Titan Medical Inc. Announces Grant of Options
TORONTO, ONTARIO -- (MARKET WIRE) -- 09/11/09 -- Titan Medical Inc. (TSX VENTURE: TMD) announces that its board of directors has approved the grants of 653,680 options to directors and senior officers of the company and 50,974 options to consultants of the company. Each option entitles its holder to purchase one common share of Titan at a price of $0.24 for a period of five years from the date of grant. The options vest on a quarterly basis and will be fully vested on July 31, 2010. All shares issuable upon exercise of the options shall be subject to resale restrictions, under the policies of the TSX Venture Exchange, for a period of 4 months from the date of grant.
Titan Medical Inc. is 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 $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.
Forward Looking Statements
This news release includes certain statements that may be deemed "forward-looking statements". All statements in this discussion other than statements of historical facts, that address future acquisitions and events or developments that Titan expects, are forward-looking statements. Although Titan believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include the achievement of research and development milestones and objectives, market prices, regulatory approvals, continued availability of capital and financing and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the 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) (416) 368-1608 (FAX) Email: cleon@titanmedicalinc.com
Released September 11, 2009