Titan Medical Inc. Announces Results for the Nine Months Ended September 30, 2008
TORONTO, ONTARIO -- (MARKET WIRE) -- 11/18/08 -- Titan Medical Inc. ("the Company") (TSX VENTURE: TMD) is pleased to announce today its results for the nine months ended September 30, 2008. The financial statements and Management's Discussion and Analysis for the period may be viewed on SEDAR.
The company successfully completed Phase B prototype of Amadeus®, a next generation robotic surgical system currently being developed to address keyhole robotic minimally invasive surgery.
Amadeus® is being developed as a four-armed robotic surgical system that combines aerospace, medical and defense technologies. Technology development is focused on naturally extending and enhancing the surgeon's capability. The Phase B prototype includes improvements in vision system, force feedback, robotic arm, and telesurgery subcomponents. These proprietary elements will allow superior navigation, precise control, touch sensation, and secure long-distance robotic surgery. Amadeus® is being designed to overcome the limitations of fixed port access, limited dexterity and visualization, and limited control systems software, all of which can result in robotic arm collisions and failed surgery.
- Cash and cash equivalents at September 30, 2008 totaled $1,938,948 (December 31, 2007 -- $1,076,855).
- The net loss was $2,439,012 for the nine months ended September 30, 2008 ($64,631 for nine months ended September 30, 2007) and $938,965 for the three months ended September 30, 2008 ($9,730 for three months ended September 30, 2007).
- The Company's R&D investments were $1,581,092 for the nine months ended September 30, 2008 ($33,762 for nine months ended September 30, 2007) and $442,289 for the three months ended September 30, 2008 ($3,750 for three months ended September 30, 2007).
Craig Leon, Chief Executive Officer of Titan Medical Inc., commented on the results by saying "I am very pleased with our progress to date. The development of the Phase B Amadeus® prototype represents a major milestone for the Company, and marks the conclusion of some higher risk technical elements. In Phase C, we will continue to focus on building on our intellectual property portfolio while also dedicating our resources to the development of the Company's clinical-grade robotic surgical platform."
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 July 8, 2008 (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) (416) 368-1608 (FAX) Email: firstname.lastname@example.org
Released November 18, 2008