TORONTO, ONTARIO--(Marketwired - Aug. 27, 2013) - Titan Medical Inc. (TSX VENTURE:TMD)(OTCQX:TITXF) ("Titan" or the "Company") announced today that it has successfully completed development of a functional prototype of its Single Port Orifice Robotic Technology (SPORT™) Surgical System.
The SPORT™ Surgical System prototype successfully demonstrates the key features of the system. These include two multi-articulating instruments, each capable of moving with seven degrees of freedom and an intra-abdominal 3D HD vision system. The two instruments and the vision system are all housed within a 25mm diameter port. Via this port, the SPORT™ Surgical System is inserted through a single 25mm incision in the patient's abdomen. The multi-articulating instruments and the 3D HD vision system then deploy and become fully operational by the surgeon, who is seated comfortably at a surgeon console.
The SPORT™ Surgical System prototype allows a surgeon to accurately and precisely move his or her hands and have those same exact movements perfectly translated into the movements on the instrument shafts, tips and end-effectors in a 1-to-1 ratio.
Now that the technical feasibility of the system has been proven, Ximedica, Titan's SPORT™ development partner will continue its efforts and now focus on detailed product design development working towards a pilot launch. The SPORT™ Surgical System is targeting a robotic surgery global market that is now worth an estimated $4 billion and expected to increase to $19.9 billion by 2019.
"We are extremely enthusiastic and encouraged by the recent working demonstration of the functional prototype of the SPORT™ Surgical System. The progress that we have witnessed to this point in time instills a high degree of confidence that we can quickly move towards the pilot project launch stage and then successful commercialization," said Titan CEO, John Hargrove.
Ximedica is a full service ISO 13485 certified and FDA registered product development firm with an exclusive focus on medical products. With more than 25 years of experience developing medical devices, combination products and consumer healthcare products Ximedica's client base spans the globe and ranges from start-ups to the world's largest medical device manufacturers. Ximedica's mission is to create products that meet international regulatory requirements and strategic business goals. For more information, visit the Company's website at www.ximedica.com.
About Titan Medical Inc.
Titan Medical Inc. is a Canadian public company (TSX VENTURE:TMD)(OTCQX:TITXF) focused on the design and development of a robotic surgical system for application in minimally invasive surgery ("MIS"). The Company's robotic surgical system, currently under development, comprises a surgeon-controlled robotic platform that includes a 3D vision system and interactive instruments for performing MIS procedures, and a surgeon workstation that provides the surgeon with an interface to the robotic platform for controlling the interactive instruments and providing a 3D endoscopic view of inside a patient's body during MIS procedures. The robotic surgical system is being designed to expand robotic surgery into areas of surgical specialties and simple and complex procedures that are currently under-serviced, and to allow surgeons to perform procedures within small to medium size surgical spaces such as general surgery and cholecystectomy. 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 April 10, 2013 (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.