Titan Medical Inc.
TSX VENTURE : TMD

Titan Medical Inc.

February 23, 2011 08:00 ET

Titan Medical Inc. Announces Results for Fiscal Year Ended December 31, 2010

TORONTO, ONTARIO--(Marketwire - Feb. 23, 2011) - – Titan Medical Inc. (TSX VENTURE:TMD) -

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

Titan Medical Inc. ("Titan" or the "Company") announces today its results for the fiscal year ended December 31, 2010. 

The financial statements and Management's Discussion and Analysis may be viewed on SEDAR at www.sedar.com.

Craig Leon, Chief Executive Officer of Titan Medical Inc., commented, "2010 was a successful year in Titan Medical's history as we continued to make good progress with developing Amadeus, to forge our strategic relationships and to hire talented people. We believe that our recently raised capital will enable us to finance our immediate working capital needs and to execute our research and development strategy. We look forward to capitalizing on our operating and financial achievements to date and building value for our shareholders."

OPERATIONAL HIGHLIGHTS

  • Titan continued to successfully pursue key strategic relationships with technology development partners and to secure its intellectual property through the patent process.
  • The Company successfully raised gross proceeds of $8,250,000 through the issue of 5,000,000 units at $1.65 per unit, on December 10, 2010. Each unit comprised one common share of Titan and one warrant. Each warrant entitles its holder to purchase one additional common share of Titan for $1.85 and will expire December 10, 2015.
  • On February 8, 2011, Titan was notified by TMX that the Company had been selected as a TSX Venture 50 Company and received the #1 ranking in the Technology and Life Sciences sector.

FINANCIAL HIGHLIGHTS

  • Cash and cash equivalents at December 31, 2010 totaled $9,614,798, compared to $3,213,027 at December 31, 2009.
  • Net loss for the fiscal year ended December 31, 2010 was $3,688,848, compared to net loss of $747,278 for the fiscal year ended December 31, 2009. The increase was attributable to expansion of staff and space requirements in support of the development of Titan's next generation surgical robotic platform, Amadeus.
  • The Company's R&D expenses for the fiscal year ended December 31, 2010 were $1,574,278, compared to $166,249 for the fiscal year ended December 31, 2009. The increase was attributable to the higher investments in R&D, staffing and facilities.

About Titan Medical Inc.

Titan Medical Inc. is a Canadian public company (TSX VENTURE:TMD) 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 current global robotic surgical market size is approximately $1 billion and is estimated to grow to $5 billion by 2015 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", "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 April 9, 2010 (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 TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information