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Titan Medical’s Enos single-acces robotic-assisted surgical procedure system. | Source: Titan Medical
Titan Medical (Nasdaq:TMDI) introduced at this time that it plans to evaluate and consider strategic options to unlock shareholder worth.
Toronto-based Titan develops single-access robotic-assisted surgical procedure expertise. It consulted with monetary and authorized advisors to find out that the evaluate is within the firm’s and stakeholders’ greatest curiosity.
According to a information launch, Titan’s board plans to think about a full vary of strategic options. That could embody a company sale, merger or different enterprise mixture. It might additionally result in a sale of all or a portion of its property, strategic funding or different important transaction.
Titan Medical earlier this month introduced a plan to carry a digital shareholder assembly on Jan. 12, 2023. The purpose is to hunt approval for a share consolidation plan to take care of the corporate’s Nasdaq itemizing.
As a part of the strategic evaluate, Titan engaged Raymond James as a monetary advisor. Raymond James’ position contains advising the corporate within the evaluate and analyzing strategic options.
No ensures out of the evaluate
Titan didn’t set a timetable for the completion of this course of. The firm mentioned it doesn’t intend to offer updates on developments till it executes a definitive settlement. An exception might come ought to the board decide that an replace is acceptable or required.
The firm intends to judge all choices pretty to maximise shareholder worth. However, it mentioned it couldn’t guarantee that the method will end in any transaction. In addition, ought to the corporate undertake a transaction, it has no ensures relating to its phrases or timing.
“Our management team is completely aligned with the board’s decision to explore options to maximize shareholder value,” mentioned Titan President and CEO Cary Vance. “We believe it is prudent to undertake a review of our strategic options to determine the best path forward to realize the value of our innovations in single-access robotic-assisted technologies to maximize shareholder value. Our Board and management team remain committed to our strategy of providing patients, surgeons and hospitals with an innovative, improved surgical experience.”
Could prior relationships come into play?
Titan has a longstanding relationship with medtech big Medtronic, together with a variety of buy orders, milestone funds and extra. That relationship may very well be price maintaining a tally of as Titan’s evaluate course of performs out.
In September, Titan and Medtronic entered right into a improvement deal on surgical robots. The settlement constructed on a 2020 improvement and license deal. Titan achieved all three milestones within the settlement, together with elevating $18 million in capital in October 2020. In May, Titan signed a $2.6 million buy order from Medtronic to offer devices and cameras for preclinical actions.
“Medtronic’s interest has been in Titan’s ability to innovate,” Vance advised MassDevice in October. “That was the genesis of the arrangement we had about two-and-a-half years ago when we were asked to develop some technology for them.”
Editor’s Note: This article first appeared on sister web site MassDevice and was republished with permission.