Titan Medical Inc. Enters Into Exclusive License Agreement with Columbia University for Novel Single Port Robotic Surgery System
TORONTO, ONTARIO -- (MARKET WIRE) -- 02/15/12 -- Titan Medical Inc. ("the Company") (TSX VENTURE: TMD) announced today that it has entered into an exclusive license agreement with Columbia University for a novel single port robotic surgery system, The Insertable Robotic Effector Platform ("IREP").
Under the terms of the agreement, the Company will have exclusive rights to the development and commercialization of the intellectual property of IREP, developed by Dr. Nabil Simaan.
IREP is believed to be the world's smallest, in terms of required diameter, to enter the body while enabling full manipulation capabilities and imaging feedback. It consists of a novel endoscope and two flexible arms, all contained within one lumen, that is meant to be used to perform single port surgery in a variety of areas, such as single port gallbladder surgery, trans-vaginal access, trans-oral access, and trans-anal access. IREP will enable surgeons to carry out minimally invasive procedures by using natural openings and by using only a single small 15 mm opening in the abdomen as opposed to 3 to 5 openings currently used in existing minimally invasive systems. It also sets a new standard in terms of compactness and deployability since it is small enough to be attached to the surgical bed thus allowing quick reorientation of the patient during surgery, whereas existing systems are very large and do not mount on the surgical bed. Other advantages of IREP include its capability to include sensory information such as force feedback and intra-abdominal ultrasound and also its suitability for micro-surgery enabling high level accuracy which is not currently feasible with existing systems.
"We are pleased to have obtained an exclusive license with Columbia University for this novel single port robotic surgery system. It fits perfectly with our strategic plans of developing and commercializing a suite of next generation robotic surgical technologies," said Craig Leon, Chief Executive Officer of Titan Medical Inc.
About Columbia University
A leading academic and research university, Columbia continually seeks to advance the frontiers of knowledge and to foster a campus community deeply engaged in understanding and addressing the complex global issues of our time. Columbia's extensive public service initiatives, cultural collaborations, and community partnerships help define the University's underlying values and mission to educate students to be both leading scholars and informed, engaged citizens. Founded in 1754 as King's College, Columbia University in the City of New York is the fifth oldest institution of higher learning in the United States. To learn more, visit www.columbia.edu.
About Columbia Technology Ventures
A leading academic and research university, Columbia University continually seeks to advance the frontiers of knowledge and to foster a campus community deeply engaged in understanding and addressing the complex global issues of our time. Columbia University's technology transfer office, Columbia Technology Ventures, manages Columbia's intellectual property portfolio and serves as the university's gateway for companies and entrepreneurs seeking novel technology solutions. Our core mission is to facilitate the transfer of inventions from academic research to outside organizations for the benefit of society on a local, national and global basis. For more information on Columbia Technology Ventures, please visit www.techventures.columbia.edu.
About Titan Medical Inc.
Titan Medical Inc. is a Canadian public company (TSX VENTURE: TMD) 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, and allows 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 to be 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 February 15, 2012