Titan Medical Inc. Completes Beta Console and Commences Early User Study
TORONTO, ONTARIO -- (MARKET WIRE) -- 03/31/11 -- Titan Medical Inc. (TSX VENTURE: TMD) announced today that it has completed its Beta Console and industrial design prototypes and commenced an early user study. The initial testing will include review of ergonomics and console functionality through various methods by key opinion leaders in robotic surgery. The Company expects to complete the study by the end of April.
Craig Leon, Chief Executive Officer of Titan Medical Inc., commented, "Completion of our Beta Console ahead of our original schedule is an important strategic milestone. This brings us one step further in the development process of our Amadeus™ Robotic Surgical System. We look forward to receiving feedback from the study, which we believe will support our goal of bringing surgery to a completely new level."
Amadeus™ Robotic Surgical System is the Company's next generation 4-armed robotic surgical platform. The surgical console is a new design, force feedback and enhanced vision system, enabling unprecedented ease of instrument control and system functions. Other elements that make up the Amadeus™ Robotic Surgical System include multi articulating arms, communications, simulation systems and advanced instrumentation.
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 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" 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 ICR, LLC Sherry Bertner Managing Director (646) 277-1247 Sherry.Bertner@icrinc.com
Source: Titan Medical Inc.
Released March 31, 2011