Titan Medical Well Positioned for 2021 with Solid Balance Sheet and Projected License Revenue

The following post was written and/or published as a collaboration between Benzinga’s in-house sponsored content team and a financial partner of Benzinga.

Raised $22 million from equity financings in 2020, over $40 million in 2021

Titan Medical Inc., a medical device company headquartered in Toronto, focuses on the design and development of surgical technologies for robotic single access surgery. The company generated $20 million in license revenue in 2020 from its agreements with global medical device leader Medtronic plc and expects to generate $21 million in additional license revenue in 2021.

On December 31, 2020, Titan Medical had cash and cash equivalents of approximately $25.5 million, compared to around $0.8 million on December 31, 2019. Cash on hand has increased further in 2021, based on proceeds of over $30 million from additional equity financings and about $10 million in warrant exercises in January and February 2021.

It's an exciting time to be a Titan investor.

Single Access Surgical System

Surgical procedures have evolved from open surgery with the growth of minimally invasive surgery, and further with the evolution in robotic-assisted surgery. The global installed base of robotic-assisted surgical systems for abdominal surgery are primarily multi-port systems, typically involving three instruments and a camera, each requiring a separate incision. With a single port or single access, robotic surgery, the number and size of incisions, or access points, is further reduced.

Titan Medical's Enos™ robotic surgical system allows (through a single access point):

• 2 multi-articulating instruments
• Illumination
• 2D and 3D high-definition cameras

Titan aims to reduce the number of incisions to a single access point with an intent to reduce the trauma, complications, scarring, healing time, and use of postoperative pain medications associated with surgery. This will be especially relevant in the post-COVID-19 environment where patients are sensitive to longer hospital stays. Titan's Enos system has not been evaluated or cleared by the FDA or any other regulatory agency and is not yet for sale. Over the next two years, the company plans to complete product development and tooling for manufacturing, apply for an Investigational Device Exemption from the FDA, and once approved, conduct human clinical studies in preparation for an application for U.S. marketing clearance.

Beyond patient benefits, Titan plans to address surgeon needs as well. The surgeon operates the Enos workstation in comfort, as Titan has emphasized ergonomics, as well as clinical performance in the design of all of the interfaces of the surgeon workstation.  The company has even anticipated surgeon training and accreditation to support hospital standards by developing and integrating simulation training modules into the surgeon workstation.

Follow Titan Closely

As an investor, you're in the right place at the right time. Titan's balance sheet and expected license revenue have positioned the company for execution of its plan over the next two years. The Enos surgical system is being developed with dual 3D and 2D high-definition vision systems, multi-articulating instruments, and an ergonomic surgeon workstation. Titan intends to initially pursue gynecologic surgical indications for its products.

For more investor information, visit www.titanmedicalinc.com/investors/.

The preceding post was written and/or published as a collaboration between Benzinga’s in-house sponsored content team and a financial partner of Benzinga. Although the piece is not and should not be construed as editorial content, the sponsored content team works to ensure that any and all information contained within is true and accurate to the best of their knowledge and research. This content is for informational purposes only and not intended to be investing advice.