McNally, who also founded and led Zevex International to a 2007 acquisition by Moog Inc., succeeded interim chief John Barker effective Jan. 1. Barker, who was named to replace John Hargrove last October while the company searched for a full-time CEO, agreed to stay on as a director, the Toronto-based robot-assisted surgery company said.
Hargrove left after Titan was forced to put a hold on the development of its flagship Sport robot-assisted surgery platform in August 2016 after a funding round failed to materialize and it ran out of cash. Providence, R.I.-based Ximedica and Titan re-started the program after Titan was able to raise nearly $9 million round late last year.
Today chairman Martin Bernholtz said that the company liked the returns McNally generated for his Zevex and Domain shareholders.
“After a very thorough search, which included the consideration of more than a dozen highly qualified candidates, the board of directors has selected David to lead Titan during its next stages of development,” Bernholtz said in prepared remarks. “David brings to Titan an impressive track record of successful medical device commercialization, plus capital markets experience that we identified as key criteria during our search process.
“David has demonstrated extraordinary leadership skills with all facets of building innovative medical device companies, including clinically-focused product design and development, capital formation, regulatory clearance and commercialization. He also has direct experience in the highly competitive surgical space, which we considered another key asset. Our board is fully committed to working with David to advance the Sport surgical system’s development program in an effective and efficient manner. I would also like to commend John Barker for the speed and efficiency he displayed in executing the search leading to David’s appointment.”
“I am thrilled to be joining Titan as the team moves to refine the design and commence the regulatory approval process for the innovative Sport surgical system,” McNally added. “Based on my research during the interviewing process, I’ve come to the conclusion that Sport can deliver a unique range of benefits and improved healthcare outcomes to patients, surgeons and hospitals. We are confident that SPORT can produce these advantages at significant cost savings compared to other robotic surgical systems.”