Q2 2021 Titan Medical Inc Earnings Call
[music].
Greetings and welcome to Titan Medical second quarter 2021 earnings results call.
At this time all participants are in a listen only mode.
A question and answer session will follow the formal presentation.
If anyone should require operator assistance during the conference. Please press star zero on your telephone keypad.
And as a reminder, this conference is being recorded.
I would now like to turn the conference over to your hope to day, Krista and golf Eddie with Investor Relations. Thank you you may begin. Thank you operator, good morning, everyone and thank you for joining us for Titan Medical second quarter 2021 earnings conference call. During our call with you tightened and second quarter 2021 financial results and key business highlights which for <unk>.
And our earnings press release issued earlier this morning.
A copy of the release can be found and the Investor Relations section of our website at Www Dot Titan Medical Inc. Dot com.
As a reminder, certain statements made during this conference call constitute forward looking statements that reflect management's current expectations of the company's future growth results of operations performance and business prospects and opportunities wherever possible words, such as May would could will anticipate believe plan.
And expect intend estimate potential for as planned and similar expressions have been used to identify these forward looking statements.
These statements, including statements with respect to projected development plans and milestone timelines budget development status anticipatory regulatory pathway, including the anticipated filing and receipt of marketing authorization anticipated biocompatibility testing results and completion of G. L T studies and.
As for patent license payments anticipated loan repayment for maintaining a worldwide rights to commercialize the technology and intellectual property license to Medtronic and the status of our patent portfolio and the goals that you know system is being designed to address the features that the email system is being designed to include the medical outcomes that we expect to email system will and.
Food and the advantages that we expect to uses of the email system, where we're seeing the anticipated market demand and patient motivation for embracing in our system and the belief that the market is underpenetrated for potential future market expansion from the email system anticipated product launch and plans to participate and certain investor conferences reflect manager.
Current beliefs with respect to future events and are based on information currently available to management for.
Forward looking statements involve significant risks uncertainties and assumptions many factors could cause the company's actual results performance or achievements to be materially different from any future results performance or achievements that may be expressed or implied by such forward looking statements, including without limitation those listed and the risk factors section of.
The company's annual information form and form 40 F for the fiscal year ended December 31, 'twenty, and 'twenty, which may be viewed at www dot Cedar Dot com and.
And at Www Dot SEC Dot Gov.
Should one or more of these risks or uncertainties materialize or should assumptions underlying the forward looking statements provide incorrect actual results performance or achievements may vary materially from those expressed or implied by the forward looking statements made during this conference call. These factors should be considered carefully and prospective investors should not place undue reliance on them.
Forward looking statements.
Although the forward looking statements made during this conference call are based upon what management currently believes to be reasonable assumption. The company cannot assure a current or prospective investors, but actual results performance or achievements will be consistent with the forward looking statements.
With that I will turn the call over to day, Mcnally, President and Chief Executive Officer of Titan Medical David.
Thank you Kristen.
Good morning, and welcome to tightened Medicals second quarter 2021 earnings call.
I want to thank our shareholders for their support as we continue to successfully develop you know robotics single access surgical system.
As we look to the second half of 2021, we acknowledge the strong progress at Titan has made this year and all aspects of the business.
Building upon our accomplishments we discussed on our first quarter 2020 one call.
We are pleased to share with you today, our details of another quarter of solid progress.
Joining me on the call today is Steven Lemieux, our newly appointed Chief Financial Officer, who brings to Titan more than 18 years of leadership experience and NASDAQ and T. S X listed companies focused and the health care industry.
His wealth of knowledge and experience will be instrumental and helping us to evolve our financial systems.
Oh, and our capital market strategy.
Achieve upcoming milestones and execute our vision well.
And welcome Steven.
The second quarter of 2021 was highly productive for Titan and marked by several notable achievements, including the receipt of a $10 million license payment under the development agreement with Medtronic Q.
Key additions to the board of directors and substantial strengthening of our leadership team.
Additionally, we increased tightened cash position and grow our employee base and the Chapel Hill R&D Center and.
Enhanced our development capabilities and expanded our intellectual capital, adding to and expanding patent portfolio, which now comprises over 175 patents and patent applications.
And we believe our intellectual property portfolio to be a differentiator among potential new entrants to the soft tissue robotic assisted surgery market.
Abiding further evidence that we are and the innovation leader and robotics single access surgery.
Importantly, during the second quarter, Dr. Ricardo of stopping one of the world's most experienced surgeons specializing and robotic assisted surgery successfully performed a preclinical porcine hysterectomies and stimulated hernia repair using our he knows robotics single access surgical.
His experience confirm not only the progress that our team of engineers have made and improving instruments and camera system performance, but also the versatility of the you know system across sub specialties.
Among our key contributors.
And in House software development team that has made significant contributions at lightning speed.
<unk> advancements and instrument and camera articulation and.
Enhancements to the user interface and improvement of overall system stability.
Titan remains focused on achieving milestones both in regard to those established for our <unk> system development and those under the Medtronic development program there.
The company continues to drive forward with its you know system development program and preparation for our planned investigational device exemption or IDE submission and the first quarter of 2020 two.
In support of our submission we are planning to complete animal and human Cadavers studies under good laboratory practice or G. L. P protocol in September.
Titan and Medtronic currently operates under a development and license agreement that Leverages tightened for technology and provides medtronic access to a portion of our intellectual property portfolio and in exchange for milestone payments.
Importantly, tightened maintains perpetual royalty free worldwide rights to commercialize the licensed technologies for use with the email system and Furthermore, we have our own independent and unlicensed patent portfolio that continues to grow as we continue to innovate and robotic surgery.
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Our collaboration with Medtronic under the development and license agreement continues to be productive as we approach completion of the final milestone.
In view of limited availability of certain custom components associated with prototype deliverables. The joint steering Committee of the company's has agreed to allow for deliverables under the final milestone by year end.
Following completion and acceptance of the deliverables tight.
Titan expects to receive a final license payment of approximately $11 million, partially offset by repayment and full of the one and a half million dollar loan previously provided by Medtronic.
The single access robotic surgery environment is rapidly evolving with greater promise for market expansion than ever before.
We believe that there is high demand and this underpenetrated market for a versatile single access robotic platform presenting an exciting opportunity for our system to make a difference in patients' lives.
Improving patient outcomes are increasingly of interest to hospitals and surgeons with a focus on greater cost effectiveness and efficiency and improved functionality.
We believe enhancing robotic assisted surgery using innovative technologies through a single access point will result in improved patient outcomes, lower operating room costs and greater patient throughput.
Titan innovative technology is being designed to be both effective and easy to use enabling medical professionals to perform their best to improve patient outcomes.
The email system is being designed to include the advantages of dual three D and two D. High definition vision systems for improved visualization, multi articulating instruments, allowing for remarkable range of motion and the confined space that deliver the necessary dexterity and strength for <unk>.
And surgical tasks.
And and ergonomic surgeon workstation for surgeon comfort that imitates the real life movements that surgeons regularly execute during minimally invasive surgery.
The system's initial clinical focus will include benign gynecologic surgery for the U S market.
Our preliminary research indicates gynecologic surgery to potentially represent a 1 billion dollar market opportunity and the U S.
With prospects of reducing trauma, hastening healing and minimizing scarring. We believe this patient population is particularly motivated to embrace our single access surgical solution.
Additionally, based on our successful preclinical studies, we anticipate that the versatility of the system could be very attractive for broad use and multiple sub specialties.
We continue to work closely with leading surgeons that have provided us with excellent feedback and insights regarding opportunities for us to satisfy unmet needs across numerous procedures.
As I mentioned earlier and this call Dr Ricardo and stopping the world's most experienced gynecologic surgeons specializing and robotic assisted surgery succeed.
<unk> successfully completed a preclinical hysterectomies and the simulated hernia repair using the <unk> system last month and and animal labs.
This lab experience highlighted the detailed development work that the Titan team has completed and bringing the email system to a point, where it was used successfully by doctor with stopping to perform not only of gynecologic procedure, but also a common general surgery procedure and a live animals.
The simulated hernia repair provides a glimpse of potential future market expansion for the X system.
Subject to regulatory clearance for that indication.
The procedures demonstrated the dexterity and strength of it you know systems multi articulating instruments for two pairs of independent L. E. D light sources, one per within tightens customs terrible three D high definition camera and another in the insertion tube with integrated two D high.
Definition camera.
We're pleased to share this experience and interview with Doctor and stop a with you through the tightened living labs vignettes that has been posted on our website.
During the second quarter, we advanced product development and preparation to file our I D E application with the FDA early next year as I mentioned earlier.
In addition, we expanded our intellectual capital through the recruitment of engineering talent and expanded our footprint and our chapel Hill R&D facility.
Militate, our growing team and accommodate continued innovation and in house manufacturing of instruments and cameras.
We have expanded our footprint at this class a facility, which now includes more than 15000 square feet to accommodate our growing R&D quality and regulatory and operations teams and soon and clinical support.
In June Titan commenced biocompatibility testing of instruments camera systems, and accessories and preparation for our IDE submission.
We expect to have the results for these tests later this month.
Next we expect to complete our G. L. P studies and September and supported the upcoming <unk> application.
We have also commenced IRB for institutional review board preparations.
And IRB and the group designated by the office of Health and Human services to review proposals before and investigator can begin a clinical study to determine if it follows ethical principles and federal regulations.
Each of the prospective hospitals that are to be involved and our I D. E studies will require IRB approval before clinical studies may commence.
In addition to meeting with the surgeons that will perform surgeries and it is important that we engage early with the IRB Committee of each hospital to expedite their approval as soon as our IDE is approved by the FDA.
As we shared previously communications with the FDA have indicated that the regulatory pathway for our <unk>.
Single access surgical system is expected via the de Novo process reserve for novel Medical devices.
We plan to finalize product development of the you know surgical system this year and upon approval of our application for and I E. We anticipate commencing clinical.
Clinical studies in 2020 two.
Upon completing the studies, we expect to file for marketing authorization with the FCA and the first half of 2020 three with possible product launch in the second half of 2023 upon successful receipt of authorization from the FDA.
We will continue our dialogue with the FDA as we finalize details for the clinical study with the goal of getting the Dino system cleared for marketing and into the hands of surgeons.
During the second quarter and in recent weeks, we substantially strengthened our leadership team and board of directors.
In addition to Steve and the music appointment as CFO, we are delighted to welcome Tammy Korea, as Vice President quality and regulatory affairs.
Tammy comes to us with deep experience and developing and implementing clinical and regulatory strategies and the medical device industry, including robotic assisted surgery.
Specifically Tammy has been responsible for product submissions and registrations, including de Novo applications.
Less than two weeks and Tammy has already utilizing his skills and expertise to support tightened and success.
During the second quarter, Deepak Boswell joined Us as Vice President strategy and business development, Deepak has a strong background and business development and strategic partnerships that will be instrumental and growing titan and evaluating opportunities for value creation.
As announced following our annual and special meeting of shareholders Director, Paul Catford was named Chairman of the Board and Heather Knight and Kathy Steiner were elected directors of the company.
Paul joined the tightened board last fall as our lead independent director and brings strong leadership skills and corporate governance experience to Titan.
Heather has nearly 25 years of proven health care commercial experience and Kathy brings over 20 years of investment banking and financial and capital markets experience and dealings with public and private health care companies.
We're pleased to be able to attract such talented professionals to our company and for the board of directors of Titan Medical.
During the second quarter, Stephen and I participated in the AGP virtual Med Tech Summer conference with.
With the day of Investor meetings, and I presented a corporate overview of Titan at the Oppenheimer Med Tech Summit Investor Conference and participating in Investor meetings.
Planned participation and upcoming virtual investor conferences include the H C. Wainwright 20, <unk> annual Global investment Conference September 13 through 15.
The Oppenheimer and company fall Health care Life Sciences, and Med Tech Summit September 'twenty through 'twenty three.
And the Cantor Global Health Care Conference scheduled for September 27, and $2.30.
Looking forward.
We are focused on conducting our G. L. P studies next month and supported the upcoming I D E application and the first quarter of 2020 two.
Clarifying expectations with the F D. A for human clinical studies and any related special controls currently planned to commence and the first half of 2022.
Completion of the final milestone associated with the Medtronic development and license agreement and anticipated by year end.
And continuing our site preparation work for human studies to be performed under IGD.
Our recent progress and planned actions are bringing our vision of providing our <unk> robotic single access surgical system, and an underserved market closer to being achieved.
I will now turn the call over to Steven Lemieux, our CFO to review our financial results.
Kevin.
Thank you David.
It's my pleasure to be joining Titan at such a pivotal time and I look forward to being part of the success that lies ahead.
And the following discussion of results. Please note that all numbers are and U S dollars.
As of June 30th 'twenty, 'twenty, one we had cash of $55 million and increase from $53.4 million at March 31, 2021, and $25.5 million at December 30, <unk> 2020.
The increase from Q1 was due to the receipt of $10 million from the completion of the Medtronic milestone that David mentioned earlier.
And the receipt of $2.5 million, resulting from the common share purchase agreement with aspire capital Fund.
The company has the ability to issue another $2.7 million common shares under the terms of the agreement with aspire.
The company continues to carry alone from an affiliate of Medtronic and the amount of $2.1 million, including accrued interest evidenced by an 8% senior secured promissory note on our books.
Research and development expense totaled $7.1 million or the three months ended June 30th 2021 compared to zero point and $1 million for the three months ended June 32020.
R&D expenses are related to the development of the ecosystem.
And the development work required to achieve the milestones under the development agreement with Medtronic.
And the comparative period R&D was temporarily suspended.
Following the execution of the Medtronic agreement in June 2020, tightened made the strategic decision to move a significant portion of its R&D in house and our New R&D Center in Chapel Hill, North Carolina to.
And to advance both the development of the <unk> system and.
Complete the development work required to achieve the Medtronic and milestones.
General and administrative expenses were $4.8 million for the three months ended June 30th 2021, compared to $2.4 million for the three months ended June 30th 2020.
The increase in G&A is related to an increase and cause lead to expanding the leadership team to support the development of the ecosystem.
And increase in stock based compensation of $1.2 million and.
And <unk> 2 million and severance costs.
The company uses adjusted G&A and non.
Non <unk> measure to adjust for noncash items and one time charges should provide a more transparent view of the normal G&A cash burn.
As adjusted G&A was $3.2 million for the three months ended June 30th 2021, compared to $2.2 million for the three months ended June 30th 2020.
Adjusted G&A was $6.5 million for the six months ended June 30th 2020 one.
Compared to $3.6 million for the six months ended June 32020.
The growth our company has experienced over the past year has been incredible.
Augmenting and management team, establishing our U S subsidiary.
Tripling, our work force and achieving milestones internally for INO system.
And delivering on those and our development and license agreement with Medtronic and having great accomplishments for Titan.
Meanwhile, we continue to hone our financial reporting processes and increase the efficiency with which we deliver our finance solutions.
Working together with members of senior management and the audit Committee of our board of Directors, we continue to evolve our accounting systems and.
Judiciously apply resources to address the rapidly changing needs of both our Canadian and U S operations.
And as we noted during our year end earnings call, we had identified material weaknesses and our internal controls over financial reporting and we.
Completed preparation of our annual financial filings, resulting in noncash adjustments to our statements.
All corrections were made prior to the approval of the annual financial statements by our board and prior to the release of year end financial statements.
Since that time, we have taken several remedial actions, including engaging additional human resources to assist with the preparation of financial reports.
Engaging the services of third party financial experts to assist and the preparation and review of more complex financial transactions and.
And leveraging systems and technology to reduce the risk of errors.
And beginning with the addition of Chen Huang our Vice President of Finance earlier. This year, we have continued to build our finance team to meet the growing needs of our thriving company.
Based on our assessment, we have concluded that the 2021 and first quarter and second quarter financial statements are fairly presented in accordance with ire for us.
In summary, our balance sheet remains strong and is expected to support the completion of the Medtronic development program and the continued progress of the <unk> surgical system through 2022 as.
As we prepare for regulatory filings and surgeons perform human clinical studies upon receipt of and anticipated <unk> approval from the FDA.
With that I will now turn the call back over to David.
Thank you Steven.
We believe that the <unk> surgical system will address and Underpenetrated, but high demand segment of the robotic assisted surgical device market promising less patient trauma and faster recovery times and savings on capital equipment service and procedure costs for hospitals.
We look forward to keeping you apprised on tightened and progress towards the exciting milestones ahead.
<unk> advancing our INO single access robotic surgical system towards commencing human clinical studies and meeting the final milestone under the Medtronic development program.
We hope you will join us virtually for our planned upcoming investor events in September that includes the H C. Wainwright 20, <unk> annual Global investment conference. The Oppenheimer Fall Health care Life Sciences, and Med Tech summit, and the Cantor Global Health Care Conference.
We will now open the lineup for questions operator.
Thank you at this time, we will conduct a question and answer session. If you would like to ask a question. Please press star one on your telephone keypad.
A confirmation tone will indicate your line is another question queue.
You May press star, two and if you'd like to remove your question from day Q.
Participants using speaker equipment, and it may be necessary to pick up your handset before pressing the stacking.
Once again Thats star one to ask a question at this time, one moment, while we poll for our first question.
Our first question comes from Suraj Kalia with Northland Securities. Please proceed.
So Roger your line is live.
Good morning, everyone and David can you hear me alright, yes.
Yes, good morning, Suraj, sorry about that hey, so David and team congrats on the progress.
And a bunch of questions, David the preclinical hysterectomies and stimulated hernia repair by Dr topic.
And what is there any GAAP analysis as you all went through that that led you to believe.
And incremental work is still needed on the nose.
Was it per expectations.
Hi.
Thank you Suraj great question.
We were looking to close the gaps that we had observed a over a year ago and some other preclinical work and we have done and.
And we are delighted with the performance of the system, the dexterity and the strength delivered by the.
The multi articulating arms.
Was it better than we have ever achieved with the system.
And according to a doctor or a stop a fully satisfactory if not exceptional.
The visualization was excellent and it's the best our Pam cameras have performed and the stability of the system is the best that we've seen so we checked all of those boxes with great enthusiasm and the real litmus test as we have the most experienced and gynecologic surgery robotic surgery.
And that is and the world opt.
Operating the system and providing us feedback so.
We've come out of that study with great confidence that we are on track with system performance.
Got it.
David Medtronic Schuylkill was recently.
And touted is having.
Having performed the first benign hysterectomy case O U S.
Can you walk us through the decision tree as you see it currently for multi port versus single Port.
And more specifically auto maybe carve outs between Medtronic system and what you'll have worked on with Medtronic vs.
And I'm curious just in terms of the competitive landscape a couple of years or so down the line.
Very good of course I have to be measured for confidentiality with what I talked about with respect to our collaboration of course the.
What we have the license to Medtronic as a subset a portion of our portfolio and we maintained all of the rights for our use.
So and it relates particularly to our multi articulating technology and camera systems, but again, its a subset and we have full rights to utilize that technology for our <unk> system. When we think about the pathway for benign hysterectomy.
And we've studied this and actually had primary research conducted as well on our behalf.
And are.
Our indications are one it's a a.
Our measured hurdle from a regulatory perspective in terms of being able to enroll patients and our planned <unk> studies.
Two we have a patient population that we believe are ideal candidates for single access surgery and the reason for that is these candidates are typically younger and will likely be very focused on.
On a less reduce trauma and reduce scarring and the buy and so we think.
That combined with the ability for us as a beachhead set of procedures and benign hysterectomy.
And for activate and sell Pingo <unk> corrected me as I say, many umbrella procedure will call. It <unk>.
<unk> provides us a substantial number of procedures and as a matter of fact, we view it alone and the U S as a potentially.
Billion dollar opportunity for our market penetration so for those reasons, we've landed on benign hysterectomy I can't speak for Medtronic with their Hugo system.
Only that it is exciting to see another company coming into the marketplace that are of course, the world's largest med device company, believing and robotic surgery.
Is is buoyant and I believe for the entire market and market expansion and and we view single access surgery is an opportunity we will expand the market.
David and I'll final question and I'll, let others jump and then.
And more higher level David.
Asleep the Delta variant everyone is monitoring it.
Supply chains are screwed up.
That's it.
Hum.
That factor is affecting everyone.
If I strip out some of these more systemic issues.
What is the weakest link you currently see and your product development timeline. Thank you for taking my questions and congrats for the progress.
Thank you Suraj and thank you for your excellent questions and joining us on the call today. So when we look at the supply chain. We've anticipated this with the initial COVID-19 outbreak and <unk>.
Darted ordering long lead time parts for our needs for our systems as we viewed them from from global sources.
We didn't have that foresight benefit frankly with the Medtronic program.
And we're fortunate and the impact to the program has been a weeks or a couple of months versus much longer.
Due to the nimbleness of the teams working together, but for for Titan Medical's, you know system, we anticipated challenges and the supply chain and jumped on it early ordering long lead time parts.
No doubt supply chains are affecting almost every industry. We look at the Delta variant and something that we certainly need to keep a pulse on as we drive toward our <unk> studies.
We've not seen anything yet that causes us to deter our plans as those studies are expected following FDA approval of and <unk> application and I expect it to proceed call. It second quarter of next year.
So when we think about the challenges ahead for us.
And what you raised as you know whats our potential greatest weakness the one that we're really focused on right now.
Is clarifying with the FDA and exactly what is expected for the I D. E studies, as our new VP of quality and regulatory phrased. It yesterday on a call together Tammy mentioned that look we need to really focus on derisking. The <unk> studies and so those communications with the FDA, which are.
Ongoing are key to that so I'd say I wouldn't call. It a weakness I'd call it and opportunity for us to Derisk and make certain that we stay on our cadence for moving into human surgeries.
Thank you again suraj.
Once again, ladies and gentlemen to ask a question at this time. Please press star one on your telephone keypad.
There are no audio questions at this time do we have any web questions.
Yes. Thank you.
A couple of them regarding the range with aspire capital investors are wondering with our solid cash position and what was the strategy behind embracing this process and make per.
You know look a deletion that might happen to existing shareholders.
Thanks, Christian I'll take that one.
This is Steven Yeah, we're very fortunate today and we do have a strong cash position with the company and we want to continue to bolster that me and aspire and <unk>.
And it is one of the mechanisms. We have this is a facility that we put in place and 2019 and paid commitment fees for upfront and utilize this facility to help us raise additional capital with our hope is to extend our runway into 2023. We currently have cash on the books that will help us get to really develop.
And he knows worked through the idea and get through the human clinical studies through the end of 2022 and is.
Do you want and move into <unk>.
SBA filing for de Novo submissions were always looking at ways that we can extend that cash runway further into the future.
Great. We have another question regarding when we see an increase and perhaps some of the insider ownership of the company.
And Stephen would you like to provide some color on our plans for and our employee stock purchase plan.
Sure. Thanks, David.
Yes, we are.
And insider ownership is one thing that the company has been talking about internally, we are looking to put in and employee.
Share purchase plan in place where employees can start participating and buying the stock through on price.
Consistent basis under the terms of the plan that we're working to get that in place over the next few months, but will require most likely require a shareholder approval in 2008 and 22.
Great. Thank you and another question just regarding Wendell to expect more.
Clarity on maybe any future engagement with Medtronic.
I'll be happy to take that one Christian this is David and.
Number one we're really focused on the final Medtronic milestone at this time and the final milestone was originally envisioned for delivery in September with payment expected in the fourth quarter.
Providing for the review process for acceptance followed by time allowed for payments.
And this was before the deliverables were even develop acknowledging limited availability of custom parts. Some from overseas and the joint steering committee comprised of an equal number of representatives from Titan and Medtronic has accommodated delivery of the final milestone by year end.
Our engineering team has done an outstanding job of delivering on the Medtronic milestones, while maintaining focus on the development and preparations toward regulatory clearance of the <unk> system.
And the change and the schedule is actually beneficial to our focus on our G. L. P studies planned for September so with all of this going on our focus remains on completing the current program we have.
Haven't ruled out anything for the future but.
We're focused on closing out this year and and completing the Medtronic milestone, while maintaining focus on our <unk> system.
Great and another excellent question could you describe the competitive landscape for single Port Robotics, and where you stand.
Yes.
I'll be happy to take that one as well.
So we view.
And the move of intuitive surgical and the single Port surgery as a a great indication of the potential for opportunity and the single Port space.
They're the only I would say.
Player with a versatile system for single Port surgery, as we view it in the space now we are aware of some other new entrants to the market.
Having just cleared a system for trans vaginal hysterectomy, but when we view.
A comprehensive single access system.
We look for the ability to deliver visualization along with the.
Articulation technology required to perform surgery.
With our IP portfolio of over 175 patents pending or issued and.
And the experience that we have and the preclinical.
Yeah.
Projects that we have performed over 60 procedures have been performed and live animals or human cadaver.
We believe that we're positioned to be the next great company and single Port surgery, and and and we continue to drive forward as an innovation leader and the space based on our IP portfolio and our preclinical experience that that's our view no doubt.
As the state space heats up we're going to see other entrants to the market.
But we have been down the roads of development to understand what works what doesn't work and we're driving forward with our planned toward commercialization.
Great and I believe we've covered the questions from the webcast and turn it back over to David.
Thank you Christian.
In closing I want to thank you for joining us on this call. This morning to review our accomplishments to date and for your support of Titan Medical.
We remain focused on bringing our robotics single access surgical system to the market for the benefit of patients and surgeons.
Our achievements to date are the direct results of the commitment and hard work of our employees. The leadership of our board of directors and the support of view our shareholders.
We remain very excited about what lies ahead for Titan and we look forward to keeping you informed of our progress.
Thank you again and have a great day.
Thank you. This does conclude today's teleconference and webcast you may disconnect. Your lines at this time and thank you for your participation and have a great day.