Titan Medical and Cambridge Design Partnership Announce Expanded Engagement for Robotic Instrument Development
January 06 2020 - 7:30AM
Business Wire
Titan Medical Inc. (“Titan” or the “Company”) (TSX: TMD)
(Nasdaq: TMDI), a medical device company focused on the design,
development and commercialization of a robotic surgical system for
application in minimally invasive surgery (“MIS”), and Cambridge
Design Partnership Ltd. (“CDP”), a leading patient-centric product
and technology innovation company specializing in the healthcare
sector, today announce an expanded engagement in respect of the
instrument development program for Titan’s single-port robotic
surgical system. Additionally, CDP has subscribed for common shares
of Titan.
David McNally, President and CEO of Titan, said, “We are pleased
to announce our expanded engagement of CDP, and welcome them as a
shareholder. Since engaging with them only a few months ago, their
highly qualified engineers have leveraged their deep domain
experience while demonstrating an ability to understand the
exacting requirements of Titan’s robotic surgical system. CDP
engineers have improved Titan’s multi-articulating instrument
designs with the objective of demonstrating performance
improvements, along with the potential for reductions in the target
costs of commercial devices.
“The location of CDP’s U.S. office in Raleigh, North Carolina is
ideally situated in close proximity to our planned Chapel Hill,
North Carolina facility. Yet, CDP’s corporate culture and level of
integration with their headquarters in Cambridge, UK allows Titan
to draw upon CDP’s depth of experience and breadth of capabilities.
Based on early initial indications, and once sufficient additional
financing is secured, we envision an expanding role for CDP in the
development and manufacturing of surgical instruments and
accessories.”
Jez Clements, partner at CDP, said, “We share Titan’s vision for
improving patient outcomes with their unique single-port robotic
surgical system. We believe the core system architecture to be
sound, and once adequate funding is secured, we are confident in
the ability of Titan’s management team to resume the development of
its single-port robotic system. We are delighted to have the
opportunity to apply our deep medical instrument product
development experience. It is for these reasons that we are
participating with an equity position in the Company.”
About Titan Medical Inc.
Titan Medical Inc. is focused on computer-assisted robotic
surgical technologies for application in MIS. The Company is
developing a single-port robotic surgical system comprised of a
surgeon-controlled patient cart that includes a dual-view camera
system with 3D and 2D high-definition vision options and
multi-articulating instruments for performing MIS procedures, and a
surgeon workstation that provides an advanced ergonomic interface
to the patient cart and a 3D endoscopic view inside the patient’s
body. Titan intends to initially pursue gynecologic surgical
indications for use of its single-port robotic surgical system.
For more information, please visit the Company’s website at
www.titanmedicalinc.com and on EDGAR at www.sec.gov.
About Cambridge Design Partnership Ltd.
Cambridge Design Partnership is a leading product and technology
innovation company focused on helping its customers realise new
opportunities. Specialising in the healthcare industry, CDP’s
solutions start at the point a business decides upon the need for
innovation and finish with the launch of a new product that is
patient focused and commercially effective. CDP’s product
development and prototype manufacturing quality systems are
certified to ISO 13485/9001.
For more information, please visit the Company’s website at
www.cambridge-design.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 and which include statements regarding:
the expanded role of CDP in the development and manufacturing of
Titan’s surgical instruments and accessories, the objective of
demonstrating performance improvements, potential for reductions in
the target costs of commercial devices, Titan drawing upon CDP’s
depth of experience and breadth of capabilities and CDP’s expanding
role, Titan’s planned Chapel Hill, North Carolina facility, Titan
securing sufficient additional financing, and Titan’s intention to
initially pursue gynecologic surgical indications. 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 29, 2019 (which
may be viewed at www.sedar.com and at www.sec.gov). 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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version on businesswire.com: https://www.businesswire.com/news/home/20200106005187/en/
LHA Investor Relations Kim Sutton Golodetz (212) 838-3777
kgolodetz@lhai.com or Bruce Voss (310) 691-7100 bvoss@lhai.com
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