Titan Medical Inc. Announces the Completion of Phase B Prototype of Its Amadeus Robotic Surgical System
Positioned to Proceed with the Next Phase of Development for the Robotic Surgical Platform
TORONTO, ONTARIO -- (MARKET WIRE) -- 10/15/08 -- Titan Medical Inc. ("the Company") (TSX VENTURE: TMD) is pleased to announce today that it has completed Phase B prototype of Amadeus®, a next generation robotic surgical system currently being developed to revolutionize keyhole robotic minimally invasive surgery.
Dr. Reiza Rayman, President of Titan Medical Inc., commented as follows:
"The Company was founded with the goal of improving robotic surgery, and I am very proud of what we have accomplished in such a short period of time. We are looking forward to bringing Amadeus® into an operating room setting following completion of technology development and commercialization."
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.
"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," said Craig Leon, CEO of the Company. "In Phase C, we will continue to focus on building on our intellectual property portfolio while also dedicating our resources to the completion of the Company's clinical-grade robotic surgical platform, estimated for completion in the last quarter of 2010."
The Company will be hosting demonstrations of Amadeus® to qualified investors and medical professionals from Wednesday, October 15th to Friday, October 17th at the Company's development partner facility located in Ancaster, Ontario, Canada on a by invitation only basis.
Now that Phase B development work is complete, the Company also announces the departure of John Unsworth as Vice-President effective October 30, 2008. The Company is adequately staffed with internal resources and external development partners as it enters the next stage of development.
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 $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. 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 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.
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Contacts: Titan Medical Inc. Craig Leon Chief Executive Officer (416) 548-7522 (ext. 151) (416) 368-1608 (FAX) Email: firstname.lastname@example.org Website: www.titanmedicalinc.com
Released October 15, 2008