TORONTO, ON--(Marketwired - October 13, 2016) - Titan Medical Inc. (TSX: TMD) (OTCQX: TITXF) today reported that the Company and its principal development partner, Ximedica LLC have reached agreement on the initiation of an acceptable development plan for the SPORT™ Surgical System. The agreement is effective immediately and is focused on Titan's previously announced Human Factors and Usability Trials milestones for the SPORT system.
"Ximedica is a valued partner and this agreement enables us to resume the development of the SPORT Surgical System," commented John Barker, Interim CEO of Titan Medical Inc. "This agreement and the decisions by the Board of Directors earlier this week demonstrate the committed effort of our company to advance the SPORT Surgical System."
"We believe the SPORT Surgical System represents a significant technology and everyone at Ximedica is proud to be associated with its continued development," commented Randall Barko, President and CEO of Ximedica. "Our development team is re-engaging and our objective is to deliver on Titan's milestones."
As the new development plan proceeds the Company will report on its progress.
About Titan Medical Inc.
Titan Medical Inc. is a Canadian public company focused on the design and development of a robotic surgical system for application in minimally invasive surgery ("MIS"). The Company's SPORT™ Surgical System, currently under development, includes a surgeon-controlled robotic platform that incorporates a 3D high-definition vision system and multi-articulating instruments for performing MIS procedures through a single incision. The surgical system also includes a surgeon workstation that provides a surgeon with an advanced ergonomic interface to the robotic platform for controlling the instruments and provides a 3D high-definition endoscopic view of inside a patient's body. The SPORT Surgical System is designed to enable surgeons to perform a broad set of surgical procedures for general abdominal, gynecologic, and urologic indications. For more information, visit the Company's website at www.titanmedicalinc.com.
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 March 30, 2016 (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.