Titan Medical Successfully Transitions to an IP Licensing Company
2023年6月20日 - 8:30PM
Titan Medical Inc. (“
Titan” or the
“
Company”) (TSX: TMD; OTC: TMDIF) is pleased to
provide this further corporate update on its successful transition
to an IP licensing company.
Given the state of the capital markets such that emerging tech
issuers have generally faced severe challenges in raising capital
for pre-revenue and development stage projects, Titan has
determined to focus on exploring opportunities to generate revenue
from the licensing of its existing patent portfolio, and as
previously announced:
- the Company has terminated its
R&D operations and has substantially cut operating expenses
including management compensation and G&A expenses; and
- the Company has signed two licensing
agreements as previously disclosed with two major players in the
surgical robotic industry for total upfront payments of USD$15.5
million.
We believe that the two licensing deals validate the importance
and value of our patent portfolio and we continue to pursue
discussions with other parties toward additional non-exclusive
licensing arrangements.
With the influx of new cash from the two recent licensing
agreements and the termination of our R&D operations, the
Company continues to manage its payables and expects to meet its
projected obligations well into 2024. As part of the transition
away from R&D operations, we are also exploring opportunities
for the sale of our testing and manufacturing equipment.
Finally, the Company will also explore opportunities for a
merger, share exchange, asset acquisition, share purchase,
reorganization or similar business combination with one or more
businesses or entities (a “Business Combination”). Although the
Company will not be limited to a particular industry or sector for
purposes of consummating a Business Combination, the Company
intends to focus primarily on biotech, medtech and other life
sciences and technology sectors.
Paul Cataford, Interim CEO and Chair, stated, “We had expected a
better outcome from our strategic review process and we were
disappointed with the lack of any bids for the Company despite the
significant efforts in support of the process from our management
and board and our financial advisor. However, we are very pleased
with the recent developments noted above which have allowed us to
place the Company on a much stronger financial footing. Under the
circumstances, our Executive Team and Board have performed well and
have generated surprisingly good results.
It is a pleasure and a privilege to serve with such a dedicated
and hard-working Board and Management Team and I reiterate my
appreciation to them as well as to our former management colleagues
who were instrumental in this period of transition.”
The Company remains dedicated to continued shareholder
engagement and we look forward to the upcoming annual meeting.
About Titan Medical
Titan Medical Inc. (TSX: TMD; OTC: TMDIF), a
medical technology company headquartered in Toronto, Ontario, has
developed an expansive patent portfolio related to the enhancement
of robotic assisted surgery (RAS), including through a single
access point, and is currently focused on evaluating new
opportunities to further develop and license its intellectual
property.
Cautionary Statement Regarding
Forward-Looking Information
This news release contains “forward-looking
statements” within the meaning of applicable Canadian and U.S.
securities laws, which reflect the current expectations of
management of the Company’s future growth, results of operations,
performance and business prospects and opportunities.
Forward-looking statements are frequently, but not always,
identified by words such as “may”, “would”, “could”, “will”,
“anticipate”, “believe”, “plan”, “expect”, “intend”, “estimate”,
“potential for” and similar expressions, although these words may
not be present in all forward-looking statements. Forward-looking
statements that appear in this release may include, without
limitation, references to: the Company evaluating new opportunities
to further develop and license its intellectual property and to
generate revenue; validation of the importance and value of our
patent portfolio; the Company continuing to manage its payables,
and its expectation to meet its projected obligations well into
2024; the Company’s exploring opportunities for the sale of its
testing and manufacturing equipment; the Company’s exploration of
opportunities for a Business Combination; placement of the Company
on a much stronger financial footing; and the Company’s dedication
to continued shareholder engagement and the upcoming annual
meeting.
These forward-looking statements reflect
management’s current beliefs with respect to future events and are
based on information currently available to management that, while
considered reasonable by management as of the date on which the
statements are made, are inherently subject to significant
business, economic and competitive uncertainties and contingencies
which could result in actions, events, conditions, results,
performance or achievements to be materially different from those
projected in the forward-looking statements. Forward-looking
statements involve significant risks, uncertainties and assumptions
and many factors could cause the Company’s actual results,
performance or achievements to be materially different from any
future results, performance or achievements that may be expressed
or implied by such forward-looking statements. Such factors and
assumptions include, but are not limited to, the Company’s ability
to retain key personnel; its ability to execute on its business
plans and strategies, including the Strategic Transition; its
ability to continue to license some or all its intellectual
property to third parties and receive any material consideration
and other factors listed in the “Risk Factors” section of the
Company’s Annual Information Form for the fiscal year ended
December 31, 2022 (which may be viewed at www.sedar.com). Should
one or more of these risks or uncertainties materialize, or should
assumptions underlying the forward-looking statements prove
incorrect, actual results, performance, or achievements may vary
materially from those expressed or implied by the forward-looking
statements contained in this news release. These factors should be
considered carefully, and prospective investors should not place
undue reliance on the forward-looking statements.
Although the forward-looking statements
contained in the news release are based upon what management
currently believes to be reasonable assumptions and the Company has
attempted to identify important factors that could cause actual
actions, events, conditions, results, performance or achievements
to differ materially from those described in forward-looking
statements, the Company cannot assure prospective investors that
actual results, performance or achievements will be consistent with
these forward-looking statements. Except as required by law, the
Company expressly disclaims any intention or obligation to update
or revise any forward-looking statements whether as a result of new
information, future events or otherwise. Accordingly, investors
should not place undue reliance on forward-looking statements. All
the forward-looking statements are expressly qualified by the
foregoing cautionary statements.
ContactChien HuangChief Financial
Officerinvestors@titanmedicalinc.com
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Titan Medical (TSX:TMD)
過去 株価チャート
から 12 2024 まで 1 2025
Titan Medical (TSX:TMD)
過去 株価チャート
から 1 2024 まで 1 2025