- Titan Medical (TMD) gets real about its future in the health sector
- Raymond James was hired to undertake a review of the company
- Out of the 40 parties, there was no interest in acquiring the Titan Medical’s
- Many different reasons were citied for the reasons as to why
- Titan is remaining open to all strategic options
- Titan Medical (TMD) is down over 64 per cent, trading at C$0.40 at close
Titan Medical (TMD), the innovative technology company, released grim news today.
Raymond James was hired to undertake a review and evaluation of the company.
This decision came from Titan’s Board of Directors and was recorded on November 30, 2022 that is was in the best interest of the company.
Raymond James, financial services firm, complied research from over 40 potential counterparties.
The Outcome
Out of the 40 parties, there was no interest in acquiring the Titan Medical’s.
However, some parties cited the focus of the company’s technology development, the financial situation of the company, and their own differentiated focus of tasks at hand to be a deterring reason.
Another reason could be from the specialized nature of the technology in addition to timing.
Based upon the results, in addition to the current economic client, the results and response of the strategic review process, the board has determined to sell all or a portion of the company’s assets.
Assets included in the sale would be its intellectual property portfolio amounting to over 235 patents and patent applications. The company is focusing on alternative routes.
“We are implementing cost reductions in an effort to preserve cash while maintaining the value of the company’s technology and other key assets in considering any further strategic alternatives,” said Cary Vance, President and CEO of Titan Medical.
With spending top of mind, there has been a halt on all expenditures that further develop Enos single-access RAS system, and more.
Back to December, there were layoffs of 48 employees from the Chapel Hill operations, leaving 18 remaining employees.
As if it wasn’t a hard enough time already, Heather Knight, Board of Directors member, resigned yesterday.
What’s Next
“We remain open to all strategic options, including the sale of all or a portion of the company’s assets, in the best interests of the company,” added Vance.
Titan Medical is headquartered in Toronto and is a medical device company focused on enhancing robotic assisted surgery (RAS).
Titan Medical (TMD) is down over 64 per cent, trading at C$0.40 at close.
