Titan Medical Inc. Announces Results for the Three and Six Months Ended June 30, 2012
TORONTO, ONTARIO -- (Marketwire) -- 08/14/12 -- Titan Medical Inc. ("Titan" or the "Company") (TSX VENTURE: TMD)(OTCQX: TITXF) announced today results for the three and six months ended June 30, 2012.
The unaudited condensed interim financial statements for the period may be viewed on SEDAR.
Craig Leon, Chief Executive Officer of Titan Medical, Inc., said, "I am pleased with the accomplishments in the first half of 2012. We have forged key relationships for the development of the Company's single-site robotic surgical platform in light of favourable testing results and we are dedicated to advance the development plan ensuring that it satisfies the needs for all constituents, which include the surgeon, the hospital and most importantly the patient."
-- Signed a research agreement with Vanderbilt University for the testing and evaluation of the Company's Insertable Robotic Effector Platform ("IREP") in conjunction with the Advanced Robotics and Mechanism Applications Research Laboratory ("ARMA lab"). -- Engaged Dr. Dennis L. Fowler, MD, MPH, a co-inventor of the IREP, as a consultant for the development of the IREP for single-site surgery. -- Completed testing results of an early-user study of the IREP.
-- Cash and cash equivalents at June 30, 2012 totaled $7,146,866, compared to $9,738,822 at December 31, 2011. -- Net loss for the three and six months ended June 30, 2012 was $1,453,230 and $4,780,764, respectively ($2,788,368 and $4,900,413 for the equivalent periods in 2011). -- In line with Company objectives of continuing R&D, investments for the three and six months ended June 30, 2012 were $563,176 and $2,753,249, respectively ($1,960,031 and $3,358,901 for the equivalent periods in 2011).
About Titan Medical Inc.
Titan Medical Inc. is a Canadian public company (TSX VENTURE: TMD)(OTCQX: TITXF) focused on the design, development and commercialization of new robotic surgical technologies. The Company is advancing the development of a robust product portfolio with the objective to meet current needs in surgical procedures which would benefit all stakeholders, including patients, surgeons, and hospitals. The Company's product portfolio includes solutions for both single-site and multi-port surgical procedures that are under-served by robotic and non-robotic minimally invasive techniques. Robotic surgery has developed over the past 10 years into a proven and growing method of treatment. According to a Robotic Surgery Equipment Manufacturing report in October 2011, industry revenue is projected to increase at an average annual rate of 14.9% to $4.2 billion from 2011 to 2016. 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 30, 2012 (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. Craig Leon Chief Executive Officer (416) 548-7522 (ext. 151) firstname.lastname@example.org www.titanmedicalinc.com
Source: Titan Medical Inc.
Released August 14, 2012