TITAN MEDICAL INC COM NPV
TITAN MEDICAL INC COM NPV (OTCMKTS:TITXF) shares gained 32.44% after the medical device company announced the closing of a private placement of 11.5 million common shares at a price of CDN$0.25. According to the company, the offering attracted, among other investors, more than a dozen robotic surgeons in the United States.
TITXF Stock Performance
The rally capped yet another impressive performance as the stock continues to trade in a strong uptrend. The stock is up by more than 100% over the past month as investors’ confidence continues to grow. However, the stock is down by more than 25% for the year.
TITAN MEDICAL INC COM NPV (OTCMKTS:TITXF) expects gross proceeds of $2.9 million from the private placement. CEO David McNally believes the market’s response validates the company’s SPORT Surgical System.
“We view the investment by experienced robotic surgeons as affirmation that our SPORT Surgical System will address a significant underserved segment of the multibillion-dollar market for abdominal surgeries performed with robotic technology, and serves as a proxy for our product’s commercial potential,” said Mr. McNally.
John D Adams, a Urologist, is among other surgeon-investors that has already expressed optimism about the prospects of single-port robotic surgery in the evolution of minimally invasive surgery. Initial trials have indicated that the platform’s capabilities may be far greater than originally anticipated.
Columbia University Partnership
In addition, Titan Medical has entered into a collaborative agreement with the Columbia University Medical Center. Pursuant to the agreement, the two are to carry out feasibility and validation studies to support the regulatory application of the SPORT Surgical System.
The Studies are to be performed at the Columbia’s surgical simulation center slated for the fourth quarter and into 2018.
“With the signing of this agreement, I am glad to announce that TITAN MEDICAL INC COM NPV (OTCMKTS:TITXF) has delivered on its critical milestone of establishing formal collaborations with three strategic centers of excellence,” said Mr. McNally.
Titan Medical has already completed the world’s first gynecologic, colorectal, and urologic single port robotic procedures using the advanced prototype SPORT Surgical System at the Florida Hospital Nicholson Center. The procedures marked the first preclinical feasibility and validation of the single port robotic system.
I have no positions in any of the stocks mentioned, and have no plans to initiate any positions within the next 72 hours. All information, including any data, is provided without any guarantees of accuracy.
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