Titan Medical Announces Settlement of Pending Litigation With Naglreiter Consulting, LLC
June 09 2020 - 8:00AM
Business Wire
Titan Medical Inc. (“Titan” or “Titan Medical”) (TSX:TMD)
(Nasdaq:TMDI), a medical device company focused on the design and
development of single-port robotic surgical technologies, announces
that it has entered into a settlement agreement with Naglreiter
Consulting, LLC, d/b/a Naglreiter MDDO (“Naglreiter”) to settle
claims in the lawsuit styled Naglreiter Consulting LLC, d/b/a
Naglreiter MDDO v. Titan Medical Inc. (Case No. 0:19-cv-62574)
pending in the United States District Court for the Southern
District of Florida.
Under the terms of the settlement agreement, Titan will pay a
sum of U.S. $1,050,000, Naglreiter will return certain personal
property and related electronic data in its possession, and the
pending litigation will be dismissed with prejudice. Each party is
responsible for its own costs, expenses and attorneys’ fees.
The settlement agreement is an important step for Titan,
allowing it to focus on the development of its single-port robotic
surgical system and on the activities contemplated under the
recently announced development and license agreement with
Medtronic.
About Titan
Titan Medical Inc. is focused on robotic-assisted technologies
for application in minimally invasive surgery (“MIS”). Titan 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 systems and
multi-articulating instruments for performing MIS procedures, and a
surgeon workstation that provides an ergonomic interface to the
patient cart and a 3D high-definition endoscopic view of the MIS
procedure. Titan intends to initially pursue gynecologic surgical
indications for use with its single-port robotic surgical
system.
For more information, visit www.titanmedicalinc.com.
Forward-Looking Statements
This news release contains “forward-looking statements” within
the meaning of applicable Canadian and U.S. securities laws. Such
statements 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
Report on Form 20F dated March 30, 2020 (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. Except as required by law, the
Company expressly disclaims any intention or obligation to update
or revise any forward-looking statements whether as a result of new
information, future events or otherwise.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200609005420/en/
Stephen Randall Chief Financial Officer +1-416-548-7522
stephen@titanmedicalinc.com
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