Titan Medical Announces Achievement of all Second Quarter 2018 SPORT Surgical System Development Milestones
July 09 2018 - 7:15AM
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 single-port minimally invasive surgery
(“MIS”), announces the achievement of all second quarter 2018
development milestones for its SPORT Surgical System.
The Company previously provided expectations for
incremental milestones as it develops its single-port robotic
surgery system. Key achievements during the second quarter
included:
- Creation of prototypes of improved workstation controls
- Testing of the prototypes and the procurement of confirmatory
feedback from surgeons
- Completion of software and hardware change requirements
- Finalization of computer and software architecture for
production systems
- Demonstration of satisfactory performance of lens wash system
and revised instruments
“We are proud of the considerable recent
progress we have made in the development and refinement of our
single-port robotic surgery system. Based on insights gained
from previously completed feasibility studies, we have completed
key advancements on the SPORT system to ensure that upon launch we
will have an efficacious surgical system and a commercially
competitive product that addresses surgeon concerns and fulfills
their wish lists,” said David McNally, Titan’s chief executive
officer. “We have met all of our first and second quarter
2018 expectations. Our team is now focused on meeting all
milestones for the rest of the year, with more than 80 contract
engineers developing advanced software and hardware while
continuing to strengthen our IP position.”
Mr. McNally continued, “The engineering of the
instruments has accelerated, and the results of recent laboratory
demonstrations of design revisions are encouraging. At our
Annual General Meeting on June 14th, we showcased videos of the
lens wash system and an earlier generation of instruments in use
during recent preclinical studies. Maintaining a clear
high-definition field of view is vital for the practical conduct of
surgery. We have posted to our website a video of the entire
meeting.”
The video of management presentations of the
Annual General Meeting can be found at
https://titanmedicalinc.com/investors/agm-information/.
About TitanTitan Medical Inc.
is focused on research and development through to the planned
commercialization of computer-assisted robotic surgical
technologies for application in minimally invasive surgery. The
Company is developing the SPORT Surgical System, a single-port
robotic surgical system. The SPORT Surgical System is comprised of
a surgeon-controlled patient cart that includes a 3D
high-definition vision system 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 focused surgical indications for the SPORT
Surgical System, which may include one or more of gynecologic,
urologic, colorectal or general abdominal procedures.
For more information, please visit the Company’s
website at www.titanmedicalinc.com.
Forward-Looking StatementsThis
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
Information Form dated March 31, 2018 (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. 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.
Contacts:
LHA Investor Relations Kim Sutton Golodetz(212)
838-3777kgolodetz@lhai.com orBruce Voss(310) 691-7100
bvoss@lhai.com
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