Titan Medical Inc. Signs Exclusive Worldwide Development and Licensing Agreements with LiveData, Inc.
TORONTO, ONTARIO -- (MARKET WIRE) -- 09/15/11 -- Titan Medical Inc. ("the Company") (TSX VENTURE: TMD) announced today that it has signed a six-year development and licensing agreement with LiveData, Inc., a leading innovator of real-time data integration and display technology. Under the terms of the agreement, Titan Medical will have an exclusive, worldwide license for LiveData RTI Server as an integration technology for the Company's Amadeus Composer™ robotic surgical platform.
Using Amadeus Composer™, surgeons are able to receive multiple information sources for treatment or training, and can seamlessly switch between the two. Titan Medical will use the LiveData technology to enable innovative holistic displays for surgeons. A real-time data integration engine, LiveData RTI, unifies disparate systems - such as medical devices from diverse vendors, hospital information systems, in-house applications and data structures - and delivers real-time data streams to visual applications for synthesis and display.
"We are pleased to have entered into this licensing and development agreement with LiveData for its innovative integration and display technology for use in Amadeus Composer™, our next generation robotic surgical platform," said Dr. Reiza Rayman, President of Titan Medical Inc. "Obviously the more information you can deliver to a surgeon intra-operatively, the better. The inclusion of LiveData's unique patient information in our surgeon console not only strengthens our patent portfolio but it also allows our surgeons to have patient critical information literally at their fingertips."
"LiveData occupies a unique position in the hospital setting. Integrating our technology into the Amadeus platform will provide surgeons with unparalleled visibility into all salient patient-centric information. Additionally, surgeons will have the dashboard necessary to maximize patient safety and surgical performance," said Jeffrey Robbins, Founder, President and CEO of LiveData, Inc.
About LiveData, Inc.
LiveData is a leading innovator in real-time data integration and display technology. The company's solutions gather data from any number of sources, coordinate it with team workflow, and present it as meaningful information on easy-to-read graphic displays. Leading medical institutions, including Massachusetts General Hospital, Memorial Sloan-Kettering Cancer Center, and New York Presbyterian Hospital have selected LiveData OR-Dashboard to improve patient safety, team communication, and perioperative efficiency. OR-Dashboard is a trade mark of LiveData. All other marks are the property of their respective owners, and are used for identification purposes only. Founded in 1991, LiveData is headquartered in Cambridge, Massachusetts. Information is available at www.livedata.com.
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 15, 2011