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Titan Medical seeks share consolidation to retain public itemizing

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Titan Medical ENOS surgical robotics system. | Credit score: Titan Medical

Titan Medical will maintain a digital shareholders assembly on Jan. 12, 2023 to hunt approval for a share consolidation plan. The surgical robotics firm described share consolidation because the final choice to regain compliance with Nasdaq’s $1 per share minimal bid value requirement and retain its itemizing.

Titan Medical has till Dec. 26, 2022 to show that its shares can commerce over $1 apiece for at the very least 10 consecutive enterprise days. After that, the shares are topic to a delisting after Titan Medical exhausts its appeals course of.

The corporate’s shares have been down greater than 2% to 44¢ apiece in morning buying and selling right this moment.

“We imagine {that a} consolidation is in the very best pursuits of shareholders, together with for the needs of regaining compliance with Nasdaq itemizing necessities,” CEO Cary Vance stated in a information launch.

“A continued Nasdaq itemizing gives quite a few advantages to the corporate, together with elevated visibility of the corporate amongst U.S. analysts and buyers, elevated entry to capital together with doubtlessly institutional buyers, and the potential for larger buying and selling quantity and liquidity for the corporate’s frequent shares. We look ahead to offering extra particulars of the particular assembly.”

Vance just lately spoke concerning the firm’s Enos robotic surgical procedure platform, its partnership with Medtronic, provide chain silver linings and extra.

Progress on Enos system

Vance additionally outlined how Titan Medical is progressing with its Enos robotic surgical procedure system. Enos features a gentle, digital camera and a number of arms that drive devices by the tableside. As a substitute of a number of arms coming from a number of instructions and thru a number of incisions, Enos’ arms, devices and digital camera snake out and enter the affected person’s physique by a single 25 mm insertion tube.

“Titan is finishing the ultimate steps previous to the anticipated supply of the primary Enos system to its Chapel Hill facility earlier than year-end 2022,” Vance stated. “We’re excited and able to start verification, validation and security testing on the delivered unit in help of the deliberate IDE submission to the FDA in 2023.”

Following submission, Titan Medical officers plan to finalize the corporate’s scientific trial design and proceed U.S. commercialization technique planning.

“We now have labored intently with our manufacturing companions in an effort to avoid provide chain disruptions and are enthusiastic about our progress up to now at this stage of the manufacturing cycle,” Vance stated.

As of Sept. 30, 2022 Titan had money and money equivalents of $11.6 million, down from $32.3 million on the finish of final yr. It spent $7.6 million on R&D in its Q3, down from $10.7 billion throughout Q3 2021.

Editor’s Be aware: This text was first revealed by The Robotic Report‘s sister publication Mass Machine.



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