Titan Medical Announces $1.5 Million Senior Secured Loan Facility With a Leading Global Medical Technology Company
April 29, 2020
Source: Business Wire
Titan Medical Inc. (“Titan” or the “Company”) (TSX: TMD) (Nasdaq: TMDI), a medical device company focused on the design and development of a single-port robotic surgical system for application in minimally invasive surgery (“MIS”), announces that it has closed a US$1.5 million senior secured loan facility (“Loan Facility”) from a leading global medical technology company. The Loan Facility has an interest rate of 8% per annum and is repayable not later than April 29, 2023.
Titan intends to use the proceeds under the Loan Facility for general corporate purposes while it seeks additional financing to meet its longer-term capital needs to support the development of its single-port robotic surgical system, instruments and accessories; and funding working capital (including the reduction of outstanding payables).
“We are delighted to receive medical device industry support in the form of this loan facility, which provides needed capital at a crucial time,” said David McNally, President and CEO of Titan Medical. “Access to this loan facility will allow us to continue to pursue additional capital from multiple sources.”
About Titan Medical Inc.
Titan Medical Inc. is focused on computer-assisted robotic surgical technologies for application in MIS. The Company is developing a single-port robotic surgical system comprised of a surgeon-controlled patient cart that includes a dual-view camera system with 3D and 2D high-definition vision options and multi-articulating instruments for performing MIS procedures, and a surgeon workstation that provides an advanced ergonomic interface to the patient cart and a 3D endoscopic view inside the patient’s body. Titan intends to initially pursue gynecologic surgical indications for use of its single-port robotic surgical system.
For more information, please visit the Company’s website at www.titanmedicalinc.com.
Contacts
Stephen Randall
Chief Financial Officer
416-548-7522
stephen@titanmedicalinc.com