Titan Medical Implements Cost-Cutting Measures to Support Strategic Review Process

December 6, 2022

https://www.globenewswire.com/news-release/2022/12/06/2568435/0/en/Titan-Medical-Implements-Cost-Cutting-Measures-to-Support-Strategic-Review-Process.html

TORONTO, ON, Dec. 06, 2022 (GLOBE NEWSWIRE) — Titan Medical Inc. (Nasdaq:TMDI; TSX:TMD), a medical technology company focused on single access robotic-assisted surgery (RAS) system, today announced the company will implement certain cost-cutting measures with a view to preserving capital to support the strategic review process announced on November 30, 2022 while allowing the company to continue working on the investigational device exemption (IDE) filing with the U.S. Food and Drug Administration (FDA). As part of this plan, the company’s U.S. subsidiary will be temporarily furloughing approximately 40 employees at its Chapel Hill, North Carolina facility effective immediately.

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