TORONTO, ON–(Marketwired – April 28, 2017) – Titan Medical Inc. (TSX: TMD) (OTCQX: TITXF) (Titan), a medical device company focused on the design, development and commercialization of a robotic surgical system for application in minimally invasive surgery (MIS), announces it has terminated its negotiations with Longtai Medical, Inc. (Longtai), a Canadian subsidiary of Ningbo Long Hengtai International Trade Co. Ltd., for distribution of the SPORT single port surgical system in the Asia Pacific region. Titan has determined to focus on execution for initial commercialization in the United States and the European Union, and will return a $2 million deposit to Longtai.
David McNally, Chief Executive Officer of Titan Medical, said, “We are focused on our largest target markets in the United States and Europe. It is worth noting that lengthy discussions with Longtai began in October 2015 and included a good faith $2 million deposit and two term extensions, but with initial priority the United States and Europe, other partnering opportunities and our commitment to focus the contemplated distribution agreement is not in the best interests of Titan. We part ways with Longtai amicably and look forward to reporting on additional milestone progress in the near-term.”
About Titan Medical Inc.
Titan Medical Inc. is focused on the design and development through the planned commercialization of a robotic surgical system for use in MIS. The Company’s SPORT Surgical System, currently under development, includes a surgeon-controlled robotic platform that features multi-articulating instruments for performing MIS procedures through a single incision. The surgical system also includes a workstation that provides a surgeon with an advanced ergonomic interface to the robotic platform for controlling the instruments and provides a 3D high-definition endoscopic view inside a patient’s body. The SPORT Surgical System is designed to enable surgeons to perform a broad set of general abdominal, gynecologic and urologic procedures. 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”, “potential for” 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 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.
CONTACTS:
LHA
Kim Sutton Golodetz
(212) 838-3777
kgolodetz@lhai.com
or
Bruce Voss
(310) 691-7100
bvoss@lhai.com