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Saturday, July 24, 2021

Enos Single Port Surgical System; the Rise of Titan Medical Inc. (NASDAQ: TMDI)

Titan Medical Inc. (NASDAQ: TMDI) is an exciting story in small caps that is beginning to see serious traction as the stock moves back over the all important $1 mark and continues to move higher. The move comes as TMDI executes on its agreement with Medtronic to further the development of robotic assisted surgical technologies. In October TMDI received the related $10 million license payment.

The development and license agreement with Medtronic is another step in Medtronic’s effort to break into the robot-assisted surgery space, which remains dominated by Intuitive Surgical (NSDQ:ISRG) and its da Vinci SP. Titan’s Enos™ single port robotic-assisted, minimally invasive surgical system represents a direct competitor to ISRG’s da Vinci surgical system and makes Titan a buyout target for Medtronic, a Company with over $100 billion in assets. Titan is looking much better than it did just a few months ago; the Company has $24,675,913 in the treasury, compared with cash and cash equivalents of $814,492 as of December 31, 2019.

Titan Medical Inc. (NASDAQ: TMDI) a medical device company headquartered in Toronto, is focused on developing robotic assisted technologies for application in single access surgery. The Enos™ system, by Titan Medical, is being developed to become the new standard of care in robotic single access surgery with dual 3D and 2D high-definition vision systems, multi-articulating instruments, and an ergonomic surgeon workstation. With the Enos system, Titan intends to initially pursue gynecologic surgical indications. Certain of Titan’s robotic assisted surgical technologies and related intellectual property have been licensed to Medtronic plc, while retaining world-wide rights to commercialize the technologies for use with the Enos system. Enos™ is a trademark of Titan Medical Inc. Titan Medical owns a valuable intellectual property portfolio including 59 issued patents and 85 applications pending and growing.

MDTI stock spiked in June after the Company entered into a development and license agreement with Medtronic plc trading on the NYSE as MDT to further the development of robotic assisted surgical technologies, as well as a separate license agreement with Medtronic in respect of certain intellectual property of Titan. Under the terms of the separate license agreement, Medtronic has licensed certain robotic assisted surgical technologies from Titan for an upfront payment of U.S. $10 million. Titan retains the rights to continue to develop and commercialize those technologies for its own business.

Medtronic plc develops, manufactures, distributes, and sells device-based medical therapies to hospitals, physicians, clinicians, and patients worldwide. While the Company is domiciled in Ireland it does most of its sales in the USA where the Company has executivre offies in Fridley, Minnesota. Medtronic trades on the NYSE under the ticker symbol “MDT” at $114 per share. Medtronic has over 100,000 employees worldwide and over $100 billion in assets. The Company is focued on breaking into the robot-assisted surgery space, which remains dominated by Intuitive Surgical (NSDQ:ISRG) and its da Vinci SP.

Intuitive Surgical, the Company behind the da Vinci surgical system trades on the NASDAQ as ISRG at over $700 per share.The da Vinci surgical system is one of the first robotic-assisted, minimally invasive surgical systems cleared by the FDA. The da Vinci surgical system  is used by surgeons in all 50 U.S. states and 67 countries around the world.  In March, Intuitive won a new indication from the FDA covering single-port radical tonsillectomy and tongue base resection procedures for the da Vinci SP. In June 2018, da Vinci SP won expanded clearance, after it was initially cleared for urological procedures in April 2014. Currently ISRG has a monopoly on highly lurcrative robotic-assisted, minimally invasive surgical systems. Surgeons are reporting outstanding clincial success while using the da Vinci SP.

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Titan’s Enos™ single port robotic-assisted, minimally invasive surgical system represnts a direct competitor to ISRG’s da Vinci surgical system. Titan is developing the Enos™ single port robotic-assisted, minimally invasive surgical system to become the new standard of care in robotic single access surgery with dual 3D and 2D high-definition vision systems, multi-articulating instruments, and an ergonomic surgeon workstation. Titan management believes upon commercialization its Enos™ single-port system to expand the market for robotic-assisted surgery with attractive pricing, a reduced operating room footprint and greater portability within the hospital.”

In October Titan completed the first technical milestone under the development and license agreement with Medtronic and on October 28, the Company received the related $10 million license payment. The development and license agreement provides for the development of robotic assisted surgical technologies for use by both Titan and Medtronic in their respective businesses. Titan will receive a series of payments totaling up to U.S. $31 million for Medtronic’s license to such technologies, as technology milestones are completed and verified. The U.S. $10 million payment for completion of the first technical milestone represents the first of these payments. Titan previously announced on June 11, 2020, the completion of a non-technical financial milestone pursuant to the development agreement, with the satisfactory raising of U.S. $18 million of capital.

As of November 16, Titan has increased its office and lab space for the growing product development team at its subsidiary, Titan Medical USA Inc., in Chapel Hill, North Carolina. Drawing talent from the Research Triangle Park area, the team has grown to 8 technical experts who are focused on advancing the Enos system, including software development and implementation of enhancements to its camera systems, multi-articulated instruments, and patient cart.

On Q3 results TMDI CEO David McNally stated: “Titan made significant progress during the third quarter of this year. We recommenced the development of our robotic single access surgical system, unveiled ‘Enos’ as its new brand name, and updated our corporate identity. Today, we are proud to launch our revamped website reflecting the new branding. During the quarter we also continued with the development activities commenced in mid-June under the development and license agreement with Medtronic, leading to the on-schedule and successful completion of the first technical milestone in October 2020. This first phase of the program was an intensive four-month effort and the results are a testament to the expertise and the innovative culture of our in-house and partner service provider teams.”

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Currently making a poweful move up the charts TMDI is executing on its agreement with Medtronic to further the development of robotic assisted surgical technologies. In October TMDI received the related $10 million license payment. The development and license agreement with Medtronic is another step in Medtronic’s effort to break into the robot-assisted surgery space, which remains dominated by Intuitive Surgical (NSDQ:ISRG) and its da Vinci SP. Titan’s Enos™ single port robotic-assisted, minimally invasive surgical system represents a direct competitor to ISRG’s da Vinci surgical system and makes Titan a buyout target for Medtronic, a Company with over $100 billion in assets. Medtronic is known for buying Companies they license technology from and they are well aware they cannot compete against ISRG without a single port. Titan is looking much better than it did just a few months ago; the Company has $24,675,913 in the treasury, compared with cash and cash equivalents of $814,492 as of December 31, 2019. We will be updating on TMDI when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with TMDI.

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Disclosure: we hold no position in TMDI either long or short and we have not been compensated for this article

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