Titan Medical: Seeking a niche in single-port robotic surgeryTitan Medical (TSX:TMD;OTC:TITFX) faced a working capital deficit of $9.7 million in mid-2019. Fast forward to the end of Q2 2020, and the robotic surgery company had $21.7 million in working capital and was able to resume product development of its single-port robotic surgical system.
Titan executives were able to turn things around thanks to a $10 million license payment as part of its new development deal with Medtronic (NYSE:MDT). Titan also recently brought in $18 million from a public equity raise.
Titan Medical CEO David McNally in July noted the clinical success that surgeons are reporting while using Intuitive Surgical’s da Vinci SP — currently the only commercially available single-port offering — but the success involves surgical indications outside the initial target area that Titan is pursuing.
“We believe that our robotic-assisted surgical system, having been designed with a focus on single-port surgery, may provide competitive advantages for physicians and their clinical teams, hospitals and patients,” McNally said. “Should we be able to complete product development and achieve regulatory clearance in a timely manner, upon commercialization we expect our single-port system to expand the market for robotic-assisted surgery with attractive pricing, a reduced operating room footprint and greater portability within the hospital.”