Titan Medical Inc. Announces Early-User Study Testing Results for Robotic Single-Site Surgical Platform
TORONTO, ONTARIO -- (Marketwire) -- 06/19/12 -- Titan Medical Inc. (the "Company") (TSX VENTURE: TMD)(OTCQX: TITXF) announced today testing results for an early-user study of the Company's robotic single-site surgical platform. The individuals that participated in the study and provided their feedback were Dr. Reiza Rayman, the Company's President, Dr. John Valvo, the Company's Vice President of Medical Affairs and Dr. Dennis Fowler, development consultant to the Company.
The testing of the prototype involved various task based functions targeted at the assessment of the system workspace, 3D vision system, movement of the snake-like instrument arms and the capability to perform complex reconstructive movements such as suturing. The results revealed that the unique system architecture and instrumentation provide the necessary reach and triangulation needed to perform single-site cholecystectomy procedures as well as a variety of other single-site procedures.
"I am pleased with the development stage of the prototype and the potential it offers in single-site robotic surgery," said Craig Leon, Chief Executive Officer of Titan Medical Inc. "The robotic single-site surgical platform currently under development addresses the robotic surgery requirements discussed above, and these test results support our Company's development plan with the objective of becoming a leading provider of novel surgical solutions."
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 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) cleon@titanmedicalinc.com www.titanmedicalinc.com
Source: Titan Medical Inc.
Released June 19, 2012