Titan Medical (TSX:TMD) late yesterday released its full year 2017 financial results, touting that it met all its milestones during the year and that its Sport system was used in the first single-port procedures.
The Toronto-based company reported research and development expenses of $12.9 million for the year, down from $22.6 million the company spent the previous year, with reported losses of approximately $33.6 million for the year, up from $23.3 million it reported in 2016.
“I joined Titan Medical in January 2017 and based on our achievements this past year, I am more confident than ever in our future. With the addition of Dr. Perry Genova, our senior vice president of R&D, and Curtis Jensen, our vice president of quality and regulatory affairs, we now have a management team experienced in complex medical device development and commercialization, including relevant expertise in engineering, regulatory affairs, intellectual property and global marketing. I am proud that our team successfully met all of our published 2017 milestones on or ahead of schedule. Our work in 2017 culminated in the first single-port procedures performed at our three Centers of Excellence in the U.S. and Europe. Having now validated the performance of our single-port robotic surgical system, during 2018 we will focus on further product development in key areas identified as opportunities for improvement and competitive advantage before launch. We will also continue to actively engage with both the U.S. FDA and our European Notified Body to ensure we pursue the least burdensome yet fully compliant pathways toward regulatory clearances in both geographies,” prez & CEO David McNally said in a prepared statement.
Titan reported having raised approximately $27.5 million through public offerings and private placements over the previous year, with cash, cash equivalents and deposits with product development providers at $28.7 million, up from $6.4 million during the previous year.
“We acknowledge that the work ahead will impact our historical timeline to commercialization. We also know that the specific timetable and requirements of regulatory submissions will become clear over the coming months. However, based on the enthusiasm of the experienced robotic surgeons who have operated prototypes of our system, we are confident our single-port surgical system can play a meaningful role in advancing robotically-assisted surgery, and it’s worth our investment of time and capital to do the job right,” CEO McNally said in a press release.
Shares in Titan Medical have fallen 8.5% so far today, at 26¢ as of 10:10 a.m. EST.
Last week, Titan Medical leadership spoke on the future of the company and its Sport single-port robotic surgery platform, saying it expects to begin submission of clinical data in pursuit of FDA approval by 2019, up from a previously expected submission in late 2018, and that it is exploring eligibility for a cross listing on a US stock exchange.