Titan Medical Inc. Announces Results for the Three and Six Months ended June 30, 2010
TORONTO, ONTARIO -- (MARKET WIRE) -- 08/18/10 -- Titan Medical Inc. ("Titan" or the "Company") (TSX VENTURE: TMD) is pleased to announce its results for the three and six months ended June 30, 2010. The financial statements and Management's Discussion and Analysis for the period may be viewed on SEDAR.
Titan continued to successfully pursue key strategic relationships with technology development partners and continued its efforts to secure its intellectual property through the patent process in the first and second quarters of 2010. In addition, it raised net proceeds of $1,298,698 through the issuance of common shares. On July 5, 2010 the Company announced that it had filed an amended and restated preliminary short form base shelf prospectus with the securities regulatory authorities in each of the provinces of British Columbia, Alberta and Ontario. This filing has been made in order to amend and restate the Company's current preliminary short form prospectus which was filed on April 13, 2010. The preliminary shelf prospectus relates to the offering for sale of common shares and warrants for gross proceeds of up to an aggregate of CDN $15,000,000 during the 25 month period that the prospectus remains effective.
Titan is focused on the development 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 $3.4 billion 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.
-- Cash and cash equivalents at June 30, 2010 totaled $3,041,768 (December 31, 2009 $3,213,027). -- The net loss for the three and six months ended June 30, 2010 was $998,448 and $1,527,522 respectively ($99,215 and $291,062 for the equivalent periods in 2009) -- The Company's R&D investments for the three and six months ended June 30, 2010 were $285,656 and $457,994 respectively (($27,381) (recovery due to tax credits) and 43,965 for the equivalent periods in 2009).
Craig Leon, Chief Executive Officer of Titan Medical Inc., commented on the results by saying "I am very pleased with our continued progress in establishing strategic relationships and the further development of Amadeus."
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 Filing Statement 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.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Contacts: Titan Medical Inc. Craig Leon Chief Executive Officer (416) 548-7522 (ext. 151) email@example.com
Released August 18, 2010