TITAN MEDICAL INC (OTCMKTS:TITXF)
Shares of TITAN MEDICAL INC (OTCMKTS:TITXF) fell 17.3% after the development stage company announced the pricing of previously announced marketed offerings. The company is to issue the Units at a price of CDN $0.50, a unit. Each Unit on offer comprises of one common share of the company and one common share purchase warrant.
Titan Public Offering
Each warrant on offer is exercisable for one common share, at a price of CDN$0.60 for a period of 5 years from the closing of the offering. TITAN MEDICAL INC (OTCMKTS:TITXF) expects minimum gross proceeds of CDN$ 13 million and a maximum of CDN$15 million from the offering.
The development stage company plans to use net proceeds from the offering to fund development work of the SPORT Surgical system. Part of the funds is also to be used for working capital and other general corporate purposes.
While the stock is still trading in an uptrend, it faces immediate support at the $0.35 mark, below which it could drop further. For the full year, Titan Medical is up by more than 50%.
TITXF Q3 Financial Results
Separately, TITAN MEDICAL INC (OTCMKTS:TITXF) has reported third quarter financial results. For the three months ended September 30, 2017, the company posted a net loss of (-$13.9) million compared to a net loss of (-$1.7) million reported in Q3 of 2016.
Research and development expenses came in at $4.1 million compared to $3.4 million reported last year. Cash and cash equivalent as of the end of the quarter totaled $7.3 million compared to $6.4 million as of December 31, 2016.
In defense of the widening net loss, Chief Executive Officer, David McNally says they achieved important milestones in the quarter which should allow the company to meet its goal in the fourth quarter. In addition, the company advanced the development of its single port robotic surgical system.
“We installed our first advanced prototype SPORT Surgical Systems at the Florida Hospital Nicholson Center and at Columbia University Medical Center, and commenced preclinical feasibility and validation studies. We are encouraged by the enthusiastic feedback we are receiving from the surgeons testing the SPORT Surgical System,” said Mr. McNally.
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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