Titan Medical (CVE:TMD) today updated on the progress of its Sport robotic surgical system, saying it has initiated usability and human factor studies of the device.
The Toronto-based robotic surgical developer said that it is slated to complete the studies by the end of 2016.
“During the past several weeks we have completed several sessions of studies with personnel from independent hospitals in which we have documented and improved the performance of the system during setup, performance of the system during use by the nursing team during operations, and reprocessing between operations. We continue to operate to a timeline that calls for these formative usability studies to be completed by the end of the current year,” CEO John Hargrove said in a press release.
Titan Medical said it currently has more than 10 engineering teems working on the system as it approaches the finish of the design which brings together many currently-in-development subsystems.
“Nearly 30 software engineers are working on 11 different software systems for the Sport system, each with the goal of developing software that enables reliable, precise performance of the system when activated by the human surgeon as well as provide system feedback on the operating features. Electrical engineers are finalizing 10 custom printed circuit boards as well as multiple product engineers are managing vendors and procuring more than 1000 parts required to complete each Sport system. Our development team also currently includes manufacturing engineers who are providing design inputs for manufacturing and for serviceability of the Sport system as well as quality engineers ensuring regulatory compliance and driving functional testing, safety compliance and electromagnetic compatibility,” Hargrove said in prepared remarks.
Last month, Titan Medical said it raised $16 million in a private placement with Chinese private equity player Shanghai Jugu Equity Investment Fund.
Shanghai Jugu paid about $56.9¢ apiece (C74.6¢) for some 27.9 million TMD shares, the robot-assisted surgery company said.
The cash is earmarked for the Sport surgical platform Titan is developing. The company said the placement consists of a 16.4 million-share transaction slated to close by June 30, and a 2nd tranche of 11.5 million shares, to be triggered by Toronto Stock Exchange clearance of Shanghai Jugu’s personal information form.
In May, Titan inked a 3-month extension on negotiations with distributor Longtai Medical for the exclusive rights to its Sport surgical robot in the Asia-Pacific region. Longtai put more than $24 million into Titan last November.
A March offering of shares and warrants grossed about $11.5 million (C$15.1 million) for Titan Medical.