Titan Medical plans 1st-in-human for bot in 2016, closes $8.6m round

Titan Medical (CVE:TMD) said it is plans to complete its 1st in-human Sport surgical system units during the 1st quarter of 2016, along with reporting a recently closed round of financing that brought in $8.6 million (CDN $11.5 million).

The company reported earnings from its 3rd quarter, ended on September 30, with losses growing to $10.9 million compared with $3.3 million during the same period in 2014. R&D costs were up for the company as well, growing from $3.1 million in its 3rd quarter in 2014 to $10.7 million this year.

“During the 3rd quarter, we focused on the continued development of the Sport Surgical System and made great strides with prospective manufacturers as we prepare Sport for commercial launch. In the near term we will complete building units for engineering verification in the 4th quarter of 2015 and will subsequently complete 1st in human units during the 1st quarter of 2016 for human clinical cases in the 2nd quarter of 2016,” CEO John Hargrove said in prepared remarks.

The Toronto-based company said yesterday it closed a unit offering, bringing in a total $8.6 million for the company through a base offering of 8.1 million and over-allotment of an additional 1.2 million units sold at 92¢ (CDN $1.23) each.

The deal was made between Titan Medical and Octagon Capital Corporation, according to the press release.

Each unit sold consisted of 1 common share of the company and 0.75 of a common share purchase warrant which entitles the buyer to acquire 1 share of the company at the price of $1.20 (CDN $1.60) for the 60 months following the closing date.

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