Titan Medical Inc. Announces First Quarter 2011 Results
TORONTO, ONTARIO -- (MARKET WIRE) -- 05/05/11 -- Titan Medical Inc. ("Titan" or the "Company") (TSX VENTURE: TMD) announced today results for the three months ended March 31, 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, "We are off to an excellent start to the new fiscal year. Development of the Beta Console is completed and initial testing results from our early user study are very encouraging. We continue to develop strategic supplier relationships and hire talented people. As a result of our successful capital raise in December 2010, we entered 2011 in a strong cash position. We look forward to continued progress and success in executing our business strategy through the balance of the year."
-- Titan continued to successfully pursue key strategic relationships with technology development partners and to secure its intellectual property through the patent process. -- The Company completed its Beta Console and industrial design prototypes and commenced an early user study. The initial testing included review of ergonomics and console functionality through various methods by key opinion leaders in robotic surgery.
-- Cash and cash equivalents at March 31, 2011 totaled $7,810,912, compared to $9,614,798 at December 31, 2010. -- Net loss for the three months ended March 31, 2011 was $2,112,045, compared to net loss of $522,246 for the three months ended March 31, 2010. -- The Company's R&D investments for the three months ended March 31, 2011 were $1,423,320, compared to $182,338 for the three months ended March 31, 2010.
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) firstname.lastname@example.org ICR,LLC Sherry Bertner Managing Director (646) 277-1247 Sherry.Bertner@icrinc.com
Source: Titan Medical Inc.
Released May 5, 2011