Titan Medical Implements Cost-Cutting Measures to Support Strategic Review Process
Titan Medical Inc. (Nasdaq: TMDI; TSX: TMD), a medical technology company focused on single access robotic-assisted surgery (RAS) system, today announced the company will implement certain cost-cutting measures with a view to preserving capital to support the strategic review process announced on November 30, 2022 while allowing the company to continue working on the investigational device exemption (IDE) filing with the U.S. Food and Drug Administration (FDA). As part of this plan, the company’s U.S. subsidiary will be temporarily furloughing approximately 40 employees at its Chapel Hill, North Carolina facility effective immediately
TORONTO, ON, Dec. 06, 2022 (GLOBE NEWSWIRE) -- Titan Medical Inc. (Nasdaq: TMDI; TSX: TMD), a medical technology company focused on single access robotic-assisted surgery (RAS) system, today announced the company will implement certain cost-cutting measures with a view to preserving capital to support the strategic review process announced on November 30, 2022 while allowing the company to continue working on the investigational device exemption (IDE) filing with the U.S. Food and Drug Administration (FDA). As part of this plan, the company’s U.S. subsidiary will be temporarily furloughing approximately 40 employees at its Chapel Hill, North Carolina facility effective immediately.
“While the company works through the strategic review process, and in view of the company’s capital position and the challenging market conditions, we have had to make the extremely difficult decision to place some of our employees on furlough,” said Cary Vance, Titan’s President and Chief Executive Officer. “These employees have made valuable contributions to the development of robotic assisted technologies, and as we have communicated to the impacted employees, we look forward to bringing our employees back to work if and as soon as we are able. While this is not the news we would want to have been sharing, it is a necessary measure that allows us to strategically maintain a workforce that supports the strategic review process while continuing to make progress towards an IDE filing.”
With this announcement, the company will limit work to tasks related to the strategic review process, the IDE filing and fulfilling certain other contractual development and supply obligations. The cost-cutting measures will impact the timing and costs of the company’s milestones and the company is therefore withdrawing all forward-looking statements included in its continuous disclosure documents and other documents filed on SEDAR or EDGAR with respect to the cost and timing of the development of its Enos surgical system.
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