TMDI - Titan Medical stock falls 6% amid FY21 results

Titan Medical's (TMDI -6.0%) stock fell following its FY21 results. For full year 2021, research and development expenses (R&D) rose to $37.9M, compared to $7.9M in 2020. The company said R&D expenses were related to the development of its robotic single access surgical system Enos and activities under the development and license agreement with Medtronic. Titan noted that in the H1 2020, the company had temporarily suspended R&D activities and then, following execution of the Medtronic agreements in June, began the establishment of in-house development capabilities in Chapel Hill, North Carolina. General and administrative (G&A) expenses were $12.4M, compared to $7.6M in 2020. The company said it plans to file an IDE application for the Enos system with the FDA in Q1 2023. Following IDE approval, the company expects to start the IDE human clinical study in the H2 2023. The company then plans to submit a De Novo application in 2024. Commercial

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Titan Medical stock falls 6% amid FY21 results