During the quarter ended June 30, 2020, the Company secured capital in an amount that it believes is sufficient to resume product development, but not enough to complete its product development and regulatory submission plans. We offer telemedicine (via FaceTime or Skype) from the comfort of your own home where you will see a certified medical provider. While the Company is primarily dependent on equity financing for any additional funding required to complete its development plans, the Company currently has sufficient cash flow to meet its obligations over the next 12-month period. This discussion includes certain statements that may be deemed "forward-looking statements". In addition, a loss on change in fair value of warrants of $8,782,920 was reported in the three months ended June 30, 2020 compared to a gain on change in fair value of warrants of $6,609,952 during the same period of 2019. You can call or text us to learn how you can have a healthier, stronger life. The working capital as at June 30, 2020 is $21,746,851, excluding warrant liability. reduced disclosure requirements applicable to "emerging growth companies"; the likelihood that the Company is a "passive foreign investment company"; adverse impact on the Company's financial condition and results of operations for fiscal 2020 as a result of. Titan Medical Inc. published this content on 28 September 2020 and is solely responsible for the information contained therein. Découvrez comment nous utilisons vos informations dans notre Politique relative à la vie privée et notre Politique relative aux cookies. I paid $52 for 5 minutes with a nurse practitioner that wouldn't even listen. ergonomic interface to control the patient cart. the Company will need to replace any product development service provider in the event it should be necessary or desirable to the Company; the performance of human surgeries with the, the recruitment of surgeons from multiple hospital sites will be necessary to perform the surgeries, with each of these sites requiring approval of their independent Institutional Review, previous results achieved by surgeons in operating prototypes in animal and cadaver studies have validated the potential for single incision surgeries to be performed with the Company's. Since December 31, 2019, the outbreak of a novel strain of coronavirus, specifically identified as "COVID-19", has resulted in governments worldwide enacting emergency measures to combat the spread of the virus. Revenue from the License Agreement for intellectual property rights and. Refer to details of the offerings in the previous section of this document. They are not only an awesome place to go and get your therapies but they are an amazing team to work with. In June 2020, the Company established Titan Medical USA Inc. ("Titan USA" or "Subsidiary"), a Delaware corporation and a wholly owned subsidiary of the Company. The Company's business consists of the development of robotic-assisted surgical technologies for application in minimally invasive surgery ("MIS") and is presently focused on (i) the development of a single-port robotic surgical system, and (ii) the development of technology to meet the milestones under the Development Agreement with Medtronic (see below under "Recent Developments - Development and License Arrangements with Medtronic and Senior Secured Loan"). Pursuant to the agency agreement in respect of the June 2020 offering, in addition to the cash commission paid to the agents, 1,260,000 broker warrants were issued to the agents. There is no assurance that the Company will receive certain payments from Medtronic pursuant to the Development Agreement with Medtronic. In view of data gathered during case observations and valuable surgeon feedback received during the GLP and HFE preclinical studies, the Company identified opportunities for potential enhancements to the instruments, cameras and accessories associated with its single-port robotic surgical system. The Development Agreement provides for the development of robotic assisted surgical technologies for use by both Medtronic and the Company in their respective businesses through the granting of certain licenses to the intellectual property developed thereunder. They are creating an environment unlike any other hormone clinic out there and they are hard working, fun, and truly care. As a result of its recent financing activities, the Company has cash and cash equivalents of $28,689,757 at June 30, 2020. Nothing superior at this place besides their marketing ways. Follow us on Youtube of outsourced research and development and manufacturing service providers. On June 3, 2020, the Company entered into a License Agreement (see note 7) with a U.S. affiliate of Medtronic, whereby the Company is providing exclusive access to certain intellectual property rights relating to robotic assisted surgical technologies. Governments and central banks have reacted with significant monetary and fiscal interventions designed to stabilize economic conditions. If the request is granted, (i.e. Once positioned in the body, the insertion tube would be docked to a drive unit of the patient cart and the endoscopic camera and instruments subsequently inserted and controlled by the surgeon via the workstation. The Company has allocated its resources accordingly, to meet its commitments under each of the Development Agreement and the Note with Medtronic as well as obligations under the Supplier Agreement (see "Recent Developments"). Company will need to seek financing by way of equity financing and there is no assurance that further equity financing will be available or available on acceptable terms. To qualify, the Company will be required to meet the continued listing requirement for market value of publicly held shares and all other initial listing standards for Nasdaq, with the exception of the bid price requirement, and will need to provide written notice of its intention to cure the deficiency during the second compliance period, by effecting a share consolidation, if necessary. I paid $52 for 5 minutes with a nurse practitioner that wouldn't even listen. Since the Company has not submitted any regulatory applications, it is not possible to predict with certainty the outcome of any review by the FDA. Due to the uncertainty of milestone achievements and entitlement of payments, the Company recognizes revenue only upon acceptance by the customer of work performed and the milestone achieved. It is the Company's intent to have Titan USA, with the staff at its Chapel Hill, NC facility, manage and execute product development, including technical activities performed by internal resources and external development firms. the Company's intent to initially pursue gynecologic surgical indications for use of its single- port robotic surgical system; the Company's technology and research and development objectives and milestones, including any estimated costs, schedules for completion and probability of success and including without limitation the table set forth herein under the heading, "Current Development Plan" and the footnotes thereunder; the Company's intention with respect to updating any. The Company has the following contractual obligations: Note 1: On April 28, 2020, the Company issued the Note to an affiliate of Medtronic for the Medtronic Loan and executed and delivered the Security Agreement. Titan Medical Inc. to Present at the H.C. Wainwright Virtual Conference Business Wire - 9/9/2020 8:00:00 AM: Titan Medical Announces Chief Financial Officer Retirement and Successor Appointment Business Wire - 9/8/2020 8:00:00 AM: Titan Medical Reports Second Quarter 2020 Financial Results Business Wire - 8/12/2020 5:30:00 PM the indication of additional specific milestones as the development of the Company's single - port robotic surgical system progresses; the Company's intention to continue to assess specialized skill and knowledge requirements and recruitment of qualified personnel and partners; the Company's continuing efforts to secure its intellectual property by filing patent applications; the Company's expectations with respect to its relationship with the Key Supplier, the future success of the Company is substantially dependent on funding its research and development program and maintaining the support of its research and development and. Until repayment of the loan, Medtronic may have one non-voting observer attend meetings of the Company's Board of Directors. the Company's ability to raise sufficient financing on a timely basis, to secure and restore relationships with its suppliers and development partners and to retain qualified personnel; the Company's business plan consists of the development of. Internal Control over Financial Reporting. As of the date of this report, the Company had no off-balance sheet arrangements. Application to the IRB of each hospital can be made once the FDA has approved the IDE. On March 25, 2020, the Company entered into definitive agreements with institutional investors that provide for the purchase and sale of 7,000,000 Common Shares of the Company at a per share purchase price of $0.17 per Common Share and 3,500,000 Common Share purchase warrants, resulting in total gross proceeds of approximately $1.2 million ($0.862 million net of closing costs including cash commission described below). With input from surgeons and operating room staff experienced in MIS, the design of the Company's robotic surgical system has been intended to include the traditional advantages of robotic-assisted surgery, including 3D imaging and instinctive control, as well as new and enhanced features, including a surgeon workstation providing an ergonomically friendly user interface and a mobile patient cart that facilitates the use of instruments with enhanced dexterity. Each broker warrant entitles the holder thereof to acquire one common share at the price of US $0.21 for a period of 5 years following the closing date. Financial statement items subject to significant judgement include: the measurement of stock-based compensation, the fair value estimate of the initial measurement of lease and warrant liabilities and the remeasurement of unlisted warrants. Pursuant to the agency agreement in respect of the May 2020 offering, in addition to the cash commission paid to the agents, 386,015 broker warrants were issued to the agents. The reusable instruments feature a continuous curve articulating body with an open central lumen designed to accommodate an assortment of end effectors. The Medtronic Loan and the Note (as defined herein) may limit or preclude the Company from arranging further debt financing. But after some reflection you would be much better off doing the research and purchasing products at half the price! Pending receipt of sufficient additional capital over the course of the next twelve months, the Company expects to undertake improvements to its instruments, end-effectors and cameras, and complete software development. The Company currently does not generate any revenue (other than from its agreements with Medtronic, as defined herein - see Recent Developments - Development and License Arrangements with Medtronic and Senior Secured Loan") and interest income on its cash balances) and accordingly, it is primarily dependent upon equity financing for any additional funding required to complete its research and development relating to the its single-port robotic surgical system and operating expenses. Therefore, the Company is prioritizing its present work plans on first achieving the deliverables required to satisfy the criteria for license payments to be received pursuant to the Development Agreement with Medtronic, and then, selectively implementing certain design enhancements to its single-port robotic surgical system, instruments, cameras and accessories. Accordingly, readers should not place undue reliance on forward-lookingstatements. The technology design and development requires a combination of personnel with experience and expertise in robotic-assisted surgical technology and financial resources. On July 30, 2020, the Company issued 22,425 stock options with an exercise price of CDN $1.266 to a director in exchange for services rendered. After the FDA receives and reviews a request, a determination (generally within 150 days) is made to either grant or decline the request. Rights and filed on June 17, 2020 is $ 21,746,851, excluding warrant.... 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Better off doing the research and development from its premises located in Chapel Hill, North Carolina, States. Do yourself a favor and go somewhere else to save money indications for use of Proceeds from.... To go back to my Medical history available to the Company intends to pursue the Novo... To certain technology to be developed under the Agreement the Nasdaq listing rules provide the additional information providing! Tampa, Florida but we service NATIONWIDE stock to buy right now of those assessment tools License at.

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