Titan Medical Inc. Announces Non-Binding Letter of Intent with London Health Sciences Centre for Testing and Evaluation of the Amadeus Robotic Surgical Platform
TORONTO, ONTARIO -- (MARKET WIRE) -- 03/23/11 -- Titan Medical Inc. ("the Company") (TSX VENTURE: TMD) announced today that it has signed a non-binding letter of intent ("LOI") with London Health Sciences Centre ("LHSC"), located in London, Ontario, Canada, for testing and evaluation of the Company's Amadeus Robotic Surgical Platform.
Under the terms of the letter of intent, LHSC will test and evaluate Titan's surgeon console and its component sub-systems (including vision system, telecommunication system, hand controllers, simulated instrumentation, ergonomic interface) and will provide the Company with detailed reports. This testing and evaluation will take place in conjunction with CSTAR (Canadian Surgical Technologies & Advanced Robotics), LHSC's world-leading program for the research, validation and training for emerging medical device technologies.
Dr. Reiza Rayman, President of the Company, commented, "We are excited to have established our first Canadian-based relationship with LHSC as we are nearing the completion of our clinical-grade next generation robotic surgical system. LHSC has pioneering history and leadership in robotic surgery, and we look forward to capitalizing on their expertise in minimally invasive surgery technologies."
About London Health Sciences Centre
London Health Sciences Centre, one of Canada's largest acute-care teaching hospitals, is dedicated to excellence in patient care, teaching and research. For more than 135 years, LHSC has provided patient care for the people of London, the region, and beyond. Many national and international medical breakthroughs have been pioneered at LHSC, to the benefit of patients at home and around the world. Through its affiliation with The University of Western Ontario and more than 30 other educational institutions, LHSC trains more than 1,800 medical and health care professionals annually.
Located in London, Ontario, Canada, LHSC is the largest employer in London and encompasses South Street Hospital, University Hospital, Victoria Hospital and Children's Hospital, Byron Family Medical Centre and Victoria Family Medical Centre, and is the home of the Fowler Kennedy Sport Medicine Centre, CSTAR, Lawson Health Research Institute, Children's Health Foundation and London Health Sciences Foundation.
While CSTAR is not a patient care facility, its development of new minimally invasive surgery technologies is directed by LHSC's comprehensive understanding of and experience with the challenges of patients requiring surgical care.
LHSC's team of minimally invasive surgeons provides daily surgical care to patients at both LHSC and St. Joseph's Health Care, in London, Ontario, where they have established Canada's most extensive and comprehensive experience in the use of minimally invasive surgery technologies.
As a leader in medical discovery and health research, LHSC has a history of over 50 international and national firsts and attracts top clinicians and researchers from around the world. As a regional referral centre, LHSC cares for the most medically complex patients including critically injured adults and children in Southwestern Ontario and beyond. The hospital's nearly 15,000 staff, physicians, students and volunteers provide care for more than one million patient visits a year. For more information, visit LHSC's website at www.lhsc.on.ca.
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 April 9, 2010 (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 ICR, LLC Sherry Bertner Managing Director (646) 277-1247 Sherry.Bertner@icrinc.com
Source: Titan Medical Inc.
Released March 23, 2011