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Titan Medical’s Enos single-acces robotic-assisted surgical procedure system. | Supply: Titan Medical

Titan Medical (Nasdaq:TMDI) introduced right this moment that it plans to evaluate and consider strategic alternate options to unlock shareholder worth.

Toronto-based Titan develops single-access robotic-assisted surgical procedure expertise. It consulted with monetary and authorized advisors to find out that the evaluate is within the firm’s and stakeholders’ finest curiosity.

In line with a information launch, Titan’s board plans to contemplate a full vary of strategic alternate options. That will embody a company sale, merger or different enterprise mixture. It may additionally result in a sale of all or a portion of its belongings, strategic funding or different important transaction.

Titan Medical earlier this month introduced a plan to carry a digital shareholder assembly on Jan. 12, 2023. The objective is to hunt approval for a share consolidation plan to take care of the corporate’s Nasdaq itemizing.

As a part of the strategic evaluate, Titan engaged Raymond James as a monetary advisor. Raymond James’ position contains advising the corporate within the evaluate and analyzing strategic alternate options.

No ensures out of the evaluate

Titan didn’t set a timetable for the completion of this course of. The corporate mentioned it doesn’t intend to supply updates on developments till it executes a definitive settlement. An exception may come ought to the board decide that an replace is acceptable or required.

The corporate intends to guage all choices pretty to maximise shareholder worth. Nevertheless, it mentioned it couldn’t guarantee that the method will lead to any transaction. As well as, ought to the corporate undertake a transaction, it has no ensures relating to its phrases or timing.

“Our administration staff is totally aligned with the board’s choice to discover choices to maximise shareholder worth,” mentioned Titan President and CEO Cary Vance. “We consider it’s prudent to undertake a evaluate of our strategic choices to find out the most effective path ahead to understand the worth of our improvements in single-access robotic-assisted applied sciences to maximise shareholder worth. Our Board and administration staff stay dedicated to our technique of offering sufferers, surgeons and hospitals with an revolutionary, improved surgical expertise.”

May prior relationships come into play?

Titan has a longstanding relationship with medtech large Medtronic, together with a spread of buy orders, milestone funds and extra. That relationship could possibly be price maintaining a tally of as Titan’s evaluate course of performs out.

In September, Titan and Medtronic entered right into a growth deal on surgical robots. The settlement constructed on a 2020 growth and license deal. Titan achieved all three milestones within the settlement, together with elevating $18 million in capital in October 2020. In Might, Titan signed a $2.6 million buy order from Medtronic to supply devices and cameras for preclinical actions.

“Medtronic’s curiosity has been in Titan’s potential to innovate,” Vance informed MassDevice in October. “That was the genesis of the association we had about two-and-a-half years in the past once we had been requested to develop some expertise for them.”