The Toronto-based company said that during the second quarter, it has created new prototypes of improved workstation controls, continued testing of prototypes, completed software and hardware change requirements and finalized the computer and software architecture for its end-line system.
The robotic surgery company also said that testing of its lens wash system and revised instruments returned “satisfactory performance.”
“We are proud of the considerable recent progress we have made in the development and refinement of our single-port robotic surgery system. Based on insights gained from previously completed feasibility studies, we have completed key advancements on the Sport system to ensure that upon launch we will have an efficacious surgical system and a commercially competitive product that addresses surgeon concerns and fulfills their wish lists. We have met all of our first and second quarter 2018 expectations. Our team is now focused on meeting all milestones for the rest of the year, with more than 80 contract engineers developing advanced software and hardware while continuing to strengthen our IP position. The engineering of the instruments has accelerated, and the results of recent laboratory demonstrations of design revisions are encouraging. At our annual general meeting on June 14th, we showcased videos of the lens wash system and an earlier generation of instruments in use during recent preclinical studies. Maintaining a clear high-definition field of view is vital for the practical conduct of surgery. We have posted to our website a video of the entire meeting,” CEO David McNally said in a press release.
Last month, Titan Medical shareholders approved a reverse stock split that could see the company exchange a single share for as many as 30.