Titan Medical Inc (OTCMKTS:TITXF) shares were up 19.02% to $0.530 on Thursday and flat in after-hours trading. The company has a market cap of $65.59 million at 147.40 million shares outstanding. Share prices have been trading in a 52-week range of $0.37 to $1.30.
Titan Medical Inc is a Canadian public company focused on the design and development of a robotic surgical system for application in MIS. Its SPORT Surgical System, which is currently in its development phase, features a surgeon-controlled robotic platform that incorporates a 3D high-definition vision system and multi-articulating instruments for performing MIS procedures through a single incision. This system also includes a surgeon workstation that provides the surgeon with an advanced ergonomic interface to the robotic platform for controlling the instruments through a 3D high-definition endoscopic view of inside a patient’s body.
In its latest earnings report, Titan Medical Inc announced a quarterly loss of $0.05 per share. So far, the company is still in the development stage and is not expecting any revenues until the SPORT Surgical System is commercially launched. Research and development expenses for the quarter came in at $7,662,739, compared with $8,266,857 for the 2015 second quarter.
Our immediate focus is securing the financing to resume the development of the SPORT Surgical System so we can capitalize on what we see as an enormous marketplace opportunity,” said Titan Medical Inc CEO John Hargrove.
Net loss for the three-month period ending in June 30, 2016 was $7,934,874 compared to the net loss of $8,250,823 in the same period a year ago. During the latest reporting quarter, Titan Medical Inc was able to reach its milestone for the period of initiating usability and human factor studies.
Hargrove added that he, along with the Board of Directors, is aggressively exploring financing strategies to minimize the disruption and continue the progress that the company has made over the past few months.
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