Titan Medical Inc. Archives - Page 3 of 4

Titan Medical expands senior leadership team

Titan Medical (TSX:TMD;OTC:TITFX) announced today that it appointed two new members to its senior leadership team.

Kristen Galfetti will join as VP of investor relations & corporate communications and will be located in Boston, while Chien Huang as been appointed as VP of finance and will be located in Toronto.

Galfetti, a more than 20-year veteran of leading investor relations and corporate communications programs, most recently provided consulting services to small and medium companies in the life science industries, according to a news release.

In addition to her consulting, Galfetti has served as VP of investor relations & corporate communications at Cynapsus Therapeutics. Before that, she held the role of senior director of investor relations at Sanofi. Other companies Galfetti has worked at include AMAG Pharmaceuticals and Genzyme Corporation.

Huang has spent more than 20 years working with the development and implementation of finan…

Titan Medical brings in another $23 million

Titan Medical (TSX:TMD;OTC:TITFX) today announced the closing of a $23 million bought deal.

The Toronto-based surgical robotics company conducted the sale by way of a short form prospectus in each of the provinces of British Columbia, Alberta and Ontario — as well as a private placement in the U.S. Last month, Titan Medical raised an additional $21.5 million in two additional bought-deal offerings announced on Jan. 5 and Jan. 26.

“It’s been a very active season for Titan Medical Inc. We are in better shape than we have ever been, and we’re looking forward to an exciting 2021,” CFO Monique L. Delorme told MassDevice.

Titan president & CEO David McNally noted in an earnings news release out on Feb. 22 that the company in 2020 executed a license agreement and a separate development and license agreement with Medtronic. The result was the company’s first revenue of $20 million, by way of license payments.

“We believe Titan …

Titan Medical dips on Q4 losses

Titan Medical (TSX:TMD;OTC:TITFX) shares took a hit today on fourth-quarter losses that topped -$20 million.

The Toronto-based company posted losses of -$20.6 million, for the three months ended Dec. 31, 2020, for a bottom-line slide into the red after posting profits of $2.4 million in the fourth quarter of 2019.

Titan Medical attributed the results to an increase in non-cash loss on the fair value of warrants, totaling $29.8 million, plus an increase of $3.4 million in R&D expenses after securing additional financing. However, some of that was offset by the $10 million collected in revenue from a development and license agreement with Medtronic.

For the full year, Titan Medical’s losses totaled -$24.2 million, or -36¢ per share, compared to losses of -$41.9 million (-$1.37 per share) in 2019.

“The progress made in the second half of 2020 resulted in an incredible year of accomplishments to position Titan for success. Recently announced…

DTW Podcast: CEO Johnson on entrepreneurship, upcoming MedtechColor Pitch Contest; Krum handicaps medtech Q4

In this episode of the DeviceTalks Weekly Podcast, Angelique Johnson, CEO of MEMstim, shares her “accidental entrepreneur” story and how it has enabled her the help others pursuing the same dream. Also, Johnson, co-founder of MedtechColor, an organization seeking to further the advancement of people of color in the medical device industry, details the group’s goals and invites entrepreneurs of color to apply for the group’s Pitch Contest.

The deadline is Feb. 5. Go to medtechcolor.org for more information.

Truist Securities Managing Director Kaila Krum answers questions about medtech’s Q4 performance, diving deeper on Stryker and other companies.

Krum also shares details on a survey conducted by the research team that sought to answer the question – when will hospitals start seeing elective patients again.

Pharma Editor Brian Buntz returns to tell his story of his 10-days wearing a continuous glucose monitor from Dexcom. Buntz wrote about the exp…

Titan Medical closes on $11.5M offering

Titan Medical (TSX:TMD; NSDQ:TMDI) announced today that it has closed on a previously announced offering, raising $11.5 million in aggregate gross proceeds.

The Toronto-based surgical robotics company conducted the sale by way of a short form prospectus in each of the provinces of British Columbia, Alberta and Ontario — as well as a private placement in the U.S.

The offering included nearly 6.5 million company units sold on a “bought deal” basis for gross proceeds of roughly $10 million, with underwriter Bloom Burton Securities exercising its over-allotment option in full for an additional 967,741 units and gross proceeds of $1.5 million.

The money will go toward the development of Titan Medical’s robotic surgical technologies and for general working capital.

Titan Medical CFO retires; succesor named

Titan Medical (TSX:TMD;OTC:TITFX) announced today that CFO Stephen Randall will retire and Monique Delorme will assume the role.

Randall has spent more than 10 years with Titan Medical, leading the company through 30 capital transactions and raising more than $260 million to fund research and development for its surgical robotic technologies, according to a news release.

“For the past 10 years, Stephen has played a pivotal role in Titan’s journey from an early-stage startup to become a leader in single-port robotic surgical technologies,” Titan Medical CEO David McNally said in the release. “Stephen’s leadership, guidance and unwavering commitment to Titan has been vital to our business – and for that we thank him.

“I am also pleased that Stephen will remain with the company in his capacity as a director of the board and will continue to guide the company toward realizing its vision for improving patient outcomes with its single-port robotic …

Titan Medical reports improved financial position at end of Q2

Titan Medical (TSX:TMD;OTC:TITFX) faced a working capital deficit of $9.7 million more than a year ago. Fast forward 12 months, and the robotic surgery company has $21.7 million in working capital and has been able to resume product development.

That seems to be the big takeaway from Titan Medical’s second-quarter earnings report, released yesterday. Titan executives were able to turn things around thanks to a $10 million license payment as part of its new development deal with Medtronic (NYSE:MDT). Titan also recently brought in $18 million from a public equity raise.

“During the first half of 2020, we also reached agreement on a payment plan with one of our product development suppliers and resolved pending litigation with another service provider,” CEO David McNally said in a news release.

“We are now focused on staffing our newly created U.S. affiliate’s new facility in Chapel Hill, N.C. in order to execute on the development miles…

Titan Medical CEO sees opportunity as product development resumes

Titan Medical (TSX:TMD;OTC:TITFX) has been able to resume product development of its single-port robotic surgical system, CEO David McNally said today in a letter to shareholders.

Titan is back working on its system thanks to a $10 million license payment and $1.5 million loan as part of its new development deal with Medtronic (NYSE:MDT). Titan also recently brought in $20 million from a public equity raise.

McNally said that the opportunity for single-port robotic surgery appears promising. He noted the clinical success that surgeons are reporting while using Intuitive Surgical’s da Vinci SP — presently the only commercially available single-port offering — but the success involves surgical indications outside the initial target area that Titan is pursuing.

“We believe that our robotic-assisted surgical system, having been designed with a focus on single-port surgery, may provide competitive advantages for physicians and their clinical teams, hosp…

Titan Medical announces $18m offering, settles Naglreiter suit

Titan Medical (TSX:TMD;OTC:TITFX) announced that it registered an $18 million direct offering and settled its lawsuit with Naglreiter Consulting.

The Toronto-based robot-assisted surgery technology developer entered into definitive agreements with a single healthcare-focused institutional investor for the sale of 18 million shares of its common stock at $1 per share and 9 million common share purchase warrants to net the gross proceeds of $18 million.

Titan intends to use the proceeds for general corporate purposes, including the resumption of the development of its single-port robotic surgical system, instruments and accessories. It also may go toward general working capital and capital expenditures.

According to a news release, the receipt of the proceeds will satisfy the second milestone requirement of its development and license agreement with Medtronic. H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering.

In …

MedTech 100 roundup: Stocks stand pat in June’s first week

While the markets experienced some growth over the past week, stocks in the medtech industry remained practically unchanged over seven days.

MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — sat at 87.15 points at the end of last week (June 5). That total represents just a -0.02-point decrease from the 87.17-point total at the same time a week prior (May 29), which represented the industry’s highest point since before the COVID-19 pandemic took hold of the markets.

Meanwhile, the S&P 500 Index experienced a 3.14% increase from May 29 to June 5 and the Dow Jones Index fared even better with a 6.81% increase over the same period of time. The market surge came on the back of the White House announcement that 2.5 million jobs were added in May and unemployment rose to 13.3% when a surge to nearly 20% was expected, according to Yahoo Finance.

The lowest point for medtech during the COVID-19 pand…

Medtronic turns to Titan Medical as it makes robot-assisted surgery play

Titan Medical (TSX:TMD;OTC:TITFX) announced today that it entered into an agreement with Medtronic (NYSE:MDT) to progress the development of robot-assisted surgical technologies.

The development and license agreement to develop those technologies is accompanied by a separate license agreement with Medtronic in respect of certain intellectual property of Titan Medical, according to a news release.

Under the agreement, both companies can develop robot-assisted surgical systems in their respective businesses, while Titan will receive a series of payments that reach $31 million in return for Medtronic’s license for the technologies. The payments will arrive as milestones are completed and verified.

A steering committee made up of representatives from each company will be established to oversee the milestones, one of which is Titan’s task to raise an additional $18 million in capital within four months of the development start date that is expecte…

Medtech 100 roundup: Stocks peak to end May

Medtech stocks hit their highest point since before the COVID-19 pandemic rocked the markets as May came to a close last week.

MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — sat at 87.17 points at the end of last week (May 29). That total represents a 2.3% gain from the 85.22-point total at the same time a week prior (May 22).

The lowest point during the pandemic remains at 62.13 on March 23. Since then, medtech stocks have experienced 40.3% growth in total, marking the highest rise the index has seen since its previous mid-pandemic high of 85.77 on May 4.

However, the stocks are down 5.6% since the index’s pre-pandemic crash high point of 92.32 on Feb. 19, although that is the smallest margin of decline over the past three months.

Compared to the S&P 500 Index, which experienced a 3% increase from May 22 to May 29, the medtech index took a similarly sizeable leap. The Dow Jones Index f…