Shares of Titan Medical Inc.(TSX:TMD)(OTCQB:TITXF) have been storming ahead for the past couple months after printing near an all-time low at 12.5 cents in August (record low 10 cents in April 2009).
Shares found their groove in mid-September following news of the world's first installation of Titan's Sport Surgical System at a Florida Hospital Nicholson Center's training hospital in Celebration, Florida.
The good vibes have continued with more positive news on the computer-assisted robotic surgical system, including the first gynecologic, colorectal and urologic single port robotic procedures at the Florida center in September.
Shares this week were catalyzed on Monday by news of another system installation, this one at the simulation training facility of Columbia University Medical Center.
The Toronto-based company also padded its coffers this month, giving it some cash for growth. On October 20, Titan said it closed a $2.9-million surgeon-led private placement. Today, the bank account grew again via $8.44 million in financing from the exercise of warrants.
The options were exercised at various levels, although the bulk of them (40.9 million out of 42.6 million) were exercised at $0.20.
Titan management says the cash will be used to fund continuing pre-clinical feasibility and validation studies at its centers in the U.S. and Europe, as well as ongoing development of the Sport Surgical System. Titan president and CEO David McNally said in a statement that his company is sufficiently funded now through the end of the year.
With today's news, Toronto-listed shares have risen again, touching a high of 62 cents - the highest level since 72 cents on January 4, 2017 - before slipping back a bit to trade at 59 cents for a gain of 9.3% so far about halfway through the trading day. U.S.-listed shares are ahead 9.8% at 47 cents.
