Titan Medical Inc. Announces Memorandum of Understanding With India Based Apollo Hospitals Enterprise Limited
TORONTO, ONTARIO -- (MARKET WIRE) -- 12/05/11 -- Titan Medical Inc. ("the Company") (TSX VENTURE: TMD) announced today that it has signed a non-binding memorandum of understanding (MOU) with Apollo Hospitals Enterprise Limited ("Apollo"), a major hospital chain based in Chennai, India.
Under the terms of the agreement, Apollo will test and evaluate the Company's Amadeus™ Next Generation Robotic Surgical technologies. Apollo will provide the Company with detailed feedback as appropriate.
"We are very excited to have engaged in a relationship with Apollo, a leading hospital chain in India, and to work with their team of surgeons as we continue to advance the development of our robotic surgical technologies," said Dr. Reiza Rayman, President of Titan Medical Inc. "In addition to our objective of becoming a major player in the robotic surgery market in North America, we are also focusing our efforts on building a foothold beyond the U.S. where robotic surgery is still in its infancy. Untapped markets such as India offer a large opportunity for Titan to deploy Amadeus."
Prathap C. Reddy, M.D. Chairman of Apollo Hospitals Group, commented, "Robotic surgery represents one of the most exciting innovations in thoracic, abdominal and pelvic surgery in years. We look forward to offering these robotic procedures to our patients to help combat cardiac disease, as well as prostate and uterine cancer."
This MOU is being facilitated by PrimeSource MedTech LLP, a leading medical device and biotechnology consulting company based in Mumbai and New York.
About Apollo Hospitals Enterprise Limited
Apollo Hospitals is a major hospital chain based in Chennai, India. It was founded by Dr. Prathap C. Reddy in 1983. Apollo is one of the largest private healthcare providers in Asia, with 54 hospitals and over 8500 in-patient beds in India, Sri Lanka, Bangladesh, Ghana, Nigeria, Republic of Mauritius, Qatar, Oman and Kuwait. Its growth is often said to be synonymous with India emerging as a major hub in global healthcare and has been used as a case study in business development for students at Harvard University.
Apollo Hospitals has centers of excellence across the country in the following specialties: cardiology, oncology, neurosciences, orthopedics, digestive diseases and transplantation. The group has developed services in telemedicine, after starting a pilot project in 2000 in Dr Pratap C. Reddy's own home village. It is now the largest telemedicine provider in India with 71 centers nationwide.
Apollo Hospitals has Joint Commission International accreditations for 7 of its largest hospitals, the largest by any hospital group in the region. For more information, visit the Company's website at www.apollohospitals.com.
About Primesource Medtech
PrimeSource MedTech is a young and dynamic healthcare company based both in Mumbai and New York. It aims to bring innovative medical technology in the fields of GI/bariatric surgery and gastroenterology into India at either clinical trial or commercialization phases by leveraging its many connections with the Indian healthcare community, the American and European manufacturing sector and US and Indian venture capital and private equity/banking firms.
Members of the PrimeSource team have extensive experience in medical device sales, clinical research and trial design and academic surgical practice. PrimeSource provides guidance and assistance to medical device developers looking to source early stage financing, to start up companies looking to run clinical trials for CE mark or FDA approval, and to manufacturers exploring India as a new market for commercial device sales.
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, performance, business prospects and opportunities, the success of the relationship with Apollo, technological advancement and the results of testing the Amadeus™ Next Generation Robotic Surgical technologies. 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, achievements, success of the relationship with Apollo or technological advancement and testing regarding the Amadeus™ Next Generation Robotic Surgical technologies to be materially different from any future results, performance, achievements, or technological advancement 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 December 5, 2011