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TITAN MEDICAL RECEIVES CDN $8.4 MILLION FROM WARRANT EXERCISE
TORONTO (October 26, 2017) Titan Medical Inc. (Titan or the Company) (TSX:TMD) (OTCQB: TITXF), a medical device company focused on the design, development and commercialization of a robotic surgical system for application in minimally invasive surgery (MIS), announces that since September 26, 2017, the Company has received CDN $8,440,177 in financing proceeds from the exercise of share purchase warrants. As of October 25, 2017, 42,622,290 common shares have been issued through the exercise of 40,911,666 warrants at CDN $0.20 per share, 5,000 warrants at CDN $0.40 per share, and 1,705,624 broker warrants at CDN $0.15 per share.
David McNally, President and CEO of Titan Medical, said, The early exercise of these warrants provides us with additional capital that we will use to fund continuing preclinical feasibility and validation studies at our U.S. and European Centers of Excellence, and development of our SPORT Surgical System. We expect that the funds from the warrant exercises, along with funds from the recently-announced surgeon-led private placement, will sufficiently finance our operations through the end of 2017.
No commissions or placement fees have been paid related to this warrant exercise.
About Titan Medical Inc.
Titan Medical Inc. is a Canadian public company focused on research and development through to the planned commercialization of computer-assisted robotic surgical technologies for application in minimally invasive surgery. The Company is currently developing the SPORT Surgical System, a single-port robotic surgical system. The SPORT Surgical System is comprised of a surgeon-controlled patient cart that includes a 3D high definition vision system and multi-articulating instruments for performing MIS procedures, and a surgeon workstation that provides the surgeon with an advanced ergonomic interface to the patient cart and a 3D endoscopic view inside the patients body during MIS procedures. With the SPORT SurgicalSystem, the Company aims to pursue a broad set of surgical indications, including general abdominal, gynecologic and urologic procedures.
For more information, please visit the Companys website at www.titanmedicalinc.com.
U.S. Securities Law Caution
The securities described herein have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the U.S. Securities Act), or any state securities laws, and accordingly, may not be offered or sold to, or for the account or benefit of, persons in the United States or U.S. persons, as such term is defined in Regulation S promulgated under the U.S. Securities Act (U.S. Persons), except in compliance with the registration requirements of theU.S. Securities Act and applicable state securities requirements or pursuant to exemptions therefrom. This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the Companys securities to, or for the account or benefit of, persons in the United States or U.S. Persons.
Neither TSX nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this release.
This news release contains forward-looking statements which reflect the current expectations of management of the Companys 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, potential for and similar expressions have been used to identify these forward-looking statements. These statements, including statements with respect to the use of the net proceeds of the Offering and the anticipated listing of the Common Shares on the TSX, reflect managements 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 Companys 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 Companys Annual Information Form dated March 31, 2017 (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.
|LHA Investor Relations
|Kim Sutton Golodetz
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