As of October 25, 2017, 42,622,290 common shares have been issued through the exercise of 40,911,666 warrants at CDN $0.20 per share, 5,000 warrants at CDN $0.40 per share, and 1,705,624 broker warrants at CDN $0.15 per share.
TITAN Medical Inc. (“Titan” or the “Company”) (TSX: TMD) (OTCQB: TITXF), a medical device company focused on the design, development and commercialization of a robotic surgical system for application in minimally invasive surgery (“MIS”), announces that since September 26, 2017, the Company has received CDN $8,440,177 in financing proceeds from the exercise of share purchase warrants. As of October 25, 2017, 42,622,290 common shares have been issued through the exercise of 40,911,666 warrants at CDN $0.20 per share, 5,000 warrants at CDN $0.40 per share, and 1,705,624 broker warrants at CDN $0.15 per share.
David McNally, President and CEO of Titan Medical, said, “The early exercise of these warrants provides us with additional capital that we will use to fund continuing preclinical feasibility and validation studies at our U.S. and European Centers of Excellence, and development of our SPORT Surgical System. We expect that the funds from the warrant exercises, along with funds from the recently-announced surgeon-led private placement, will sufficiently finance our operations through the end of 2017.”
No commissions or placement fees have been paid related to this warrant exercise.
About Titan Medical Inc.
Titan Medical Inc. is a Canadian public company focused on research and development through to the planned commercialization of computer-assisted robotic surgical technologies for application in minimally invasive surgery. The Company is currently developing the SPORT Surgical System, a single-port robotic surgical system. The SPORT Surgical System is comprised of a surgeon-controlled patient cart that includes a 3D high definition vision system and multi-articulating instruments for performing MIS procedures, and a surgeon workstation that provides the surgeon with an advanced ergonomic interface to the patient cart and a 3D endoscopic view inside the patient’s body during MIS procedures. With the SPORT Surgical System, the Company aims to pursue a broad set of surgical indications, including general abdominal, gynecologic and urologic procedures.
For more information, please visit the Company’s website at www.titanmedicalinc.com.
