In the current trading session, Titan Medical Inc. (TMDI) stock had surged by 8.25% to trade at the price of $1.98 at the last check. TMDI stock previously closed the session at $1.83. The stock volume traded 0.77 million shares. In the past year up to date, TMDI stock had surged by 577.78% and in the past week, the shares jumped by 8.28%. In the past three and six months, the stock had shed -15.28% and added 125.93% respectively. Furthermore, Titan Medical Inc. is currently valued in the market at $200.43 million and has 109.53 million outstanding shares.
Here’s what you need to know about Titan Medical Inc.
Titan Medical Inc., an medical devices company, that centers on the designing, developing, and commercialization of smart-assistance robotic surgical systems for application in the least invasive medical procedure (MIS) through the single access point. The organization is fostering the SPORT Surgical System, a single-port robotics system that involves a specialist controlled patient space, which incorporates a 3D top quality vision framework and multi-articulating instruments for performing MIS methodology; and a specialist workstation that furnishes the specialist with an ergonomic interface to the patient space and a 3D endoscopic view inside the patient’s body during MIS techniques. The SPORT Surgical System empowers specialists to perform surgeries for gynecologic, urologic, colorectal, and stomach signs. Titan Medical Inc. is settled in Toronto, Canada.
Titan’s recent technical milestone shows strong partnership
Titan Medical inc. has recently achieved a milestone (technical milestone to be specific) by going under a development and license agreement with Medtronic plc. The agreement states that both companies will be using robotic-developed technologies for surgical procedures and purposes. The licensing agreement also pertains to Titan’s own EnosTM robotic single access surgical system (to be mentioned as “Enos surgical system) which it has licensed to Medtronics for payment of the U.S $10.0 million and other developed technologies. TMDI stock however retains the commercial rights for its EnosTM System. Every milestone that both of these medical technology companies achieve together can increase the stock value of both Medtronics and Titan Medical.
Initially, Titan achieved the first technical milestone along with the pursuant of a non-technical milestone under the development agreement that allowed for the raising of $18.0 million in the capital. TMDI stock is expected to receive an additional payment of US of $11.0 million for the completion for reaching the fourth and final milestone after completion of the 3rd milestone.
Future development and partnership goals of Titan Medical
These milestones and partnership depict a strong business development approach by Titan Medical Inc. Furthermore the company has recently created a new role of Vice President of Strategy and Business Development which will have the objective of overseeing Titan’s corporate and development strategic planning. Titan has announced that Deepak Basra will be filling the shoes for this role and being part of the leadership team.
Deepak Basra will also be focusing on the advancement of Titan’s proprietary EnosTMsurgical system. The company aims to expand by partnering and looking out for potential merger/acquisition opportunities. Deepak Basra will provide Titan with over 20 years of experience in M&A and global business development.