The unaudited condensed interim financial statements and Management's Discussion and Analysis for the period may be viewed at www.sedar.com.
John Hargrove, Chairman and Chief Executive Officer of Titan Medical Inc., commented, "The second quarter was a very productive and exciting time for Titan. In April, we closed the largest capital raise in Titan's history, while continuing to make significant technical progress in the development of SPORT(TM)." Operational Highlights -- On April 23, 2014, the Company announced that it had closed its previously announced public offering, for gross proceeds of $23.2 million, (Cdn. $25.6 million). -- On June 16, 2014, the Company announced that it had successfully completed animal tissue studies on May 30, 2014, performing a full cholecystectomy (gallbladder removal) procedure using a prototype of the SPORT(TM) Surgical System. -- As at June 30, 2014, the Company has successfully completed the milestones scheduled for Q2 of 2014, which included alpha commercial prototype build and the completion of tissue testing involving the performance of individual features and functionality.
June 30, 2014, cash and cash equivalents totaled $39,560,789, compared to $2,446,084at December 31, 2013. -- Net and Comprehensive Loss for the three and six months ended June 30, 2014was $6,781,692and $10,392,634, which included a loss on change in fair market value of warrants of $4,237,546and $5,697,868, compared to a Net and Comprehensive Loss of $2,195,271and $4,510,727, for the three and six months ended June 30, 2013. -- The Company's Research and Development expenses for the three and six months ended June 30, 2014were $2,718,579and $4,063,226, compared to $1,410,809and $2,815,933, for the three and six months ended June 30, 2013.
Forward Looking Statements
This news release contains "forward-looking statements" which reflect the current expectations of management 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", "expect", "intend", "estimate", "potential for" and similar expressions have been used to identify these forward-looking statements. These statements reflect management's current beliefs with respect to future events and are based on information currently available to management. 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 in the "Risk Factors" section of the Company's Annual Information Form dated
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Titan Medical Inc. John HargroveChairman and Chief Executive Officer (416) 548-7522 (ext. 151) firstname.lastname@example.org Titan Medical Inc.Investor Relations email@example.com Source: Titan Medical Inc.