Titan Medical Inc. Announces Results for the Three Months Ended March 31, 2014, in U.S. Dollars
May 21 2014 - 12:55PM
Marketwired
Titan Medical Inc. Announces Results for the Three Months Ended
March 31, 2014, in U.S. Dollars
TORONTO, ONTARIO--(Marketwired - May 21, 2014) - Titan Medical
Inc. ("Titan" or the "Company") (TSX-VENTURE:TMD)(OTCQX:TITXF)
announced today its results for the three months ended March 31,
2014.
The unaudited condensed interim financial statements and
Management's Discussion and Analysis for the period may be viewed
on SEDAR at www.sedar.com.
John Hargrove, Chairman and Chief Executive Officer of Titan
Medical Inc., commented, "The first quarter of 2014 was very
productive and exciting. On February 19 we closed the largest raise
to date in Titan's history at $11.59 million, (Cdn. $12.8 million).
Building on the momentum created, we closed a subsequent raise at
$23.23 million, (Cdn. $25.6 million) on April 23. Titan has now
substantially eliminated the financing risk through to
commercialization. In addition to our financial success, we have
made significant technical progress as evidenced in our most recent
video, posted on our website, which illustrates the ability of the
SPORTâ„¢ Surgical System to tackle complex tasks. Commencing with the
results for the three months ended March 31, 2014, Titan adopted
the U.S. dollar as both its functional and presentation currency.
This change reflects the continuing increase in the Company's costs
being incurred in U.S. dollars, a trend which is expected to
continue in the foreseeable future".
Operational Highlights
- As of March 31, 2014, the Company has satisfactorily completed
its Alpha commercial prototype design, suitable for ongoing tissue
testing.
- On February 19, 2014, the Company announced that it had closed
its previously announced public offering, for gross proceeds of
$11.59 million, (Cdn. $12.8 million).
- As of March 1, 2014, Dr. Dennis Fowler, Director of Clinical
and Regulatory Affairs has accepted increased responsibilities with
the Company including his time commitment and the appointing and
directing of the Surgeon Advisory Board.
- On March 11, 2014, the Company announced that Dr. Bruce Wolff,
Professor of Surgery, Mayo Clinic College of Medicine and Emeritus
Chair of the Division of Colon & Rectal Surgery, Mayo Clinic,
Rochester, Minn., has been appointed to the Board of
Directors.
- On April 23, 2014, the Company announced that it had closed its
previously announced public offering for gross proceeds of $23.23
million, (Cdn. $25.6 million).
Financial Highlights
- Cash and cash equivalents at March 31, 2014 totaled
$15,584,466, compared to $2,446,084 at December 31, 2013.
- Net and Comprehensive Loss for the three months ended March 31,
2014 was $3,610,943, which included a loss on change in fair market
value of warrants of $1,460,322, compared to a Net and
Comprehensive Loss of $2,315,456, for the three months ended March
31, 2013.
- The Company's Research and Development expenses for the three
months ended March 31, 2014 were $1,344,646, compared to
$1,405,125, for the three months ended March 31, 2013.
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 4, 2014 (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.
Titan Medical Inc.John HargroveChairman and Chief Executive
Officer(416) 548-7522 (ext.
151)john.hargrove@titanmedicalinc.comInvestor RelationsBeverly
Brooks(416) 482-8889brooks.communications@rogers.com
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