TITAN MEDICAL INC COM NPV (OTCMKTS:TITXF) is a micro-cap name that’s clearly begun to spur some major interest among players in the OTC marketplace as shares launch up off recent lows to start the year. The big catalyst fueling the move is the company’s announcement that it has appointed David J. McNally, known as an executive who has successfully created and developed two medical device companies, as Chief Executive Officer and a Director of Titan Medical Inc. According to the release, Mr. McNally joined Titan on January 1, 2017 and succeeded interim CEO John Barker, who will remain a Director.
The chart shows better than 110% tacked on to share pricing for the name in the past week, a bounce that has taken root amid largely bearish action over the larger time frame. Market participants may want to pay attention to this stock. TITXF is a stock whose past is littered with sudden rips. In addition, the name has benefitted from a jump in recent trading volume to the tune of a bit less than 250% beyond what we have been seeing over the larger time frame.
TITAN MEDICAL INC COM NPV (OTCMKTS:TITXF) promulgates itself as a development stage company that focuses on design and development of robotic surgical system for application in minimally invasive surgery (MIS).
The company is developing Single Port Orifice Robotic Technology (SPORT) Surgical System, a single-port/single-incision robotic surgical system that comprises a surgeon-controlled robotic platform, which includes a 3D vision system and interactive instruments for performing MIS procedures.
Its SPORT Surgical System also includes a surgeon workstation that provides the surgeon with an interface to the robotic platform for controlling the interactive instruments and providing a 3D endoscopic view of inside a patient’s body during MIS procedures.
The SPORT Surgical System is being designed to expand robotic surgery into simple and complex areas of surgical specialties that allow surgeons to perform procedures within small to medium size surgical spaces for general abdominal, gynecologic, and urologic indications. Titan Medical Inc. is based in Toronto, Canada.
According to company materials, “Titan Medical Inc. is a Canadian public company focused on the design and development of a robotic surgical system for application in minimally invasive surgery (“MIS”). The Company’s SPORT™ Surgical System, currently under development, includes 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. The surgical system also includes a surgeon workstation that provides a surgeon with an advanced ergonomic interface to the robotic platform for controlling the instruments and provides a 3D high-definition endoscopic view of inside a patient’s body. The SPORT Surgical System is designed to enable surgeons to perform a broad set of surgical procedures for general abdominal, gynecologic, and urologic indications.”
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The reception to Mr. McNally’s appointment has been enthusiastic, to say the least.
“After a very thorough search, which included the consideration of more than a dozen highly qualified candidates, the Board of Directors has selected David to lead Titan during its next stages of development,” said Martin Bernholtz, Chairman of the Board. “David brings to Titan an impressive track record of successful medical device commercialization, plus capital markets experience that we identified as key criteria during our search process. We were most impressed with the returns he generated for his shareholders at ZEVEX International, which was sold to Moog, Inc. in 2007, as well as more recently with Domain Surgical, which was merged with OmniGuide, Inc. earlier this year to become a leading franchise in advanced energy. David has demonstrated extraordinary leadership skills with all facets of building innovative medical device companies including clinically-focused product design and development, capital formation, regulatory clearance, and commercialization. He also has direct experience in the highly competitive surgical space, which we considered another key asset. Our board is fully committed to working with David to advance the SPORT Surgical System’s development program in an effective and efficient manner. I would also like to commend John Barker for the speed and efficiency he displayed in executing the search leading to David’s appointment,” Mr. Bernholtz concluded.
“I am thrilled to be joining Titan as the team moves to refine the design and commence the regulatory approval process for the innovative SPORT™ Surgical System,” said Mr. McNally. “Based on my research during the interviewing process, I’ve come to the conclusion that SPORT can deliver a unique range of benefits and improved healthcare outcomes to patients, surgeons and hospitals. We are confident that SPORT can produce these advantages at significant cost savings compared to other robotic surgical systems.”
Currently trading at a market capitalization of $74.6M, TITXF has a chunk ($127K) of cash on the books, which stands against virtually no total current liabilities. The company is pre-revenue at this point. You can bet we will update this one again as new information comes into view. For continuing coverage on shares of $TITXF stock, as well as our other hot stock picks, sign up for our free newsletter today and get our next hot stock pick!