TORONTO, ONTARIO--(Marketwire - 04/28/11) - Titan Medical Inc. ("the Company") (TSX-V:TMD - News) announced today that it has signed a development agreement with Proven Process Medical Devices, Inc. ("Proven Process"), a leading provider of medical device contract research and development, and manufacturing services.
Under terms of the agreement, Proven Process will develop certain proprietary components of Titan's next generation robotic surgical system, Amadeus™.
Dr. Reiza Rayman, President of Titan Medical Inc., commented, "We are very pleased to be working with Proven Process Medical Devices on our proprietary surgical platform. Their extensive list of clients and advanced technologies which are currently being used clinically is an affirmation that we have the right partner."
Kenneth Fine, President of Proven Process Medical Devices Inc., commented, "Titan Medical is revolutionizing the robotic surgical industry and we are very excited to work with the company's team on finalizing their clinical grade robotic surgical system. We look forward to bringing Titan's concepts to the market and turning their vision into a reality."
About Proven Process Medical Devices, Inc.
Founded in 1994, Proven Process Medical Devices is expert in the design, development, validation, and manufacture of Class II and Class III therapeutic and diagnostic medical devices. The company's Concept-to-Customer(SM) Turnkey Service allows it to provide value through any and every step of the medical device development process. Proven Process clients include global top medical device manufacturers as well as promising start-ups poised to make their names in the industry. For more information, visit the Company's website at www.provenprocess.com.
About Titan Medical Inc.
Titan Medical Inc. is a Canadian public company (TSX-V:TMD - News) focused on the development and commercialization of robotic surgical technologies. The Company is currently developing Amadeus™, a next generation 4-armed robotic surgical system, with the objective of enabling surgeons to remotely manipulate surgical instruments. Robotic surgery has developed over the past 10 years into a proven and growing method of treatment. The current global robotic surgical market size is approximately $1 billion and is estimated to grow to $5 billion by 2015 with potential for placement of 6,000 robotic surgical systems. The Company is researching and developing innovative technologies to empower surgeons to use robots in the operating room of the future. For more information, visit the Company's website at www.titanmedicalinc.com.
Forward Looking Statements
This news release contains "forward-looking statements" 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. 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 dated March 31, 2011 (which may be viewed at www.sedar.com). 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.
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Titan Medical Inc.
Chief Executive Officer
(416) 548-7522 (ext. 151)