Titan Medical (TSE:TMD) yesterday released an update on the progress of its Sport robotic surgical system, saying it has enough funds to support development of “key components” of the system, which has been on hold since mid-August.
Earlier this month, the company said it raised nearly $7.9 million (C$10.25 million) via an overnight offering it plans to use to restart the development program for its Sport robot-assisted surgery platform.
With the new round of funding, the company said it expects to close the 3rd quarter on Sept. 30 with $8.5 million in cash on hand.
“As a result of the recent fund raising, we have initiated active discussions with our principal development partners to implement key components of the Sport Surgical System’s development plans within our current financial resources. At this point, we believe the resources we have on hand enable us to move forward with the advancement of human factors and usability studies of the surgical system,” CEO John Hargrove said in a press release.
The Toronto-based company said it “engaged an executive search firm” as it seeks out a new chief operating officer and veep of engineering, and that its board is continuing its search for a new chairman.
The funding, closed Sept. 20, was badly needed to re-start the Sport program, which has been on hold since mid-August when the outside product developers suspended development until the company can cover its bills; adding insult to injury, a planned $16.0 million equity investment from Shanghai JuGu Equity Investment Fund, originally slated to close June 30 and extended to August 15, failed to materialize.
In August, Titan said it extended negotiations with a Chinese distributor, after a prior, 3-month add-on expired August 19. The robot-assisted surgery company is in talks with Longtai Medical over the exclusive rights to its Sport platform in the Asia-Pacific region.