TORONTO, ONTARIO--(Marketwired - May 16, 2013) - Titan Medical Inc. ("Titan" or the "Company") (TSX VENTURE:TMD)(OTCQX:TITXF) announced today its results for the three months ended March 31, 2013.
The unaudited condensed interim financial statements and Management's Discussion and Analysis for the period may be viewed on SEDAR.
John Hargrove, Interim Chief Executive Officer of Titan Medical Inc., commented, " The first quarter of 2013 was incredibly busy with Titan successfully raising $6.6 million and advancing the development of our Single Incision robotic surgical system. We have recently announced significant developments regarding our 3D HD chip-on-tip camera system as well as the successful completion of the design and fabrication of beta versions of our highly dexterous instruments. I am very pleased with the focus and dedication of Titan personnel as well as the development progress that was made in the first quarter of 2013 and that will continue to be made moving forward."
Operational Highlights
- On January 8, 2013, the Company announced the issuance of U.S. Patent No. 8,347,754 from the United States Patent and Trademark Office (USPTO). The Company now has seven granted patents and ten patent applications.
- On March 8, 2013, the Company announced that it had filed, on March 7, 2013, a prospectus supplement to its short form base shelf prospectus dated October 15, 2012.
- On March 13, 2013, the Company announced that it had closed its previously announced offering of securities pursuant to an agency agreement. The Company sold 6,260,763 units at a price of $1.05 each for gross proceeds of $6,573,801. Each unit comprised one common share of Titan and one warrant. Each warrant entitles its holder to purchase one additional common share of Titan for $1.25 and will expire March 13, 2018.
- On March 19, 2013 the Company announced that Craig Leon would be stepping down as the Company's Chairman and CEO effective immediately. John Hargrove, a director of the Company, was appointed as Chairman and interim CEO.
Financial Highlights
- Cash and cash equivalents at March 31, 2013 totaled $8,563,033, compared to $4,617,016 at December 31, 2012.
- Net loss for the three months ended March 31, 2013 was $2,462,727, compared to a net loss of $3,327,534 for the three months ended March 31, 2012. The decrease was attributable to a shift from a focus on the development of a multi-port platform to a focus on the development of a single incision platform.
- The Company's R&D expenses for the three months ended March 31, 2013 were $1,494,496, compared to $2,190,074 for the three months ended March 31, 2012. The decrease reflects the completion and transition of one development cycle related to the multi-port platform to the commencement of a subsequent development cycle involving the development of the single incision platform, including a prototype for use in animal and cadaver studies.
About Titan Medical Inc.
Titan Medical Inc. is a Canadian public company (TSX VENTURE:TMD) (OTCQX:TITXF) focused on the design and development of a robotic surgical system for application in minimally invasive surgery ("MIS"). The Company's robotic surgical system, currently under development, comprises a surgeon-controlled robotic platform that includes a 3D vision system and interactive instruments for performing MIS procedures, and a surgeon workstation that provides the surgeon with an interface to the robotic platform for controlling the interactive instruments and providing a 3D endoscopic view of inside a patient's body during MIS procedures. The robotic surgical system is being designed to expand robotic surgery into areas of surgical specialties and simple and complex procedures that are currently under-serviced, and to allow surgeons to perform procedures within small to medium size surgical spaces such as general surgery and cholecystectomy. For more information, visit the Company's website at www.titanmedicalinc.com .
Forward Looking Statements
This news release contains "forward-looking statements" which reflect the current expectations of management of the Company's future growth, results of operations, performance and business prospects and opportunities. Wherever possible, words such as "may", "would", "could", "will", "anticipate", "believe", "plan", "expect", "intend", "estimate", "potential for" and similar expressions have been used to identify these forward-looking statements. These statements reflect management's current beliefs with respect to future events and are based on information currently available to management. Forward-looking statements involve significant risks, uncertainties and assumptions. Many factors could cause the Company's actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements, including, without limitation, those listed in the "Risk Factors" section of the Company's Annual Information Form dated April 10, 2013 (which may be viewed at www.sedar.com ). Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward looking statements prove incorrect, actual results, performance or achievements may vary materially from those expressed or implied by the forward-looking statements contained in this news release. These factors should be considered carefully and prospective investors should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in the news release are based upon what management currently believes to be reasonable assumptions, the Company cannot assure prospective investors that actual results, performance or achievements will be consistent with these forward-looking statements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
