Titan Medical Inc.
TSX VENTURE : TMD

Titan Medical Inc.

April 15, 2010 13:50 ET

Titan Medical Inc. Files Preliminary Short Form Prospectus

TORONTO, ONTARIO--(Marketwire - April 15, 2010) -

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Titan Medical Inc. ("Titan" or the "Company") (TSX VENTURE:TMD), a developer of proprietary robotic surgical technologies, announced today that it has filed a preliminary short form prospectus with the securities regulatory authorities in the Provinces of British Columbia, Alberta and Ontario in connection with an offering of units ("Units") of the Company (the "Offering"). Each Unit shall be comprised of one common share and one half of one common share purchase warrant (each full warrant, a "Warrant"). The net proceeds of the Offering are expected to be used for research and development of a clinical-grade prototype of the Company's Amadeus robotic surgical system and for working capital.

The Offering will be led by Paradigm Capital Inc. (the "Agent") on a best efforts agency basis. Final pricing, determination of the number of Units to be sold pursuant to the Offering and the terms of the Warrants will occur immediately prior to the filing of the (final) short form prospectus in respect of the Offering.

The Offering is subject to regulatory approval, including approval of the TSX Venture Exchange.

This press release is not an offer to sell or the solicitation of an offer to buy the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to qualification or registration under the securities laws of such jurisdiction. The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and such securities may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from U.S. registration requirements.

About Titan Medical Inc.

Titan is a Canadian public company focused on the development and commercialization of robotic surgical technologies. The Company is currently developing Amadeus, a next generation 4-armed robotic surgical system, with the objective of enabling surgeons to remotely manipulate surgical instruments. Robotic surgery has developed over the past 10 years into a proven and growing method of treatment. The global robotic surgical market size is currently estimated to be $3.4 billion with potential for placement of 6,000 robotic surgical systems. The Company is researching and developing innovative technologies to empower surgeons to use robots in the operating room of the future. For more information, visit the Company's website at www.titanmedicalinc.com.

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" 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 Preliminary Prospectus dated April 13, 2010 and Annual Information Form dated April 9, 2010 (both of which may be viewed at www.sedar.com). Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward looking statements prove incorrect, actual results, performance or achievements may vary materially from those expressed or implied by the forward-looking statements contained in this news release. These factors should be considered carefully and prospective investors should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in the news release are based upon what management currently believes to be reasonable assumptions, the Company cannot assure prospective investors that actual results, performance or achievements will be consistent with these forward-looking statements.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the TSX Venture Exchange's policies) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Titan Medical Inc.
    Craig Leon
    Chief Executive Officer
    (416) 548-7522 (ext. 151)