Titan Medical Inc. Signs Development Agreement With Sagentia Inc.
Development of Next Generation Robotic Surgery System on Path for Clinical Setting
TORONTO, ONTARIO -- (MARKET WIRE) -- 11/03/10 -- Titan Medical Inc. ("the Company") (TSX VENTURE: TMD) announced today that it has signed an agreement with Sagentia Inc., a world leading technology and product development company, for the industrial design and development of certain core aspects related to the Company's Amadeus robotic surgical system.
Under the terms of the agreement, Sagentia will work with Titan to develop the core structure and mechanisms of the Surgeon Console, from front end needs analysis through to transfer to manufacture, in order to aid in the delivery of innovation and commercial value of the Amadeus Platform.
Dr. Reiza Rayman, President of Titan Medical Inc., commented, "We are proud to join Sagentia's client base which includes leading multinational medical manufacturers and high innovation start-ups. This partnership will enable us to accelerate development of Amadeus in its final pre clinical phase, while adhering to the highest technological standards in the industry."
Brent Hudson, Chief Executive Officer of Sagentia, said, "We are excited about this opportunity to collaborate with Titan Medical on developing its cutting edge robotic surgery system. We are pleased to be Titan's selected partner, leveraging our strengths in complex R&D product development requirements and helping the company to bring its innovative value proposition to the market."
About Sagentia
Sagentia is a technology and product development company, working with clients from front end needs analysis to transfer to manufacture. Established in 1986, the company's commitment to innovation has led to the launch of new technologies and products that change the basis of competition. Sagentia's teams are situated in state-of-the-art facilities in the US, Europe and China. For more information, visit www.sagentia.com.
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" 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) 277-1200 Sherry.Bertner@icrinc.com
Released November 3, 2010