Sam Brusco, Associate Editor12.06.22
Titan Medical announced the company will enact cost-cutting measures to preserve capital to support the strategic review process declared last week.
As part of the plan, Titan Medical’s U.S. subsidiary will temporarily furlough about 40 employees at its Chapel Hill, N.C. 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,” Cary Vance, Titan’s president and CEO told the press. “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.”
Titan will continue to work on its investigational device exemption (IDE) filing with the U.S. Food and Drug Administration (FDA). With the announcement this week, Titan will limit work to tasks related to the strategic review, IDE filing, and fulfilling other contractual development and supply obligations.
These cost-cutting measures, according to the company, will affect timing and costs of the firm’s milestones and Titan is therefore withdrawing all forward-looking statements included in continuous disclosure documents and others filed on SEDAR or EDGAR concerning the cost and timing of development of its Enos surgical system.
As part of the plan, Titan Medical’s U.S. subsidiary will temporarily furlough about 40 employees at its Chapel Hill, N.C. 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,” Cary Vance, Titan’s president and CEO told the press. “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.”
Titan will continue to work on its investigational device exemption (IDE) filing with the U.S. Food and Drug Administration (FDA). With the announcement this week, Titan will limit work to tasks related to the strategic review, IDE filing, and fulfilling other contractual development and supply obligations.
These cost-cutting measures, according to the company, will affect timing and costs of the firm’s milestones and Titan is therefore withdrawing all forward-looking statements included in continuous disclosure documents and others filed on SEDAR or EDGAR concerning the cost and timing of development of its Enos surgical system.