Titan Medical has signed a second amending agreement, in connection with the previously announced potential merger of Titan with its wholly owned subsidiary Conavi Medical.
Based in Toronto, Ontario, Titan has developed a patent portfolio related to robotic-assisted surgery (RAS) and is currently focused on further development of its intellectual property.
In March this year, the Canadian medical device company signed a merger agreement with Conavi Medical, and the two initially amended their merger agreement on 28 May 2024.
The current, additional amendment will change the timeframe for meeting certain closing conditions under the original agreement.
In addition, Titan seeks the Toronto Stock Exchange (TSX) for an additional extension to hold its Annual General and Special Meeting (AGM) before 30 September 2024.
The company in its statement said: “The extension will allow Titan and Conavi additional time to finalize matters related to the Proposed Transaction (which will require the approval of Titan’s shareholders).
“To avoid the potential duplication of costs associated with having two meetings within a short timeframe, Titan’s management determined that postponing the AGM was in the best interest of its shareholders.
“Titan intends to schedule a date for the AGM as soon as practicable and to provide shareholders with the requisite notice of meeting and record date associated therewith.”
The revised agreement extends the Outside Date for completion of the proposed transaction to 30 September and requires Concurrent Financing to be committed to 12 August.
It also requires Conavi’s financial statements must be completed by 19 July and extends the targeted date for mailing the Titan AGM information to shareholders to 12 August.
Under the revised deal, Titan will conduct its AGM on the extended date of 10 September 2024.
Last year, Titan signed a licensing agreement with Auris Health, a Johnson & Johnson MedTech company, granting Auris a license to a part of its intellectual property (IP).
Auris is a developer of robotic technologies focused on lung cancer and has an FDA-approved platform in bronchoscopic diagnostic and therapeutic procedures.
