Titan Medical Inc. Announces Results for the Three and Six Months Ended June 30, 2011
TORONTO, ONTARIO -- (MARKET WIRE) -- 08/16/11 -- Titan Medical Inc. ("Titan" or the "Company") (TSX VENTURE: TMD) announced today results for the three and six months ended June 30, 2011.
The financial statements and Management's Discussion and Analysis for the period may be viewed on SEDAR.
Craig Leon, Chief Executive Officer of Titan Medical Inc., said, "The momentum created in the first quarter has carried over into the second quarter and we are very proud of our accomplishments to date. We established several industry leading relationships, including Crouse Hospital, Mayo Clinic and Sense Graphics, which enable us to proceed with development and testing of Amadeus Composer™. We also successfully raised $9.2 million, which provides us with sufficient funds to continue development of our next generation robotic surgical system during the second half of 2011."
Operational Highlights
-- Entered into an exclusive patent license agreement with Mayo Foundation
for Medical Education and Research for its novel surgical stapler.
-- Signed a development agreement with D&D Video Specialists, Inc. (D2
Video™), a leading developer of endoscopic vision systems. D2
Video™ will design and develop a proprietary vision system for
Amadeus Composer™.
-- Appointed Dr. John R. Valvo, M.D., F.A.C.S. as Vice President of Medical
Affairs.
-- Appointed Dr. Carlo Camargo Passerotti, M.D., PhD and Dr. Li-Ming Su,
M.D. to the Company's Medical Advisory Board.
-- Signed a non-binding memorandum of understanding with Crouse Hospital,
Inc., a 506-bed acute care hospital in Syracuse, NY. Crouse Hospital
will test and evaluate Amadeus Composer ™.
-- Announced positive testing results for its Beta Console early user
study.
-- Signed a development agreement with Proven Process Medical Devices, Inc.
("Proven Process"), a leading provider of medical device contract
research and development, and manufacturing services. Proven Process
will develop certain proprietary components of Amadeus Composer ™.
-- Signed a service agreement with SenseGraphics AB, a leader in 3D and
haptic software simulation. SenseGraphics AB will develop novel and
customized simulation software that will be integrated with Amadeus
Composer™. Additionally, SenseGraphics will provide a unique
simulation program that will allow a real time 3D task and anatomy based
simulation training program.
Financial Highlights
-- Cash and cash equivalents at June 30, 2011 totaled $13,700,073, compared
to $9,614,798 at December 31, 2010.
-- Net loss for the three and six months ended June 30, 2011 was $2,788,368
and $4,900,413, respectively ($984,679 and $1,506,923 for the equivalent
periods in 2010).
-- In line with Company objectives of increasing R&D, investments for the
three and six months ended June 30, 2011 were $2,015,231 and $3,438,551,
respectively ($285,656 and $457,994 for the equivalent periods in 2010).
-- The Company sold 5,577,500 units at a price of $1.65 each for gross
proceeds of $9,202,875.
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 the 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 August 16, 2011