Titan Medical Selects Benchmark to Manufacture Enos Robotic Single Access Surgical System
January 11 2022 - 7:30AM
Business Wire
Titan Medical Inc. (Nasdaq: TMDI; TSX: TMD), a medical
technology company focused on the design and development of
innovative surgical technologies for robotic single access surgery,
announced today that it has signed a manufacturing and supply
agreement with Benchmark Electronics, Inc. (NYSE: BHE) to produce
Titan’s innovative Enos™ robotic single access surgical system
workstations and patient carts. These Benchmark manufactured
solutions will be integrated with Titan’s proprietary patented and
patent-pending cameras and multi-articulating instruments planned
to be manufactured by Titan at its Chapel Hill, North Carolina
facility.
This announcement forms part of Titan’s product development and
regulatory plan for the manufacturing of surgeon workstations and
patient carts that will be used in human studies expected to begin
in 2023. These studies are expected to support the company’s
planned De Novo application to the FDA for marketing clearance.
Benchmark was selected as a manufacturing partner for its deep
experience and vertical integration in complex medical device
engineering, manufacturing and assembly, and its capacity to scale
production with demand. Benchmark will leverage its full suite of
services for assembly and testing of Titan’s Enos system, from high
quality manufacturing and supply chain services, assembly and test
tooling development, and packaging and fulfillment to enable
Titan’s planned commercialization of its Enos system.
“Titan is excited to partner with Benchmark, a company that has
served the medical device industry for more than 40 years. Their
comprehensive engineering, manufacturing and supply chain
capabilities are uniquely suited to design and produce
high-quality, complex electromechanical medical systems. Among
engineering and manufacturing companies, Benchmark is also
differentiated by its expertise in the design and manufacture of
visualization systems. This potentially adds additional value to
our relationship with core expertise in a technology that is
strategic to our Enos system. Benchmark will build upon the
extensive product development work that has preceded their
engagement, and most recently performed by our expert engineering
team in Chapel Hill,” said Paul Cataford, interim president and
chief executive officer of Titan. “We are confident that Benchmark
will deliver product quality that is reflective of our position as
an innovation leader in robotic single access surgery.”
As one of the world’s leading providers of engineering, design,
and manufacturing services, Benchmark produces medical products for
some of the most respected brands which embody complex
electromechanical systems and sensing technologies, including
magnetic resonance imaging units, computed tomography systems,
energy delivery devices for surgery, handhelds and connected
medical devices.
“Benchmark shares Titan Medical’s passion for innovation and its
drive to improve patient outcomes utilizing new innovative medical
device technology,” said Jeff Benck, president and chief executive
officer of Benchmark. “The Enos system showcases our dedication to
becoming a trusted partner to innovative, market-leading companies
by leveraging our competencies in electronics engineering,
manufacturing, test, complex electromechanical assembly and
facilitating complex systems integration.”
About Titan Medical
Titan Medical Inc. (Nasdaq: TMDI; TSX: TMD), a medical
technology company headquartered in Toronto, Ontario and with
R&D facilities in Chapel Hill, North Carolina, is focused on
enhancing robotic assisted surgery using innovative technologies.
The Enos™ robotic single access surgical system is being developed
with an ergonomic focus to provide a surgical experience that
imitates real-life movements that surgeons demand and includes
multi-articulating instruments designed to allow surgeons an
increased range of motion in a confined space, with dexterity and
the ability to exert the forces necessary to complete common
surgical tasks. With the Enos system, Titan intends to initially
pursue gynecologic surgical indications. Certain of Titan’s robotic
assisted surgical technologies and related intellectual property
have been licensed to Medtronic plc, while retaining world-wide
rights to commercialize the technologies for use with the Enos
system.
Enos™ is a trademark of Titan Medical Inc.
For more information, visit www.titanmedicalinc.com.
About Benchmark
Benchmark provides comprehensive solutions across the entire
product life cycle; leading through its innovative technology and
engineering design services; leveraging its optimized global supply
chain; and delivering world-class manufacturing services in the
following industries: commercial aerospace, defense, advanced
computing, next generation telecommunications, complex industrials,
medical, and semiconductor capital equipment. Benchmark's global
operations include facilities in seven countries and its common
shares trade on the New York Stock Exchange under the symbol
BHE.
Titan Medical 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. Forward-looking statements
are frequently, but not always, identified by words such as “may”,
“would”, “could”, “will”, “anticipate”, “believe”, “plan”,
“expect”, “intend”, “estimate”, “potential for” and similar
expressions, although these words may not be present in all
forward-looking statements. Forward-looking statements that appear
in this release may include, without limitation, references to: the
company’s focus on the design and development of surgical
technologies for robotic single access surgery; the integration of
Benchmark’s manufacturing solutions with Titan’s cameras and
multi-articulating instruments; the planned manufacturing by Titan
of cameras and instruments, and the commercialization of the Enos
system; the company’s plans for human studies and De Novo
application with the FDA for marketing clearance; the potential of
adding value to the Enos system through the relationship with
Benchmark and Benchmark’s expertise in visualization systems; the
company’s intention to initially pursue gynecologic surgical
indications with the Enos system; and the license of certain of
Titan’s robotic assisted surgical technologies and related
intellectual property to Medtronic plc, while retaining world-wide
rights to commercialize the technologies for use with the Enos
system. 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 and Form 40-F for the fiscal year ended December
31, 2020, as well as the assumptions discussed under the section
titled “Development Plan” of the company’s Management’s Discussion
& Analysis (MD&A) for the fiscal period ended September 30,
2021 (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.
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version on businesswire.com: https://www.businesswire.com/news/home/20220111005354/en/
Kristen Galfetti Vice President, Investor Relations &
Corporate Communications +1-781-869-2553
investors@titanmedicalinc.com
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