Titan Medical Inc.
TSX VENTURE : TMD

Titan Medical Inc.

November 15, 2011 16:46 ET

Titan Medical Inc. Announces Results for the Three and Nine Months Ended September 30, 2011

TORONTO, ONTARIO--(Marketwire - Nov. 15, 2011) - Titan Medical Inc. ("Titan" or the "Company") (TSX VENTURE:TMD) announced today results for the three and nine months ended September 30, 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., said, "As evidenced by significant accomplishments to date, the impressive effort started in the first half of 2011 has carried over into the third quarter and continues to grow. We are very proud of establishing industry leading relationships, including Children's Hospital Boston, The Ohio State University, Live Data Inc. and D&D Video Specialists Inc. These agreements allow us to proceed with development and testing of Amadeus Composer™ according to the highest industry standards."

Operational Highlights

  • Signed a non-binding memorandum of understanding (MOU) with Children's Hospital Boston to test and evaluate the Company's Amadeus Composer™.
  • Signed a non-binding MOU with The University of Ohio (Ohio State) whereby Ohio State will test and evaluate the Company's Amadeus™ Next Generation Surgical Robotic Platform.
  • Signed a six-year development and licensing agreement with LiveData Inc., a leading innovator of real-time data integration and display technology. Under the terms of the agreement, Titan Medical will have an exclusive, worldwide license for LiveData RTI Server as an integration technology for the Company's Amadeus Composer™ robotic surgical platform.
  • Appointed Dr. Terry W. Grogg, M.D. and Dr. Balasubramanian Sivakumar, M.D. to the Company's Medical Advisory Board.
  • Entered into an exclusive patent license agreement with Mayo Foundation for Medical Education and Research for its novel surgical stapler.
  • Entered into a development agreement with D&D Video Specialists Inc., a leading developer of endoscopic vision systems. Under terms of the agreement, D2 Video™ will design and develop a proprietary vision system (camera head, camera control units, light source components, and rigid and flexible endoscopes) for the Company's next generation robotic surgical system, Amadeus™.
  • Appointed Dr. John R. Valvo, M.D., F.A.C.S. as Vice President of Medical Affairs
Financial Highlights
  • Cash and cash equivalents at September 30, 2011 totaled $8,268,049, compared to $9,614,798 at December 31, 2010.
  • Net loss for the three and nine months ended September 30, 2011 was $6,067,576 and $10,967,989, respectively ($1,136,315 and $2,643,238 for the equivalent periods in 2010).
  • In line with Company objectives of increasing R&D, investments for the three and nine months ended September 30, 2011 were $5,178,900 and $8,617,451, respectively ($556,196 and $1,014,190 for the equivalent periods in 2010).

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.

Contact Information