Earlier this month, Titan Medical’s efforts to commercialize its surgical robotics system for minimally invasive surgery hit a roadblock. The Toronto-based company announced it would delay the system because of a lack of financing.
Now, the Toronto-based company is hoping to get things back on track by raising proceeds through an offering. In a release, Titan said it has priced the offering at .45 cents per unit for a minimum of $15 million and a maximum of $25 million.
Titan said the net proceeds of the offering will be used to fund continued development work in connection with the company’s robotic surgical system, as well as for working capital and other general corporate purposes
When the news came out about Titan delaying the timeline for the surgical robotics system, the company’s shares dropped by as much as 50%.
Titan is developing a single-port robotic surgical system comprised of a surgeon-controlled patient cart that includes a dual-view camera system with 3-D and 2-D high-definition vision options and multi-articulating instruments for performing MIS procedures, and a surgeon workstation that provides an advanced ergonomic interface to the patient cart and a 3-D endoscopic view inside the patient’s body.
Titan said it intends to initially pursue gynecologic surgical indications for use of its single-port robotic surgical system.
The firm’s woes come on the heels of significant developments in the surgical robotics market. A key development happened when Medtronic finally unveiled details surrounding its surgical robotics platform.
The Dublin-based company’s system is expected to be a direct competitor to Intuitive Surgical’s da Vinci platform. For years Intuitive has had the surgical robotics market on lockdown facing very little competition.
Johnson & Johnson, another rising competitor, recently gave an update on the surgical robotics system it was developing with Verily Life Sciences through the Verb Joint Venture.
While J&J executives stopped short of giving a timeline for the soft tissue robotics platform launch, they did say that company was making progress on that front and has been having active discussions with regulatory bodies in the U.S. and Europe.