Titan Medical President, CEO David McNally Steps Down

Titan Medical president and CEO David McNally reportedly stepped down and resigned from the Board of Directors on Dec 1. Board Chair Paul Cataford was appointed interim president and CEO, with Anthony J. Giovinazzo assuming lead independent Board director. The company aims to begin searching for a permanent CEO early next year.
 
Cataford was most recently CEO and co-founder of sleep-disordered breathing treatment and diagnostics firm Zephyr Sleep Technologies. He has served on the boards of directors at Sierra Wireless, Trakopolis IoT Corp., SemiBioSys Genetics, and AGJunction Inc. He has a mechanical engineering degree from Queen’s University, and MBA from York University’s Schulich School of Business, and is a graduate of the Institute of Corporate Directors – Directors College, Rotman School of Business at the University of Toronto.
 
“We continue to be impressed with Titan’s strong fundamentals and look forward to starting clinical trials,” Cataford told the press. “With the development of the EnosT robotic single access surgical system, we look to provide an enhanced experience for surgeons and patients in robotic assisted surgery. Furthermore, as an innovation leader in robotic surgery, our significant and growing intellectual property portfolio of over 190 patents and applications provide potential licensing opportunities in addition to the subset that has been licensed to Medtronic. The company’s entire IP portfolio, including those patents licensed to Medtronic, may be used in the company’s own products and services.”
 
“On behalf of the Board, I would like to thank David McNally for his service to the company; he has assembled a talented and capable management team and built a strong relationship with Medtronic,” he continued. “I look forward to working closely with this team and Medtronic to execute near-term priorities, such as the completion of the final Medtronic milestone associated with the development and license agreement by year end 2021.”
 
“Additionally, Titan looks to secure additional funding in 2022, and to file the IDE application with the FDA, which upon receipt of approval would allow us to commence the clinical study for the Enos system,” concluded Cataford.