TORONTO, ON –(Marketwired – July 13, 2016) – Titan Medical Inc. (TSX: TMD) (OTCQX: TITXF), which is focused on the design and development of the SPORT™ Surgical System, a surgeon controlled robotic platform for minimally invasive surgery, today provided an update on recent operational progress.
“We achieved our key milestone for the second quarter ended June 30th with the initiation of usability and human factor studies for the SPORT system,” said John Hargrove, Chief Executive Officer. “During the past several weeks we have completed several sessions of studies with personnel from independent hospitals in which we have documented and improved the performance of the system during setup, performance of the system during use by the nursing team during operations, and reprocessing between operations. We continue to operate to a timeline that calls for these formative usability studies to be completed by the end of the current year.”
“In addition, the entire SPORT development team continues to execute on the several thousand separate line items that comprise our system development timeline,” added Mr. Hargrove. “We currently have more than 10 engineering teams working on the SPORT system, each focused on finishing the design, development and testing of one or more of the many subsystems and their integration. Nearly 30 software engineers are working on 11 different software systems for the SPORT system, each with the goal of developing software that enables reliable, precise performance of the system when activated by the human surgeon as well as provide system feedback on the operating features.
“Electrical engineers are finalizing 10 custom printed circuit boards as well as multiple product engineers are managing vendors and procuring more than 1000 parts required to complete each SPORT system. Our development team also currently includes manufacturing engineers who are providing design inputs for manufacturing and for serviceability of the SPORT system as well as quality engineers ensuring regulatory compliance and driving functional testing, safety compliance and electromagnetic compatibility.”
In other recent developments, Titan Medical has been invited to present and exhibit at the World Robotics Gynecology Congress, sponsored by the American Association of Gynecologic Laparoscopists, to be held on August 5-6 in New York City. In addition, Jasminder Brar, the Company’s Director of Strategic Development and Intellectual Property, was recognized in early July by Intellectual Asset Management (IAM) as a leading intellectual property strategist in the IAM Strategy 300 for the second consecutive year.
About Titan Medical Inc.
Titan Medical Inc. is a Canadian public company focused on the design and development of a robotic surgical system for application in minimally invasive surgery (“MIS”). The Company’s SPORT™ Surgical System, currently under development, includes a surgeon-controlled robotic platform that incorporates a 3D high-definition vision system and multi-articulating instruments for performing MIS procedures through a single incision. The surgical system also includes a surgeon 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 of inside a patient’s body. The SPORT Surgical System is designed to enable surgeons to perform a broad set of surgical procedures for general abdominal, gynecologic, and urologic indications. 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 30, 2016 (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
Titan Medical Inc.
John Hargrove
Chief Executive Officer
(416) 548-7522 (ext. 151)
john.hargrove@titanmedicalinc.com
www.titanmedicalinc.com
EVC Group, Inc.
Amanda Prior
Aprior@evcgroup.com
646-445-4800
Michael Polyviou
mpolyviou@evcgroup.com
646-445-4800