SOURCE: Titan Medical Inc.

Titan Medical Inc.

March 21, 2016 16:36 ET

Titan Medical Inc. Announces Overnight Marketed Equity Offering

TORONTO, ON--(Marketwired - March 21, 2016) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Titan Medical Inc. ("Titan" or the "Company") (TSX: TMD)(OTCQX: TITXF) has announced today that it will undertake an overnight marketed public offering (the "Offering") of units (the "Units"), comprised of common shares of the Company and common share purchase warrants (a "Warrant"). The Offering is to be effected on a best efforts agency basis in each of the provinces of British Columbia, Alberta and Ontario by way of a prospectus supplement (the "Prospectus Supplement") to the Company's base shelf prospectus dated August 18, 2015 (together with the Prospectus Supplement, the "Prospectus"). The Units may also be offered for sale in the United States by or through a United States registered broker-dealer appointed by the agent as sub-agent under certain exemptions from the registration requirements of the U.S. Securities Act of 1933, as amended, (the "U.S. Securities Act") and the applicable state securities laws. The number of Units to be distributed, the price and composition of each Unit and the exercise price of each Warrant will be determined in the context of the market with final terms to be determined at the time of pricing. Bloom Burton & Co. Limited ("Bloom Burton") is acting as agent for the offering.

The Offering is subject to a number of conditions, including, without limitation, receipt of all regulatory approvals. The net proceeds of the Offering will be used to fund continued development work in connection with the Company's SPORT™ Surgical System, as well as for working capital and other general corporate purposes. Details as to the specific allocation of the funds will be disclosed in the Prospectus Supplement.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy the securities described herein. The securities offered have not been registered under the U.S. Securities Act, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. This press release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of the securities offered in any jurisdiction in which such offer, solicitation or sale would be unlawful.

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.

Forward-Looking Statements

This news release contains "forward-looking statements" which reflect the current expectations of management of the Company, including with respect to the proposed use of the net proceeds of the Offering. 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 31, 2015 (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

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