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Titan Medical Announces Financial Results/Progress

Wed, 08/17/2011 - 5:19am

Titan Medical, Inc. recently announced finanical information relating to the company's performance progress. Craig Leon, Chief Executive Officer, said, "The momentum created in the first quarter has carried over into the second quarter and we are very proud of our accomplishments to date. We established several industry leading relationships, including Crouse Hospital, Mayo Clinic and Sense Graphics, which enable us to proceed with development and testing of Amadeus Composer. We also successfully raised $9.2 million, which provides us with sufficient funds to continue development of our next generation robotic surgical system during the second half of 2011."

Operational highlights for the company, whose Amadeus platform would compete with Intuitive Surgical's da Vinci robotic surgical system, include:

  • Entering into an exclusive patent license agreement with Mayo Foundation for Medical Education and Research for its surgical stapler.
  • Signing a development agreement with D&D Video Specialists, Inc. (D2 Video), a leading developer of endoscopic vision systems. D2 Video will design and develop a proprietary vision system for Amadeus Composer.
  • Appointing Dr. John R. Valvo, M.D., F.A.C.S. as Vice President of Medical Affairs and Dr. Carlo Camargo Passerotti, M.D., PhD and Dr. Li-Ming Su, M.D. to the Company's Medical Advisory Board.
  • Signing a non-binding memorandum of understanding with Crouse Hospital, Inc., a 506-bed acute care hospital in Syracuse, NY. Crouse Hospital will test and evaluate Amadeus Composer .
  • Announcing positive testing results for its Beta Console early user study.
  • Signing a development agreement with Proven Process Medical Devices, Inc. Proven Process is a leading provider of medical device contract research and development, and manufacturing services. It will develop certain proprietary components of Amadeus Composer .
  • Signing a service agreement with SenseGraphics AB, a leader in 3D and haptic software simulation. SenseGraphics AB will develop novel and customized simulation software that will be integrated with Amadeus Composer. Additionally, SenseGraphics will provide a unique simulation program that will allow a real time 3D task and anatomy-based simulation training program.

Titan Medical, Inc. is a Canadian public company focused on the development and commercialization of robotic surgical technologies. The Company is currently developing Amadeus Composer, a surgical system that has a uniquely designed external robot and flexible instruments. Amadeus Maestro, the company's next generation four-armed robotic surgical system is targeted for surgical procedures in large spaces.

The global robotic surgical market size is currently estimated to be approximately $1 billion and forecasted to grow to $5 billion by 2015 with potential for placement of 6,000 robotic surgical systems.

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