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Titan Medical Inc. (Nasdaq: TMDI; TSX: TMD) has received a notice from Nasdaq regarding non-compliance with the minimum bid price requirement, which could lead to delisting. The company plans to request a hearing to address this issue, which will temporarily halt any delisting actions. If delisted from Nasdaq, the company’s securities may still trade on the OTC Markets. No impact on the TSX listing is noted. Titan is focusing on its Enos™ robotic surgical system, aimed at enhancing robotic-assisted surgeries, particularly in gynecology.
Titan Medical Inc. (Nasdaq: TMDI; TSX: TMD) announced the issuance of U.S. Patent No. 11,504,191 for a graphical user interface designed to improve surgical experiences in robotic-assisted surgeries. This patent supports their Enos™ robotic system and enhances surgical instrument tracking. The company has over 225 patents, strengthening its innovation in single-access robotic-assisted surgery (RAS). Titan aims to explore strategic options, including potential mergers or asset sales, as part of its ongoing strategic review process.
Titan Medical Inc. (Nasdaq: TMDI) has suspended its special shareholder meeting, originally set for January 12, 2023, to focus on a strategic review process initiated on November 30, 2022. This review may lead to significant transactions, including a potential corporate sale or share consolidation. The company must comply with Nasdaq Rule 5550(a)(2) to avoid delisting, with a compliance deadline of December 26, 2022. Failure to demonstrate compliance could lead to delisting, although an appeal process may allow shares to remain listed temporarily.
Titan Medical Inc. (Nasdaq: TMDI) announced cost-cutting measures to preserve capital amid challenging market conditions. Approximately 40 employees at its Chapel Hill facility will be temporarily furloughed. The company aims to maintain operations relevant to its strategic review process and the investigational device exemption (IDE) filing with the FDA. This decision impacts the timing and costs of milestones, leading Titan to withdraw all forward-looking statements regarding the development of its Enos surgical system.
Titan Medical Inc. (Nasdaq: TMDI) announced a strategic review to explore options for unlocking shareholder value. The Board of Directors, advised by Raymond James, is considering various alternatives, including corporate sale, merger, or asset sales. President and CEO Cary G. Vance emphasized the alignment of management with this decision to maximize shareholder interests. While there is no fixed timeline for this review, it remains uncertain whether these efforts will result in any transaction. Titan focuses on enhancing robotic-assisted surgery via its Enos™ system, initially targeting gynecological procedures.
Titan Medical Inc. (Nasdaq: TMDI; TSX: TMD) announced its participation in the AAGL 51st Global Congress on minimally invasive gynecologic surgery, taking place December 1-4, 2022. This event highlights Titan's commitment to enhancing patient outcomes in gynecologic surgery through its Enos™ robotic-assisted surgery platform, which aims to improve recovery and reduce hospital stays. The company also plans to engage with gynecologic surgeons and explore collaboration opportunities to address unmet needs in women's health.
Titan Medical reported financial results for Q3 and nine months ended September 30, 2022. The company continues to pursue compliance with Nasdaq listing requirements, planning a shareholder meeting on January 12, 2023, to approve a common share consolidation. As of September 30, Titan had cash of $11.6 million, a decrease from $32.3 million at year-end 2021. R&D expenses for Q3 were $7.6 million, a reduction compared to the previous year, and G&A expenses also declined. The company is advancing the Enos surgical system with anticipated FDA application in mid-2023.
Titan Medical Inc. (Nasdaq: TMDI) has announced plans to release its third quarter 2022 financial results on November 10, 2022, prior to market opening. An investor audio webcast will follow at 8:30 a.m. ET featuring management, including Cary Vance and Stephen Lemieux, discussing the results and business developments. The company focuses on innovative single access robotic-assisted surgery, particularly with its Enos™ system, aimed initially at gynecological indications. For more details, visit the official website.
Titan Medical Inc. (Nasdaq: TMDI) announces the appointment of Eric Heinz as Vice President of Market and Corporate Development, effective immediately. Heinz, with over 20 years of experience in the medical device sector, will drive strategic initiatives to enhance the Enos™ robotic surgical system's market presence. His previous roles include leadership positions in business development at Smith & Nephew and others. Cary Vance, CEO, expressed optimism about Heinz's expertise in driving growth through successful negotiations and partnerships.
Titan Medical Inc. (Nasdaq: TMDI; TSX: TMD) announced the publication of international patent application No. PCT/CA2022/050392, enhancing its intellectual property in the field of robotic-assisted surgery (RAS) technology. This patent focuses on dexterous endoscope technologies that improve the workspace field of view, surpassing previous technologies. The company, committed to innovation, aims to advance surgical experiences and protect the value of its inventions. Titan holds over 220 patents related to various aspects of single-access RAS, including the development of the Enos™ surgical system.
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