Titan Medical Inc. Announces Research Agreement with ARMA Lab at Vanderbilt University
TORONTO, ONTARIO -- (Marketwire) -- 05/01/12 -- Titan Medical Inc. ("the Company") (TSX VENTURE: TMD)(OTCQX: TITXF) announced today that it has 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") headed by Dr. Nabil Simaan, associate professor of mechanical engineering who is affiliated with the newly established Vanderbilt Initiative in Surgery and Engineering (VISE) at Vanderbilt University.
Under the terms of the agreement, ARMA lab will perform testing of the IREP, which include exploratory, workspace, engineering, and tissue testing over an eight week period. The results and evaluation of the IREP will layout the development and clinical plans necessary for regulatory submission and commercialization of the IREP.
"Advancing the development of the IREP is a crucial step for the Company in its quest to provide next generation robotic surgical solutions for all hospital tiers worldwide," said Craig Leon, Chief Executive Officer of Titan Medical Inc. "We are dedicated to advancing the clinical development of the IREP and realizing its value as a next generation robotic surgery solution for single port access surgery, which is currently an underserved and large market opportunity for the Company."
Titan Medical Inc.
Titan Medical Inc. is a Canadian public company (TSX VENTURE: TMD)(OTCQX: TITXF) 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, with the objective of allowing 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 Robotic Surgery Equipment Manufacturing industry revenue is projected to increase at an average annual rate of 14.9% to $4.2 billion in the five years to 2016. 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 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 May 1, 2012