Titan Medical: Falls after warning of business hit from coronavirus

Conavi Medical

31/03/2020 13:49

** U.S-listed shares of medical device maker  TMDI.O  fall
30.9% to 24 cents in premarket trading 
    ** Co withdraws revenue projections, citing business risk
from the coronavirus
    ** Co faces negative effects of spread of COVID-19 on the
industry at large and ability to raise capital - CEO David
McNally
    ** During second half of 2019, lack of capital caused co to
suspend product development - McNally
   ** TMDI spent $51.41 million on research and development in
2019, compared with $32.85 million in 2018
    ** Shares have been trading below the $1 mark since Oct.
after co filed for an offering of units; stock down ~30% so far
this year

 (Reporting by Vishwadha Chander in Bengaluru)
 ((vishwadha.chander@thomsonreuters.com))