Titan Medical Inc. Signs Development Agreement With D&D Video Specialists, Inc.
TORONTO, ONTARIO -- (MARKET WIRE) -- 07/14/11 -- Titan Medical Inc. ("the Company") (TSX VENTURE: TMD) today announced that it has signed a development agreement with D&D Video Specialists, Inc. (D2 Video™), a leading developer of endoscopic vision systems.
Under terms of the agreement, D2 Video™ will design and develop a proprietary vision system (camera head, camera control units, light source components, and rigid and flexible endoscopes) for the Company's next generation robotic surgical system, Amadeus™.
"We are very pleased to be working with D2 Video™ on our proprietary surgical platform," said Dr. Reiza Rayman, President of Titan Medical Inc. "They have a rich history and success in developing novel optical imaging products for world-class medical device companies, and as such, they are a natural fit to our expanding intellectual property and development efforts."
"The D2 Video™ team and its partners are excited and pleased to be a part of the integral team for the development of Titan's Amadeus™ robotic surgical platform," said Diane Goss, President of D2 Video™. "The inception of D2 was to make a difference in healthcare, and we believe there is no better way to achieve that goal than through partnering with Titan, whose use of cutting edge robotic technology will set the standard for endoscopy healthcare."
About D&D Video Specialists, Inc.
D&D Video Specialists, Inc. (D2 Video™) was founded in September, 1990 with the culmination of key personnel who previously designed and manufactured one of the first video systems used for endoscopy market. D2 Video™ engineering staff has experience in developing over 38 visualization products for medical, industrial and broadcast markets.
D2 Video™ was the first company in the U.S. to offer repair service for all makes and models of endoscopic cameras and peripherals. D2 Video™ has developed manufactured and private labeled visualization products for many of the leading manufacturers in the medical, industrial and broadcast markets, as well as their own brands of endoscopic products at their ISO 9001 certified and FDA-registered facility.
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.
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 14, 2011