Titan Medical Q2 release shows development ramping up

Surgical robot developer Titan Medical (CVE:TMD) released its 2nd quarter earnings yesterday and reported on a handful of new agreements and operations as it continues towards production of its Sport surgical system.

Titan Medical is developing a minimally invasive robotic surgical systems featuring its Single Port Orifice Robotic Technology with 3D imaging and interactive instruments.

The company said that during the quarter it signed an agreement with a supplier of endoemechanical devices that will create customized single-patient use tools for the Sport system.

Another agreement, with Annapolis, MD’s James and Sylvia Earl SAIL Center at Anne Arundel Medical Center, is slated to aid the company in developing a training curriculum and performance evaluations for surgeons and surgical teams using the new device.

The last agreement reported was an Option Agreement with Platform Imaging to acquire exclusive rights to integrate camera control into the Sport system.

The company reported losses of $8.3 million for the 3 months ended June 30, up 21.7% from last year. Losses per share clocked in 8¢, up 1¢ from the same period in 2014. Research and development costs grew to $8,266,857 from $2,718,579 in 2014.

“During the 2nd quarter, we continued to invest in our technology and to build industry relationships that position us for further progress in the development of the Sport surgical system. The agreements we have recently signed underscore our commitment to improving the Sport surgical system’s capabilities and providing a comprehensive training program for surgeons. We continue discussions with prospective manufacturers as we prepare the Sport surgical system for commercial launch. In the near term we look forward to achieving our 4th quarter milestones of building units for engineering verification and first-in-human trials,” CEO John Hargrove said in a press release.

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