Titan Medical Reports Design Enhancements to Single-Port Robotic Surgical Instruments on Product Development Resumption
July 30 2020 - 8:00AM
Business Wire
Titan Medical Inc. (“Titan” or the “Company”) (TSX: TMD)
(Nasdaq: TMDI), a medical device company focused on the design
and development of single-port robotic surgical technologies,
announces that it has completed design enhancements to instruments
compatible for use with its single-port robotic surgical system. As
previously disclosed, the Company resumed development of
instruments for its single-port robotic surgical system in June
2020 following the completion of a financing for gross proceeds of
US$18 million.
Mr. McNally, said, “We are pleased to report that based on our
recent financing, we have already completed design improvements to
the multi-articulating instruments and end effectors of our
single-port robotic surgical system. The clinically inspired
requirements for improvements resulted from data gathered during
case observations and valuable surgeon feedback received during our
previously announced successful preclinical studies. These design
improvements are expected to enhance instrument strength and
agility, efficiency of actuation, and durability for reprocessing,
while reducing manufacturing costs.”
Concluding, Mr. McNally said, “We are grateful for the
significant contributions of the expert team of engineers from
Cambridge Design Partnership Ltd. (CDP), who continue to meet our
expectations for excellence in product development, as anticipated
when we announced our expanded engagement on January 6, 2020. Once
financing was secured in June, CDP responded immediately to our
request to expand their role. In the coming weeks, we look forward
to laboratory testing prototypes of the improved instrument
designs.”
About Titan Medical Inc.
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 of its single-port robotic surgical system.
For more information, please visit the Company’s website at
www.titanmedicalinc.com.
Forward-Looking Statements
This news release and the referenced presentation contain
“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 and include statements regarding the expected
instrument enhancements in view of the improved instrument designs
and the Company’s planned laboratory testing of prototypes of the
improved instrument designs. 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20200730005268/en/
Stephen Randall Chief Financial Officer +1-416-548-7522
stephen@titanmedicalinc.com
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