Cary Vance reports
TITAN MEDICAL ANNOUNCES COMMENCEMENT OF STRATEGIC REVIEW PROCESS
Titan Medical Inc.'s board of directors, in consultation with its financial and legal advisers, has determined that it is in the best interest of the company and its stakeholders to undertake a review and evaluation of strategic alternatives that may be available to the company to unlock shareholder value. As part of the process, the board will consider a full range of strategic alternatives, including corporate sale, merger or other business combination; a sale of all or a portion of the company's assets; a strategic investment; or other significant transaction.
As part of the strategic review process, the company has engaged Raymond James as financial adviser to advise the company in connection with this broad and comprehensive review and analysis of strategic alternatives.
Cary G. Vance, Titan's president and chief executive officer, commented: "Our management team is completely aligned with the board's decision to explore options to maximize shareholder value. We believe it is prudent to undertake a review of our strategic options to determine the best path forward to realize the value of our innovations in single-access robotic-assisted technologies to maximize shareholder value. Our board and management team remain committed to our strategy of providing patients, surgeons and hospitals with an innovative improved surgical experience."
The company has not set a timetable for completion of the process and does not intend to provide any updates on developments unless and until the company executes a definitive agreement with respect thereto or the board otherwise determines that an update is appropriate or required.
While the company intends to evaluate all options fairly to maximize shareholder value, there can be no assurance that the strategic review process will result in any transaction or, if a transaction is undertaken, as to its terms or timing.
About Titan Medical
Titan Medical, a medical device company headquartered in Toronto, Ont., and with operations in Chapel Hill, N.C., is focused on enhancing robotic-assisted surgery (RAS) using innovative technology through a single access point. The Enos single-access RAS system is being developed with an ergonomic focus to provide a surgical experience that imitates real-life movements that surgeons demand. The Enos system includes multiarticulating instruments designed to allow surgeons an increased range of motion in a confined space, with dexterity and the ability to exert the forces necessary to complete common surgical tasks. Titan intends to initially pursue gynecological surgical indications with the Enos system.
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