TITAN MEDICAL INC COM NPV (OTCMKTS:TITXF)
TITAN MEDICAL INC COM NPV (OTCMKTS:TITXF) has filed a preliminary short-term prospectus for a public stock offering as it looks to raise cash for the development of its SPORT Surgical System. The developer of computer-assisted surgical technologies is planning to raise a minimum of $8.6 million and a maximum of $17.3 million as part of the proposed offering.
SPORT Surgical System European Patent
Each offered unit comprises of common shares in the company as well as warrants on the company’s common shares. In Canada, Bloom Burton Securities will act as the sole agent for the offering with Maxim Group LLC and Wallach Beth Capital LLC supervising the offering in the U.S. Net proceeds from the offering are to be used for general corporate purposes and working capital.
The filling of the public offering follows the granting of a European patent for the SPORT Surgical system. The patent describes a continuously curved articulation of a robotic instrument that facilitates a central lumen to provide an independent roll of the end-effector. TITAN MEDICAL INC COM NPV (OTCMKTS:TITXF) is currently pursuing U.S. and Chinese patent approvals.
“Intellectual property is the foundation of our future success and we are pleased to strengthen our proprietary position with the granting of this patent, the second issued to Titan Medical this quarter in relation to our SPORT single port robotic surgical system, “said Titan CEO. […]. The next step is to nationalize the patent in specific European countries in accordance with our commercial business model, including the United Kingdom, France, and Germany,” David McNally.
Succesful Foundation Studies
In addition to receiving a European Patent for the robotic surgical system, TITAN MEDICAL INC COM NPV (OTCMKTS:TITXF) says it has completed a formative human factors study for the system. The human factor study reportedly marks a foundational step in the medical device’s development.
Titan Medical says it is on track to deliver its next phase of stated milestones with a focus on system design improvements. There are also plans to carry out preclinical studies in the U.S and Europe.
TITAN MEDICAL INC COM NPV (OTCMKTS:TITXF) is currently trading at the lower end of its trading range between $0.193 and $0.28 a share. The stock was down again in Friday’s trading session after hedding 21.86% in market value to end the day at $0.193 a share.
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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About the author: Monica Grey has an undergraduate degree in Accounting and an MBA she earned – with Honors. She has six years of experience in the financial markets and has been an analyst for the past two years.