- Titan Medical (TMD) released financial results for the three and six months ended June 30, 2022
- Titan had cash and cash equivalents of $20.2 million as of June 30, 2022, compared to $32.3 million at December 31, 2021
- R&D expenses were $19.1 million for the six months ended June 30, 2022, compared to $17.6 million for the six months ended June 30, 2021
- Titan Medical Inc. (TMD) was down 6.85 per cent, trading at C$0.68 per share at 12:20 pm ET
Titan Medical (TMD) released financial results for the three and six months ended June 30, 2022.
Titan had cash and cash equivalents of $20.2 million as of June 30, 2022, compared to $32.3 million at December 31, 2021.
R&D expenses were $19.1 million for the six months ended June 30, 2022, compared to $17.6 million for the six months ended June 30, 2021.
These expenses were related to the development of the Enos system and an increase in labour costs as the company continues to add the required resources to its engineering and regulatory teams.
The company plans to pursue a De Novo regulatory process for marketing authorization with the U.S. Food and Drug Administration (FDA). Utilizing the Q-Submission program, the company has engaged in ongoing dialogue with the FDA to clarify requirements to mitigate against timeline risks. The company plans to file the IDE application with the FDA mid-year 2023.
The company also recently appointed of Cary G. Vance as President and Chief Executive Officer, having previously served as CEO at Xcath Incorporated, a privately held neurovascular robotics company, he held similar positions at Optiscan Biomedical, and Myoscience.
“We continue to make progress on impacting the future of minimally invasive robotic surgery and the operating room ecosystem,” he said. “Our technical partnerships, our relationships with surgeons and the dedication of our employees support our efforts in submitting an IDE application, designing forthcoming clinical trials and planning our commercialization strategy for the U.S. market.”
Titan Medical is a medical device company which focuses on enhancing robotic assisted surgery using innovative technology through a single access point. The company is headquartered in Toronto, Ontario, with operations in Chapel Hill, North Carolina.
Titan Medical Inc. (TMD) was down 6.85 per cent, trading at C$0.68 per share at 12:20 pm ET.
