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Titan Medical ENOS surgical robotics system. | Credit: Titan Medical
Titan Medical will maintain a digital shareholders assembly on Jan. 12, 2023 to hunt approval for a share consolidation plan. The surgical robotics firm described share consolidation because the final choice to regain compliance with Nasdaq’s $1 per share minimal bid worth requirement and retain its itemizing.
Titan Medical has till Dec. 26, 2022 to exhibit that its shares can commerce over $1 apiece for a minimum of 10 consecutive enterprise days. After that, the shares are topic to a delisting after Titan Medical exhausts its appeals course of.
The firm’s shares had been down greater than 2% to 44¢ apiece in morning buying and selling as we speak.
“We believe that a consolidation is in the best interests of shareholders, including for the purposes of regaining compliance with Nasdaq listing requirements,” CEO Cary Vance mentioned in a information launch.
“A continued Nasdaq listing provides numerous benefits to the company, including increased visibility of the company amongst U.S. analysts and investors, increased access to capital including potentially institutional investors, and the potential for greater trading volume and liquidity for the company’s common shares. We look forward to providing additional details of the special meeting.”
Vance just lately spoke concerning the firm’s Enos robotic surgical procedure platform, its partnership with Medtronic, provide chain silver linings and extra.
Progress on Enos system
Vance additionally outlined how Titan Medical is progressing with its Enos robotic surgical procedure system. Enos features a mild, digital camera and a number of arms that drive devices by the tableside. Instead of a number of arms coming from a number of instructions and thru a number of incisions, Enos’ arms, devices and digital camera snake out and enter the affected person’s physique by way of a single 25 mm insertion tube.
“Titan is completing the final steps prior to the anticipated delivery of the first Enos system to its Chapel Hill facility before year-end 2022,” Vance mentioned. “We are excited and ready to commence verification, validation and safety testing on the delivered unit in support of the planned IDE submission to the FDA in 2023.”
Following submission, Titan Medical officers plan to finalize the corporate’s medical trial design and proceed U.S. commercialization technique planning.
“We have worked closely with our manufacturing partners in an effort to circumvent supply chain disruptions and are excited about our progress to date at this stage of the production cycle,” Vance mentioned.
As of Sept. 30, 2022 Titan had money and money equivalents of $11.6 million, down from $32.3 million on the finish of final 12 months. It spent $7.6 million on R&D in its Q3, down from $10.7 billion throughout Q3 2021.
Editor’s Note: This article was first revealed by The Robot Report‘s sister publication Mass Device.