Titan Medical Inc. Announces Memorandum of Understanding with Switzerland Based Clinique Generale-Beaulieu
TORONTO, ONTARIO -- (MARKET WIRE) -- 03/06/12 -- Titan Medical Inc. ("the Company") (TSX VENTURE: TMD)(OTCQX: TITXF) announced today that it has signed a non-binding memorandum of understanding (MOU) with Clinique Generale-Beaulieu ("CGB"), a leading medical clinic based in Geneva, Switzerland.
Under the terms of the MOU, CGB will test and evaluate the Company's Amadeus™ Next Generation Robotic Surgical technologies. CGB will provide the Company with detailed feedback as appropriate.
"Securing a relationship with Clinique Generale-Beaulieu further supports our development and future commercialization efforts internationally. This relationship is expected to provide future additional opportunities for us to expand our presence in countries where interest in robotic surgery is rapidly growing," said Dr. Reiza Rayman, President of Titan Medical Inc. "We look forward to working with the Clinique Generale-Beaulieu team, which has nearly 10 years experience with robotic surgery, in our ultimate pursuit of commercializing Amadeus for markets abroad."
About Clinique Generale-Beaulieu
The Clinique Generale-Beaulieu was founded in August 1899. With its multi-disciplinary approach, the clinic counts more than 450 staff and nearly 600 licensed physicians, having a total of 134 beds available. The facilities include six specialty centers of international reputation: The Institute of Radiology; The Institute of Nuclear Medicine; The Robot-Assisted Laparoscopic Surgery Center; The Assisted Reproductive Technologies (ART) Center; The Maternity Unit; and The Physiotherapy and Functional Rehabilitation Center. For more information, visit the clinic's website at http://www.beaulieu.ch/.
About 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 global robotic surgical market size is currently estimated at approximately $1 billion and is estimated to grow to $5 billion by 2015 with potential for placement of 6,000 robotic surgical systems. 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 31, 2011 (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 ICR, LLC Sherry Bertner Managing Director (646) 277-1247 Sherry.Bertner@icrinc.com
Source: Titan Medical Inc.
Released March 6, 2012