Titan Medical Receives US Patent for Surgical Robotic Device

Titan Medical (TSX:TMD,NASDAQ:TMDI) announced on Tuesday (August 28) that it has been awarded a US patent for its SPORT surgical robotic device.

According to the press release, the company was given US Patent No. 10,058,396 called “System and Apparatus for Insertion of an Instrument into a Body Cavity for Performing a Surgical Procedure.”

What this means is the patent will allow the technology to further and simplify the positioning of robotic surgical systems such as single-port surgical systems, including the company’s SPORT Surgical System.

“The granting of this US patent further enhances Titan’s intellectual property position in single-port robotic surgery,” David McNally, president and CEO of Titan Medical, said in the press release. “We believe the unique attributes presented in the patented technology will further enable successful single-port robotic surgery.”

McNally continued, stating the technology will simplify the process for surgeons and bedside assistants and, of course, ease the patients being operated on.

In its efforts to get the technology patented, the press release indicates it was developed and led by Dr. Perry Genova, the company’s senior vice-president of research and development.

Thanks to this patent, Titan Medical now has 26 issued patents and has 60 pending patent applications around the world.

Prior to Tuesday’s announcement, the company issued its Q2 2018 financial results on August 13, highlighting that it expects to have its SPORT Surgical System fully launched sometime in 2020.

The company also closed a public offering on August 10, issuing over 7.6 million shares for gross proceeds of US$19.2 million, which were listed and posted for trading on the Toronto Stock Exchange and the NASDAQ Capital Market. Titan Medical began listing its shares on the NASDAQ back on June 27.

In an interview with the Investing News Network (INN) in July, McNally said he hopes the listing on the larger US-exchange will attract institutional investors and provide stability to its share price moving forward.

“These are the types of investors that look at the long view with respect to medical device commercialization,” McNally said at the time.

Ever since Titan Medical began trading its shares on the NASDAQ in June, it has decreased in value by more than 68 percent, dipping from US$6.27 to US$1.99 as of market close on Tuesday.

On the Toronto Stock Exchange, shares of Titan Medical increased 4.47 percent on Tuesday to close the trading session at C$2.57. Its US-based stock has a “Moderate Buy” ranking on TipRanks based off one analyst with an average price target of US$8.

Meanwhile on TradingView, the Canadian stock has a “Sell” ranking with 14 against, nine as “Neutral” and three as a “Buy.” Similarly, its NASDAQ stock is marked as a “Sell” with 13 against, 10 as “Neutral” and three as “Buy.”

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Securities Disclosure: I, Jocelyn Aspa, hold no direct investment interest in any company mentioned in this article.