Titan Medical Announces Appointment of Cary G. Vance as President and Chief Executive Officer
June 30 2022 - 4:01PM
Titan Medical Inc. (Nasdaq
: TMDI; TSX: TMD),
a medical device company focused on the development and
commercialization of innovative surgical technologies for single
access robotic-assisted surgery (RAS), today announced that Cary G.
Vance has been appointed as the company’s President and CEO
effective July 1, 2022. Mr. Vance will succeed Paul Cataford,
Titan’s chair of the board of directors, who has served as Interim
President and CEO since December 2021.
Mr. Vance previously served as President and CEO at Xcath
Incorporated, a privately held neurovascular robotics company, and
held similar positions at Optiscan Biomedical, and Myoscience. He
also served as President and CEO at Hansen Medical, a publicly held
intravascular robotics company acquired by Auris Health in 2016,
which was subsequently acquired by Johnson & Johnson in 2019.
Prior to Hansen Medical, Mr. Vance served in various global
executive leadership roles at Teleflex, Covidien (now part of
Medtronic) and GE Healthcare. Mr. Vance currently serves as a
director of Titan Medical, having first been elected in September
2020.
“After a thorough search and selection process using a top tier
recruiting firm and advisor, and after completing a rigorous
leadership requirement and assessment analysis, we are pleased to
announce that we have selected Cary as our next President and CEO.
Cary brings extensive expertise and insights in robotic medical
technology and minimally invasive surgery, filling this key
leadership role,” said Paul Cataford, Titan’s Interim President and
CEO. “It was during the interim management period and the
interviewing and assessment of a number of candidates that we
determined the final requirements for our next President and CEO,
and Cary emerged as the best candidate.”
“I am excited to transition from an oversight position on
Titan’s board to an executive position leading the company. I am
already familiar with the team and the complexity of the product
and the regulatory process, and will be able to take over from Paul
quickly and effectively. Having Paul remain as a resource on the
board and as chair made it easy to accept the appointment,” said
Mr. Vance. “Titan’s innovative technology offers a compelling value
proposition for patients, surgeons and hospitals and should enhance
the care paradigm for patients seeking minimally invasive surgery
through a single access point. I look forward to working with our
talented and passionate team as we continue to evolve our business
and commercialize our technology. Additionally, I look forward to
interacting with investors during our next quarterly financial
update.”
Paul Cataford will continue to serve on Titan’s board of
directors as board chair. As the board chair is now independent,
with Mr. Cataford having served less than 12 months as an interim
executive, a lead independent is no longer required.
About Titan Medical
Titan Medical Inc. (Nasdaq: TMDI; TSX: TMD), a medical device
company headquartered in Toronto, Ontario and with operations in
Chapel Hill, North Carolina, is focused on enhancing robotic
assisted surgery using innovative technology through a single
access point. 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.
Enos™ is a trademark of Titan Medical Inc.
For more information,
visit www.titanmedicalinc.com and
follow @TitanMedical on Twitter and LinkedIn.
Forward-Looking Statements
This news release contains “forward-looking statements” within
the meaning of applicable Canadian and U.S. securities laws, which
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, including, without limitation, references to: the
company’s focus on the design and development of surgical
technologies for robotic single access surgery; the Enos system
providing a surgical experience that imitates real-life movements;
and the company’s intention to initially pursue gynecologic
surgical indications with the Enos system. These statements reflect
management’s current beliefs 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 for the fiscal year ended December 31, 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.
ContactKristen GalfettiVice President, Investor
Relations & Corporate
Communications+1-781-869-2553investors@titanmedicalinc.com
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