Titan Medical Announces Election of Three New Independent Members to Its Board of Directors
October 07 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 robotic surgical technologies for single access
surgery, today announced the election of Paul Cataford, Anthony J.
Giovinazzo and Cary G. Vance to its Board of Directors. All three
individuals were nominated by the Board and were approved by
shareholders voting at the Company’s Annual and Special Meeting of
Shareholders on September 30th (the “AGM”). Subsequent to the AGM,
the Board held a meeting and the following elections to Board
committees were made:
- Audit Committee
- Chair – Paul Cataford
- Members – Anthony Giovinazzo, Cary Vance
- All three members are independent and audit committee financial
experts
- Compensation Committee
- Chair – Cary Vance
- Members – Paul Cataford, Anthony Giovinazzo
- Governance and Nominating Committee
- Chair – Anthony Giovinazzo
- Members – Cary Vance, Paul Cataford
In addition, the Board elected Paul Cataford as Lead Independent
Director for a one-year term.
The new directors join David McNally, Chairman of the Board, CEO
and President of Titan Medical, and Director Stephen Randall, who
recently retired from the company as CFO after serving the Company
for over 10 years. The Board now consists of a majority of
independent corporate directors.
“We strategically sought this strong team, with its significant
experience leading young companies with innovative technologies
through highly regulated environments to commercialization,” said
David McNally, Chairman, President and CEO of Titan Medical Inc.
“We’ve had a very productive first meeting, designating committee
chairmanships for governance, reporting and communication, and
compensation. This active board is already undertaking the
initiative to develop and execute a comprehensive investor
communications strategy based on the best practices of similar
development stage companies.”
About Paul Cataford
Mr. Cataford is the CEO and co-founder of Zephyr Sleep
Technologies Inc., a medical device company specializing in the
treatment and diagnoses of sleep-disordered breathing. He brings
significant technology transfer and early stage company experience
to Titan Medical’s board and has served as independent corporate
director on a number of public boards of directors at companies
listed on the TSX, Nasdaq and TSXV including: Sierra Wireless,
Inc., Trakopolis IoT Corp., SemiBioSys Genetics Inc., and
AGJunction Inc. Mr. Cataford has a Bachelor of Science degree in
Mechanical Engineering from Queen’s University, an MBA specializing
in Finance from Schulich School of Business at York University, and
is a graduate of the Institute of Corporate Directors - Directors
College, Rotman School of Business at the University of
Toronto.
About Anthony J. Giovinazzo
Mr. Giovinazzo is a Director and Governance/Nominating Committee
Chair on Titan Medical’s board of directors. As such, he will drive
continuous improvement of the Company’s governance practices, and
has already overseen the appointment of qualified independent
committee chairs and a lead independent director. Mr. Giovinazzo is
a director and executive chairman on the board of Sublimity
Therapeutics, a private late clinical stage biopharmaceutical
company addressing gastrointestinal and autoimmune diseases. He is
a co-inventor of the recent FDA approved drug Kynmobi, developed by
Cynapsus Therapeutics Inc. (Nasdaq: CYNA) where Mr. Giovinazzo was
also CEO and a director until Cynapsus was acquired in an industry
leading all-cash transaction with Sunovion Pharmaceuticals Inc. for
CAD $841 million. In 2017, Mr. Giovinazzo was chosen as the
inaugural recipient of the Bloom Burton Award. Mr. Giovinazzo has a
Chartered Director (C.Dir.) and Audit Committee Certification (ACC)
from The Directors College and the DeGroote School of Business at
McMaster University. He received a Bachelor of Arts degree in
Economics and Accounting from McMaster University and an MBA from
IMD Geneva, Switzerland.
About Cary G. Vance
Mr. Vance is a Director and the Company’s Compensation Committee
Chair and will lead and update the Company’s compensation policies
and philosophies. Mr. Vance serves on the AdvaMed Accel Board of
Directors and is currently Principal, Vance Consulting Group, LLC.,
and was most recently President and CEO at OptiScan Biomedical
Corporation. He previously served as President and CEO at
Myoscience Incorporated, and President and CEO of Hansen Medical
Inc. Prior to Hansen, Mr. Vance served in various global executive
leadership roles at Teleflex, Covidien and GE Healthcare. Mr. Vance
is Lean/Six Sigma Black Belt certified, and earned a Bachelor of
Arts degree in Economics and an MBA from Marquette University.
Additional biographical information on all three new members of
the Board can be found on the Company’s website.
About Titan
Titan Medical Inc. is focused on robotic-assisted technologies
for application in minimally invasive surgery (“MIS”). Enos, by
Titan Medical, is being developed to become the new standard of
care in robotic single access surgery, and comprises 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 MIS
procedure performed through the patient cart. With the Enos system,
Titan intends to initially pursue gynecologic surgical
indications.
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.
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version on businesswire.com: https://www.businesswire.com/news/home/20201007005039/en/
Monique L. Delorme Chief Financial Officer +1-416-548-7522
info@titanmedicalinc.com
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