TITAN MEDICAL INC COM NPV (OTCMKTS:TITXF) has been basing for the past 3 months and just started to see some serious money flows over the past few days. The breakout has been clear during that period, with key resistance in the $0.12-0.13/share zone surpassed on a major bump in volume. Accompanying that action was TITXF’s announcement this week of the installation of Titan Medical’s SPORT Surgical System at the hospital’s training facility in Celebration, Florida. According to the release, this is the first installation in the world for pre-clinical feasibility and validation studies of the SPORT Surgical System, a single port robotic system.
David McNally, President and CEO of TITXF, said, “We are thrilled to announce the first of three installations planned in U.S. and European Centers of Excellence in 2017. I am pleased with the focus and execution of our team as we deliver this first system ahead of our fourth quarter milestone projection. We look forward to beginning pre-clinical feasibility and validation studies in the coming weeks in a variety of surgical disciplines. Based on surgeon enthusiasm, we remain confident in the tremendous potential of single port robotic surgery to improve the physician experience as well as surgical outcomes.”
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).
TITXF 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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As noted above, TITXF just announced the first installation of Titan Medical’s SPORT Surgical System at the hospital’s training facility in Florida.
Scott Magnuson, M.D., Chief Medical Officer of Florida Hospital Nicholson Center, said, “We are happy to be Titan Medical’s partner in this journey and look forward to a successful collaboration with the development of the SPORT Surgical System. At Florida Hospital Nicholson Center, we take pride in being the preferred partner of choice for companies developing cutting edge products that hold potential to benefit medicine and surgery.”
Traders will note 43% tacked on to share pricing for the name in the past month, but this action is running counter to the larger trend in the name. Market participants may want to pay attention to this stock. TITXF has evidenced sudden upward volatility on many prior occasions. What’s more, the company has witnessed a pop in interest, as transaction volume levels have recently pushed just shy of 240% beyond what we have been seeing over the larger time frame.
At this time, carrying a capital value in the market of $42.09M, TITXF has a significant war chest ($8.9M) of cash on the books, which must be weighed relative to virtually no total current liabilities. The company is pre-revenue at this point. This may be a very interesting story and we will look forward to updating it again soon. Sign-up for continuing coverage on shares of $TITXF stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!
Disclosure: we hold no position in $TITXF, either long or short, and we have not been compensated for this article.