TITAN MEDICAL INC (OTCMKTS:TITXF) witnessed a massive sell-off during the overnight trading session. The stock plunged by close to 24% on the back of 11 times the average daily volumes indicative of the strong selling pressure. The stock broke below all important daily moving averages, which is a negative sign. The relative strength index has given a sell signal indicative that bears are in total control at the moment. Traders on the street believe the stock could find support near $0.87 while continue to face resistance near the $1.05. The stock hit a fresh 52-week low in the overnight trading session.
TITAN MEDICAL INC (OTCMKTS:TITXF) announced financial results for the three and six months period. As per the reports, the cash and cash equivalent of the company were $19,891,245 at the end of June, compared to $26,165,182 on December 31, 2014. It made a decent investment of $7,758,000 in six-month period ending December 2014, which came down to $0 at the end of the first half of 2015.
Titan Medical reported a foreign exchange gain of $384,885 during the three months ending June 30, compared to last year’s $983,491 foreign exchange gain during the same period. When it comes to six month period, it reported foreign exchange loss of $1,152,983 in the first half of 2015 against a foreign exchange gain of $930,765 in the first half of 2014. The primary reason for increment in foreign exchange loss in the first half of 2015 was nothing but weakened Canadian dollar against U.S dollar.
Net loss for the quarter was $8,250,823, whereas comprehensive loss for the six month period ending June 30, 2015 was $17,377,091. Net loss and comprehensive losses for the first three and six months of the year comprised of a gain $659,554 and $9,836, respectively on a change in the FMV of warrants. If compared with last year’s figures, one can see a reasonable difference in the values of net loss and comprehensive loss of $6,781,692 and $10,392,634 for the three-month period and first half of 2014.
Titan spent $8,266,857 on R&D expenses during the quarter and $14,415,571 during the first six months. Last year, it had spent $2,718,579 and $4,063,226 on R&D activities during the three-month period and six-month period.
According to John Hargrove, CEO & Chairman, Titan Medical, during this quarter, the main objective of the company was to invest in its technology and create a roadmap for the future success. It successfully did that and made sure that things could fall in line in the future as well.