Titan Medical Announces Purchase Order from Medtronic
May 03 2022 - 7:30AM
Business Wire
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 receipt of a $2.6 million purchase
order from Medtronic plc (NYSE: MDT), a global leader in healthcare
technology.
The order covers the purchase of instruments and cameras that
will be used in preclinical activities and the evaluation of Titan
Medical as a potential manufacturing and supply partner for
Medtronic.
“Medtronic has been a great partner for Titan since 2020 and
we’re excited about this opportunity to further our work together,”
said Paul Cataford, Interim President and CEO of Titan. “Our
manufacturing team and capabilities continue to expand at our
operations in Chapel Hill. With this order, we will produce
instruments and cameras for Medtronic’s evaluation and testing in
addition to producing instruments and cameras for our own
single-access RAS platform, Enos.”
For clarity, these agreements are between Medtronic and Titan
Medical Inc. Titan Medical is not affiliated with Titan Spine,
which Medtronic acquired in 2019.
About Titan Medical
Titan Medical Inc. (Nasdaq: TMDI; TSX: TMD), a medical device
company headquartered in Toronto, Ontario, with operations in
Chapel Hill, North Carolina, is focused on enhancing
robotic-assisted surgery (RAS) 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. The Enos system 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. Titan intends to
initially pursue gynecologic surgical indications with the Enos
system.
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. 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:
Medtronic’s purchasing of instruments and cameras for pre-clinical
activities and the evaluation of Titan Medical as a potential
manufacturing and supply partner; the company’s belief of the
opportunity to further its work with Medtronic; the company’s
expansion of its manufacturing team and capabilities; the company’s
manufacturing of instruments and cameras for Medtronic’s evaluation
and testing; 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 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 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220503005606/en/
Kristen Galfetti Vice President, Investor Relations &
Corporate Communications +1-781-869-2553
investors@titanmedicalinc.com
Titan Medical (NASDAQ:TMDI)
Historical Stock Chart
From Aug 2024 to Sep 2024
Titan Medical (NASDAQ:TMDI)
Historical Stock Chart
From Sep 2023 to Sep 2024