Titan Medical reported its 2017 third quarter financial results, with research and development expenses totaling over $4 million.
Here are four notes:
1. Third quarter net and comprehensive loss, including adjustment for warrant liability, was $13.9 million, compared to $1.6 million in the third quarter of 2016.
2. Cash, cash equivalents and deposits with suppliers as of Sept. 30, were just over $7.2 million compared with $6.3 million as of Dec. 31, 2016.
3. During the third quarter Titan Medical installed its first two installations of the SPORT Surgical System at Columbia University Medical Center in New York City and Celebration-based Florida Hospital Nicholson Center.
4. Titan Medical also completed a $2.6 million private placement, during the third quarter, and received $7.1 million in proceeds from the exercise of share purchase and broker warrants.