced today covers the purchase of instruments and cameras for preclinical activities. Medtronic is also evaluating Titan Medical as a potential manufacturing and supply partner. Headquartered in Toronto, Titan Medical has growing operations in Chapel Hill, North Carolina.

“Medtronic has been a great partner for Titan since 2020, and we’re excited about this opportunity to further our work together,” Paul Cataford, interim president and CEO of Titan, said in a news release.

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Titan Medical receives final milestone payment from Medtronic

Titan Medical (TSX:TMD;OTC:TITFX) announced today that it received the final milestone payment under an agreement with Medtronic (NYSE:MDT).

Toronto-based Titan Medical confirmed the completion of the final milestone under a development and license agreement on Jan. 4 and announced today that, along with the payment, the senior secured loan from Medtronic as part of the agreement has been retired.

Medtronic provided Titan with a net payment of $8.3 million, comprised of a $10 million milestone payment related to achieving the final milestone and a $0.6 million payment related to certain legal, transaction and intellectual property costs. A portion of the $10.6 million gross total was used to retire the $2.3 million senior secured loan, which included the original note of $1.5 million, plus $0.6 million in additional costs and $0.2 million in interest, according to a news release.

The two companies entered into the development and license agreement in Jun…

Titan Medical completes final milestone in Medtronic development agreement

Titan Medical (TSX:TMD;OTC:TITFX) announced today that it completed the final milestone under a development and license agreement with Medtronic (NYSE:MDT).

Toronto-based Titan’s fourth and final milestone under the agreement was successfully completed on schedule, meaning the company is scheduled to receive a license payment in exchange for licensing the developed technologies to Medtronic, while Medtronic’s secured loan to Titan will be retired.

According to a news release, both the license payment and the loan retirement are expected to be completed at some point this month.

The two companies entered into the development and license agreement in June 2020. Titan has since achieved three milestones including raising $18 million in capital in October 2020, plus it received a $10 million payment for the second milestone and an additional $11 million for the completion of the third technical milestone.

Under the development and license …

12 of medtech’s biggest personnel changes in 2021

As medtech companies continued to drive innovation throughout the past 12 months, a number of high-level executives led the way.

Some of those companies and those executives opted for major changes over the course of 2021, though, with some high-profile moves from medtech giant to medtech giant.

Here are some of the biggest personnel moves in the medtech space in 2021:

Get the full story at our sister site, Medical Design & Outsourcing.

Titan Medical CEO resigns

Titan Medical (NSDQ:TMDI) announced that the company’s President & CEO, David McNally, has stepped down from those roles.

McNally is no longer the company’s President & CEO and also resigned from Titan’s Board of Directors, effective Dec. 1, 2021, according to a news release. No reason was provided for his departure.

Toronto-based Titan Medical appointed Chair of the Board Paul Cataford as interim President & CEO, while Anthony J. Giovinazzo will assume the role of Lead Independent Director of the Board. The Board plans to begin a search process in early 2022 to identify a permanent replacement for McNally in the CEO position.

“On behalf of the Board, I would like to thank David McNally for his service to the company; he has assembled a talented and capable management team and built a strong relationship with Medtronic,” Cataford said in the release. “I look forward to working closely with this team and Medtronic to execute …

Titan Medical appoints new CFO

Titan Medical (NSDQ:TMDI) announced today that it appointed Stephen Lemieux as its new chief financial officer.

Toronto-based Titan, a robotic surgical technology developer, said in a news release that current CFO Monique Delorme will leave the company, effective immediately. Delorme will remain in an advisory capacity through March 2022 to ensure a smooth transition.

“We would like to thank Monique for her contributions to Titan through a period of great change. Despite the COVID-19 pandemic, during the past 12 months we executed development and license agreements with Medtronic, built out and staffed a research and development facility in Chapel Hill, North Carolina and completed several financings, all of which would not have been possible without Monique’s support,” Titan president & CEO David McNally said in the release. “We are grateful for her commitment and tireless effort and consummate professionalism through this transition period.”

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Titan Medical collects $10M milestone payment from Medtronic

Titan Medical (TSX:TMD;OTC:TITFX) announced today that it received another $10 million for licensing developed technologies to Medtronic (NYSE:MDT).

Toronto-based Titan Medical completed the second technical milestone under the development and license agreement it made with Medtronic in June 2020. The company achieved the first milestone in the agreement in October 2020 by raising $18 million in capital.

Shares of TMDI shot up nearly 6% to $1.94 apiece in morning trading today. MassDevice‘s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was up slightly.

According to a news release, should Titan complete the third technical milestone, it would be in line to receive an additional payment of approximately $11 million.

The development and license agreement between Titan and Medtronic covers the development of robotic-assisted surgical technologies for use by both companies in their respective bu…

Titan Medical names strategy VP

Titan Medical (TSX:TMD;OTC:TITFX) announced today that it appointed Deepak Basra as its VP of strategy and business development.

In the newly created role, Basra’s responsibilities include overseeing Toronto-based Titan’s corporate development and strategic planning, according to a news release.

Basra joins the company as a veteran of more than 20 years in global business development and mergers & acquisitions, having most recently held the role of SVP with Cortland Advisers, an M&A advisory firm. He previously served as board director & VP of strategy & business development at Transdermal Delivery Solutions and, before that, operated as head of business development & licensing for Covidien’s vascular therapies division.

Prior to Covidien, Basra served as SVP of strategy & business development at Smith & Nephew and held a number of roles at Cable & Wireless, British Telecommunications and Phillips.