TORONTO, ONTARIO--(Marketwire - February 23, 2010) - Titan Medical Inc. ("the Company") (TSX VENTURE: TMD) is pleased to announce that it has signed a Contribution Agreement with the National Research Council of Canada Industrial Research Assistance Program (NRC-IRAP), a federally-funded program that supports the commercialization of innovative Canadian technologies.
The financial assistance will support Titan's development program of its robotic arm technology for Amadeus®, the next generation robotic surgery platform.
Dr. Reiza Rayman, President of Titan Medical Inc., commented as follows:
"We are pleased to receive our first funding commitment from NRC-IRAP for the development of our next generation robotic surgical technology which will enable a more rapid and successful deployment of this innovative technology."
NRC-IRAP provides a range of both technical and business-oriented advisory services along with potential financial support to qualified innovative Canadian small and medium-sized enterprises. Financial assistance for this project is a direct result of the Government of Canada's Economic Action Plan.
About Titan Medical Inc.
Titan Medical Inc. is a Canadian public company (TSX VENTURE: TMD) 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 global robotic surgical market size is currently estimated to be $3.4 billion 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" 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 Filing Statement dated July 8, 2008 (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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