Titan Medical Inc. Enters Into Exclusive Patent License Agreement for Novel Surgical Stapler
TORONTO, ONTARIO -- (MARKET WIRE) -- 07/21/11 -- Titan Medical Inc. ("the Company") (TSX VENTURE: TMD) today announced that it has entered into an exclusive patent license agreement with Mayo Foundation for Medical Education and Research ("Mayo Clinic") for its novel surgical stapler.
Under the terms of the agreement, the Company has secured exclusive rights to intellectual property developed by Heidi Nelson, M.D., and David W. Larson, M.D., Mayo Clinic. The licensed patent application covers both the surgical stapler delivery systems and methods of assembling the staplers for a number of surgical procedures such as laparoscopic, endoscopic, intra-luminal, natural orifice, and/or open surgery. Additionally, Titan has agreed to make up-front, milestone and royalty payments.
"We are pleased to have obtained an exclusive license for this novel surgical stapler, which is complementary to our development and commercialization efforts in robotic surgical technologies," said Craig Leon, Chief Executive Officer of Titan Medical Inc. "This agreement is our initial endeavor in our intellectual property licensing strategy and we will continue to strengthen our patent portfolio by seeking additional licensing agreements and through internal developments."
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™, a next generation 4-armed robotic surgical system, with the objective of enabling surgeons to remotely manipulate surgical instruments. Robotic surgery has developed over the past 10 years into a proven and growing method of treatment. The current global robotic surgical market size is 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.
About Mayo Clinic
Mayo Clinic is a nonprofit worldwide leader in medical care, research and education for people from all walks of life. For more information, visit MayoClinic.com or MayoClinic.org/news.
Disclosure: Mayo Clinic and Drs. Nelson and Larson have a financial interest in the technology referenced in this news release. In accordance with the Bayh-Dole Act, Mayo Clinic has licensed this technology to Titan Medical Inc., and both Mayo Clinic and Drs. Nelson and Larson will receive royalties from the sale of this technology.
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 July 21, 2011