TORONTO, ONTARIO--(Marketwire - 11/24/09) - Titan Medical Inc. announced today that it has signed an agreement with CAE Healthcare for various services related to the development of Titan’s Amadeus? clinical-grade robotic surgery platform. Once completed, the platform could be used, not only to perform surgery at a distance, but also to train surgeons via simulation.
“We are proud to partner with Titan Medical Inc. This agreement marks an innovative and significant step for CAE Healthcare as we will be applying our simulation and modelling expertise to help analyze, research, and develop the world’s next generation robotic surgery platform,” said CAE Healthcare President, Guillaume Herve. “CAE’s modelling and simulation tools are already used by aircraft manufacturers to research, test and validate the design of new aircraft. We are now bringing those best practices to healthcare.”
As part of the agreement, CAE Healthcare will deliver an engineering development management environment platform. The agreement includes options, which if exercised would make CAE Healthcare the exclusive training provider for the Amadeus Robotic Surgical Platform.
“This agreement represents a major advancement toward realizing our objective of commercializing Amadeus? that will overcome the current limitations of robotic surgery,” said Reiza Rayman MD, PhD, President of Titan Medical Inc. “As a multiengine instrument rated pilot, I understand the importance of simulation and training for aviation safety. A world-class development partner such as CAE Healthcare serves to validate our critically enabling technologies, reduce development risk and cost as well as accelerate the development of Amadeus?, while also leveraging CAE’s unmatched expertise in simulation and training to heighten surgical safety.”
Under the terms of the agreement, both parties will focus their initial efforts in setting out requirements of the surgeon console to meet FDA standards. In addition, CAE Healthcare will install at the Titan Medical Inc.'s development location in Ancaster, Ontario an engineering development management environment platform.
About CAE Healthcare
CAE Healthcare is a wholly-owned subsidiary of CAE (NYSE:CAE - News)(TSX:CAE - News). CAE Healthcare is applying CAE’s training, simulation and modelling know-how from aviation to bring best practices to the healthcare industry. It is developing cutting-edge learning tools and innovative simulation solutions for healthcare education with the objective of offering healthcare professionals the opportunity to learn using multiple simulation platforms before testing their skills on patients. The ultimate goal is to improve clinical competence and expertise and enhance the quality and safety of patient care and the efficiency of healthcare systems. www.cae.com/healthcare
CAE (NYSE:CAE - News)(TSX:CAE - News) is a world leader in providing simulation and modelling technologies and integrated training solutions for the civil aviation industry and defence forces around the globe. With annual revenues exceeding C$1.6 billion, CAE employs more than 6,500 people at more than 90 sites and training locations in 20 countries. CAE has the largest installed base of civil and military full-flight simulators and training devices. Through its global network of 29 civil aviation and military training centres, it trains more than 75,000 crewmembers yearly. CAE also offers modelling and simulation software to various market segments and, through its CAE professional services division, it assists customers with a wide range of simulation-based needs. www.cae.com
About Titan Medical Inc. (TSX-V:TMD - News)
Titan Medical Inc. is a Canadian public company 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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Contacts: Titan Medical Inc. Craig Leon Chief Executive Officer (416) 548-7522 (ext. 151) cleon@titanmedicalinc.com
