Continuing a recent run of Canadian biotech firms that have jumped markedly
in the last few months, Titan Medical (TSX:V.TMD
, Stock Forum
) has climbed 18% Tuesday with no public news to explain the jump.
Titan stock has been on a tear of late, running up from $0.50 in early November to $1.22 today, an increase of 136%.
The company did announce on November 11 that it had begun tissue testing
“that has been highly successful in assessing and measuring the functionality of the Single Port Orifice Robotic Technology SPORT Surgical System,” which the company called the first major milestone in getting the product to commercialization.
But company officials were forced to admit on the 19th
of the month that the company had “no material changes to operations” that would account for the crushing performance of its shares in the days since.
Titan describes its product as a “robotic surgical system, currently under development” which “comprises a surgeon-controlled robotic platform that includes a 3D vision system and interactive instruments for performing MIS procedures, and a surgeon workstation that provides the surgeon with an interface to the robotic platform for controlling the interactive instruments and providing a 3D endoscopic view of inside a patient's body during MIS procedures.”
In the most recent quarterly results posting
, Titan announced cash and cash assets of $4.3 million, compared to $4.6 million the previous quarter, with a net loss of $2.1 million.