Titan Medical (TSX:TMD) late last week reported its third quarter financial results, touting that the the company met all its published milestones for the fiscal quarter.
The Toronto-based medical robotics company said it already has two facilities using its Sport platform for preclinical feasibility and validation studies and that it plans to launch additional studies with Columbia University Medical Center and at the European Institut Hospitalo-Universitaire de Strasbourg.
“The third quarter of 2017 and recent weeks were exciting and productive, and built upon the work we have done to advance the development of our single-port robotic surgical system. We installed our first advanced prototype Sport Surgical Systems at the Florida Hospital Nicholson Center and at Columbia University Medical Center, and commenced preclinical feasibility and validation studies. We are encouraged by the enthusiastic feedback we are receiving from the surgeons testing the Sport Surgical System. We plan to commence additional studies with Columbia University Medical Center and our European center of excellence, Institut Hospitalo-Universitaire de Strasbourg, in the fourth quarter of 2017 and to continue with all three sites into 2018. Having successfully completed all our published milestones for the third quarter, we are confident we are on track to meet our fourth quarter milestones and will continue to execute as we enter 2018,” CEO David McNally said in a press release.
The company reported R&D expenses of $4.1 million, up slightly from the $3.4 million reported during its third quarter last year.
Net and comprehensive loss for the quarter was $13.9 million, up from the $1.7 million it reported during its prior third quarter.
Titan reported that cash, cash equivalents and supplier deposits were valued at $7.3 million as of September 30, up from $6.4 million it reported having on hand on December 31, 2016.
The company said it raised approximately $18.7 million in funding between June 29 and October 31 through a number of different investments.