Titan Medical Inc. Announces MOU with Rochester General Hospital
TORONTO, ONTARIO -- (MARKET WIRE) -- 07/27/10 -- Titan Medical Inc. ("the Company") (TSX VENTURE: TMD) is pleased to announce the signing of a non-binding memorandum of understanding (MOU) with Rochester General Hospital. Under terms of the agreement the Company will engage Rochester General Hospital to provide certain testing and evaluation services and related reports with respect to the clinical-grade surgeon console of the Amadeus™ Robotic Surgical Platform.
Dr. Reiza Rayman, President of Titan Medical Inc., commented as follows:
"As we near the clinical trial stage of our next generation robotic surgical system we are pleased to have initiated a relationship with Rochester General Hospital, which is recognized nationally for its robotic surgery program leadership, ranking among the top 4% of U.S. hospitals in robotic surgery procedures completed."
Under the terms of the MOU, Rochester General Hospital will perform testing and evaluation of the surgeon console and its component sub-systems (vision system, telecommunication system, hand controllers, simulated instrumentation, ergonomic interface, etc.) and will provide Titan with detailed testing and evaluation reports.
About Rochester General Hospital
Rochester General Hospital, the flagship of Rochester General Health System, is a 528-bed hospital served by more than 1,300 medical and dental staff members and more than 5,000 employees. Rochester General is a tertiary care facility with strong referral relationships with several regional hospitals. In 2009, RGH cared for more than 87,000 patients in the emergency department, discharged over 32,000 inpatients, and performed more than 20,100 surgical procedures and over 1,050,000 outpatient encounters.
Rochester General offers a full array of services to meet the medical needs of its surrounding communities, including nationally recognized programs in cardiac, cancer, orthopaedic, vascular, surgical, and diabetes care. Distinctions for quality include designation as a Solucient/Thompson Top 100 Cardiac Hospital nine times and recognition as one of the Top 100 Integrated Health Systems in the U.S. for four consecutive years. High quality clinical care provided at Rochester General is amplified by relationships and affiliations with nationally renowned institutions such as the Cleveland Clinic (for cardiac care) and Roswell Park Cancer Institute. The hospital also serves as a digital imaging global showcase for Carestream Health.
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 over $1 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. 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 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) www.titanmedicalinc.com
Released July 27, 2010