Titan Medical Inc. Announces Memorandum of Understanding With The Ohio State University
TORONTO, ONTARIO -- (MARKET WIRE) -- 09/28/11 -- Titan Medical Inc. ("the Company") (TSX VENTURE: TMD) announced today that it has signed a non-binding memorandum of understanding (MOU) with The Ohio State University ("Ohio State").
Under the terms of the agreement, Ohio State will test and evaluate the Company's Amadeus™ Next Generation Surgical Robotic Platform. Ohio State will provide the Company with detailed feedback as appropriate.
"We are very pleased to have engaged in a MOU with The Ohio State University, a world-class public research university, and to have the opportunity to closely work with their team of surgeons to advance the development of Amadeus Composer™ into clinical trials," said Dr. Reiza Rayman, President of Titan Medical Inc. "Over the past year, we have successfully built relationships with leading teaching hospitals in the U.S. in a collaborative effort to revolutionize robotic surgery and provide significant benefits to hospitals, surgeons, insurers and patients."
About The Ohio State University
Founded in 1870, The Ohio State University is a world-class public research university and the leading comprehensive teaching and research institution in the state of Ohio. With more than 56,000 students enrolled at its main Columbus campus, 14 colleges and 170 majors, the university offers its students exceptional breadth and depth of opportunity in the liberal arts, the sciences and the professions. A national research powerhouse, the university ranks 13th among all universities in research expenditures and a remarkable second place in industry-sponsored research. For more information, visit www.osu.edu.
In July, the U.S. News & World Report 2012 edition of America's Best Colleges named The Ohio State University Medical Center one of "America's Best Hospitals" for the 19th consecutive year. A total of 11 Ohio State medical programs are recognized in the 2011 rankings, with four programs (cancer, diabetes & endocrinology, rehabilitation, and ear, nose and throat) ranked in the top 20. Additional Ohio State programs included in the rankings are cardiology, gynecology (women's health), nephrology, neurology & neurosurgery, orthopedics, pulmonology and urology.
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 September 28, 2011