TORONTO, ONTARIO--(Marketwired - Aug. 13, 2014) - Titan Medical Inc. ("Titan" or the "Company") (TSX VENTURE:TMD)(OTCQX:TITXF) announced today financial results for the three and six months ended June 30, 2014. All financial results are reported in U.S. dollars, unless otherwise stated.
The unaudited condensed interim financial statements and Management's Discussion and Analysis for the period may be viewed at www.sedar.com.
John Hargrove, Chairman and Chief Executive Officer of Titan Medical Inc., commented, "The second quarter was a very productive and exciting time for Titan. In April, we closed the largest capital raise in Titan's history, while continuing to make significant technical progress in the development of SPORT™."
- On April 23, 2014, the Company announced that it had closed its previously announced public offering, for gross proceeds of $23.2 million, (Cdn. $25.6 million).
- On June 16, 2014, the Company announced that it had successfully completed animal tissue studies on May 30, 2014, performing a full cholecystectomy (gallbladder removal) procedure using a prototype of the SPORT™ Surgical System.
- As at June 30, 2014, the Company has successfully completed the milestones scheduled for Q2 of 2014, which included alpha commercial prototype build and the completion of tissue testing involving the performance of individual features and functionality.
- At June 30, 2014, cash and cash equivalents totaled $39,560,789, compared to $2,446,084 at December 31, 2013.
- Net and Comprehensive Loss for the three and six months ended June 30, 2014 was $6,781,692 and $10,392,634, which included a loss on change in fair market value of warrants of $4,237,546 and $5,697,868, compared to a Net and Comprehensive Loss of $2,195,271 and $4,510,727, for the three and six months ended June 30, 2013.
- The Company's Research and Development expenses for the three and six months ended June 30, 2014 were $2,718,579 and $4,063,226, compared to $1,410,809 and $2,815,933, for the three and six months ended June 30, 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.