Titan Medical to prioritize asset sale, shares fall

Conavi Medical

08/02/2023 17:11

** U.S.-listed shares of Titan Medical Inc  TMD.TO   TMDI.O 
plunge 64.7% to a more than two-and-a-half-year low of $0.31
    ** Canada-based medtech co decides to prioritize the sale of
all or a portion its assets, including its intellectual property
portfolio of over 235 patents and application
    ** Says it will start further cost-cutting measures,
including layoff of 48 employees in its U.S. subsidiary 
    ** Co in November first announced it was considering
corporate sale or merger under a strategic review
    ** TMDI also has halted all expenditure related to the
development of its Enos robotic surgical system, including work
on the investigational device exemption filing with the U.S. FDA
    ** Stock gained 9% last year
 (Reporting by Sriparna Roy)
 ((Sriparna.Roy@thomsonreuters.com;))