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Titan Medical’s Enos single-acces robotic-assisted surgical procedure system. | Supply: Titan Medical
Titan Medical (Nasdaq:TMDI) introduced at this time that it plans to evaluation and consider strategic alternate options to unlock shareholder worth.
Toronto-based Titan develops single-access robotic-assisted surgical procedure know-how. It consulted with monetary and authorized advisors to find out that the evaluation is within the firm’s and stakeholders’ finest curiosity.
In keeping with a information launch, Titan’s board plans to contemplate a full vary of strategic alternate options. Which will embrace a company sale, merger or different enterprise mixture. It might additionally result in a sale of all or a portion of its property, strategic funding or different vital transaction.
Titan Medical earlier this month introduced a plan to carry a digital shareholder assembly on Jan. 12, 2023. The aim is to hunt approval for a share consolidation plan to take care of the corporate’s Nasdaq itemizing.
As a part of the strategic evaluation, Titan engaged Raymond James as a monetary advisor. Raymond James’ position consists of advising the corporate within the evaluation and analyzing strategic alternate options.
No ensures out of the evaluation
Titan didn’t set a timetable for the completion of this course of. The corporate mentioned it doesn’t intend to supply updates on developments till it executes a definitive settlement. An exception might come ought to the board decide that an replace is acceptable or required.
The corporate intends to judge all choices pretty to maximise shareholder worth. Nonetheless, it mentioned it couldn’t guarantee that the method will end in any transaction. As well as, ought to the corporate undertake a transaction, it has no ensures relating to its phrases or timing.
“Our administration staff is totally aligned with the board’s choice to discover choices to maximise shareholder worth,” mentioned Titan President and CEO Cary Vance. “We imagine it’s prudent to undertake a evaluation of our strategic choices to find out the most effective path ahead to understand the worth of our improvements in single-access robotic-assisted applied sciences to maximise shareholder worth. Our Board and administration staff stay dedicated to our technique of offering sufferers, surgeons and hospitals with an modern, improved surgical expertise.”
Might prior relationships come into play?
Titan has a longstanding relationship with medtech large Medtronic, together with a variety of buy orders, milestone funds and extra. That relationship may very well be price keeping track of as Titan’s evaluation course of performs out.
In September, Titan and Medtronic entered right into a improvement deal on surgical robots. The settlement constructed on a 2020 improvement and license deal. Titan achieved all three milestones within the settlement, together with elevating $18 million in capital in October 2020. In Could, Titan signed a $2.6 million buy order from Medtronic to supply devices and cameras for preclinical actions.
“Medtronic’s curiosity has been in Titan’s capability to innovate,” Vance advised MassDevice in October. “That was the genesis of the association we had about two-and-a-half years in the past after we had been requested to develop some know-how for them.”
Editor’s Be aware: This text first appeared on sister web site MassDevice and was republished with permission.
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