Titan Medical Inc. Announces the Commencement of Tissue Testing
TORONTO, ONTARIO -- (Marketwired) -- 11/11/13 -- Titan Medical Inc. ("Titan" or the "Company") (TSX VENTURE: TMD)(OTCQX: TITXF) announced today that it recently started tissue testing that has been highly successful in assessing and measuring the functionality of the Single Port Orifice Robotic Technology SPORT™ Surgical System. The purpose of tissue testing is to undertake a sequence of tests with refinements and improvements after each test, leading ultimately to the finalized fully-functional SPORT™ Surgical System. Tissue testing constitutes the first major milestone on Titan's pathway to commercialization.
In the last two weeks, the protocols in the first two tests were implemented and the goals were successfully attained. Two more tests are planned before the end of this year. During the next nine months, iterative testing and fine tuning of all the components of the SPORT™ Surgical System will take place.
The testing is being led by Dr. Dennis Fowler who is responsible for clinical affairs and Titan's process for obtaining regulatory approval. Dr. Fowler is working closely with the Clinical and Regulatory department of Ximedica, Titan's development partner of record, in solidifying Titan's regulatory strategy for obtaining permission to market the SPORT™ Surgical System from the U.S. Food and Drug Administration (FDA) and for obtaining CE Mark from the European Union.
"The objective of tissue testing is to either confirm the performance of the SPORT™ Surgical System or identify areas of performance that require fine tuning. To date, the engineers and clinical consultants have been extremely pleased with the technology and the testing results. I am delighted with the progress that we are making," commented Dr. Dennis Fowler, Titan's Director of Clinical Affairs.
"We are continuing to meet out milestones and remain on track for commercialization in 2015," said John Hargrove, Chief Executive Officer of Titan Medical Inc.
About Ximedica
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 products, combination products and healthcare products, Ximedica's client base spans the globe and ranges from start-ups to the world's largest medical device manufactures. 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.
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 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.
Contacts: Titan Medical Inc. John Hargrove Interim Chief Executive Officer (416) 548-7522 (ext. 151) john.hargrove@titanmedicalinc.com www.titanmedicalinc.com Investor Relations Beverly Brooks (416) 482-8889 brooks.communications@rogers.com
Source: Titan Medical Inc.
Released November 11, 2013