Titan Medical Inc.
TSX VENTURE : TMD

Titan Medical Inc.

February 14, 2012 17:52 ET

Titan Medical Inc. Announces Results for Fiscal Year Ended December 31, 2011

TORONTO, ONTARIO--(Marketwire - Feb. 14, 2012) -

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Titan Medical Inc. ("Titan" or the "Company") (TSX VENTURE:TMD) announced today its results for the fiscal year ended December 31, 2011.

The financial statements and Management's Discussion and Analysis for the period may be viewed on SEDAR.

Craig Leon, Chief Executive Officer of Titan Medical, Inc., commented, "During 2011 we continued to make excellent progress towards developing a prototype of Amadeus Composer™, strengthening our strategic relationships, hiring talented people and building our Intellectual Property. We believe that we have sufficient resources to finance our immediate working capital needs and to continue to execute our research and development strategy. We look forward to capitalizing on our achievements to date and creating value for our shareholders."

Operational Highlights

  • Titan continued to successfully pursue key strategic relationships with technology development partners and to secure intellectual property through the patent process.
  • On June 21, 2011, the Company successfully raised gross proceeds of $9,202,875 through the issue of 5,577,500 units at $1.65 per unit. 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 $2.00 and will expire June 21, 2016.
  • On December 22, 2011, the Company successfully raised gross proceeds of $7,564,000 through the issue of 4,880,000 units at $1.55 per unit. 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 $1.75 and will expire December 22, 2016.

Financial Highlights

  • Cash and cash equivalents at December 31, 2011 totaled $9,738,822, compared to $9,614,798 at December 31, 2010.
  • Net loss for the fiscal year ended December 31, 2011 was $16,127,529, compared to a net loss of $3,761,058 for the fiscal year ended December 31, 2010. The increase was attributable to increased expenditures invested in the development of Amadeus ™, the addition of staff and space requirements.
  • The Company's R&D expenses for the fiscal year ended December 31, 2011 were $12,744,378, compared to $1,574,278 for the fiscal year ended December 31, 2010. The increase was attributable to the higher investments in R&D, staffing and facilities. During the fiscal year, the Company has expanded its IP Portfolio by the addition of 8 new patent applications.

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 Composer™, a surgical system that has a uniquely designed external robot and flexible instruments, and allows surgeons to overcome constraints of surgical procedures in small to medium spaces. Amadeus Maestro™, the Company's next generation 4-armed robotic surgical system with advanced communication and training, utilizes the Titan True Touch Technology and is targeted to surgical procedures in large spaces. 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 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 March 31, 2011 (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 the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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