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Titan Medical Inc. (TITXF)

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Titan Medical Inc. is a Canadian public company, headquartered in Toronto, Ontario, that trades on the Toronto Stock Exchange (TMD) and the OTCQX in the United States (TITXF). Titan is developing the SPORT™ (Single Port Orifice Robotic Technology) Surgical System for use in minimally invasive surgery (“MIS”) that is expected to be commercially available in 2016. Titan’s robotic surgical system is being designed to expand robotic surgery into areas that are currently underserviced. This will allow surgeons to perform procedures within small to medium size surgical spaces such as general surgery and cholecystectomy. Currently, the most common medical procedures for which robotic systems are used are hysterectomies and prostatectomies. Titan plans to expand the scope and obtain approval for various surgical procedures as outlined in their Corporate Presentation.

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The SPORT™ Surgical System includes the following:

* a single-port surgeon controlled robotic platform that includes a 3D vision system and interactive instruments for performing MIS procedures, and
* a surgeon workstation that provides the surgeon with an interface to the robotic platform   for controlling the interactive instruments and providing a 3D endoscopic view of inside a patient’s body during MIS procedures.

Titan has completed the first phase in the development of the SPORT™ Surgical System and is in the latter part of the second phase which consists of tissue and cadaver testing. Following this phase, there are two further phases of testing – the third phase which requires the building of a pre-production prototype(s) and the fourth phase which consists of preparing the surgical system for commercialization. Commercialization (overseas) is currently scheduled for the second half of 2016 at a cost of approximately $850k/unit.

Global annual medical robotic revenues are currently approximately $4 billion and are expected to grow to $18 BILLION in 2018. Titan is planning to first commercialize the SPORT™ Surgical System in Europe followed by the United States, the world’s two largest markets for robotic surgery.  Currently, the robotic surgery marketplace is dominated by Intuitive Surgical.  This will likely change soon as their patents begin to expire and more competition is welcomed in an effort to lower costs and improve patient satisfaction.  Enter Titan Medical Inc. and their world-class team.



February 10, 2015         2014 Financials + MD&A Released (source: Titan Medical)  


    Titan Medical (TMD) Management rings opening bell at the TSX Stock Exchange

November 2014


John T. Hargrove
Chief Executive Officer and Chairman

John Hargrove is currently the Chief Executive Officer and Chairman of the Board of Directors of Titan Medical Inc. Mr. Hargrove has over 30 years of executive-level health care experience. The majority of his distinguished health care career was spent with the Johnson & Johnson Family of Companies where he held positions of increasing responsibility in sales, marketing and corporate account management at Ethicon, Ethicon Endo-Surgery and Johnson & Johnson Health Care Systems. During his final position with Johnson & Johnson as Vice President of Corporate Accounts, Mr. Hargrove developed and led one of the first and most effective corporate sales programs in the health care industry. Following Johnson & Johnson, Mr. Hargrove joined Ohmeda Inc. as President, Corporate Account Management. While at Ohmeda, he successfully developed and implemented a multi-divisional corporate sales program, resulting in multi-year contracts with the majority of the largest Group Purchasing Organizations in the United States. Under Mr. Hargrove’s supervision, Ohmeda’s Corporate Account Division assisted buying groups, hospitals and integrated delivery networks in overall business and strategic planning and helped numerous customers who were under pressure to measure quality healthcare according to business as well as clinical and safety outcomes. Mr. Hargrove holds a Bachelor of Arts degree in Marketing from the University of Georgia and has completed executive management programs at Duke, Harvard and the University of Michigan.

Dr. Reiza Rayman MD, PhD
President, Director

Dr. Rayman’s training in both biophysics and medicine has allowed a broad perspective on new technology and devices as they relate to surgery. As a researcher in fluid dynamics, he concentrated on the role of the fluid dynamics of blood flow as it relates to arteriosclerosis. During subsequent medical training, Dr. Rayman became interested in MIS techniques and devices, and researched the physiologic effects of MIS on infants during prolonged procedures. Additionally, his interest in the device area led to concepts and experimentation using magnetism for bowel retraction during MIS. Dr. Rayman collaborated with Dr. Doug Boyd to implement and develop new techniques related to robotic cardiac surgery. The two performed the world’s first robotic beating heart cardiac bypass surgery in September 1999. Subsequently, Dr. Rayman authored grants to the federal and provincial governments to research several areas of robotic surgery. These grants were successful, and totalled to a program of $30 million, the largest research program in the history of the London Health Sciences Centre. Dr. Rayman has conducted extensive research on substantially all available robotic platforms and is currently an active practitioner who has performed over 400 robotic surgeries. Dr. Rayman held roles including Assistant Professor, Department of Surgery, at the University of Western Ontario. Dr. Rayman holds an M.Sc. (Medical Biophysics) in Fluid Dynamics from The University of Western Ontario, an M.D. from The University of Toronto, and a Ph.D. in Telesurgery from The University of Western Ontario.

Stephen D. Randall, CGA
Chief Financial Officer

Mr. Randall is a Certified General Accountant and has served as an auditor, chief financial officer, corporate controller and accountant for several public and private companies and government organizations. Mr. Randall brings substantial experience in areas such as accounting and finance, tax planning and compliance, information technology management, mergers and acquisitions and operations management.

Dr. Dennis Fowler, MD, MPH
Executive VP, Clinical & Regulatory Affairs

Dr. Fowler is the co-inventor of the single-incision Insertable Robotic Effector Platform (IREP) technology licensed from Columbia University for use in Titan Medical’s SPORT™ Surgical System. Dr. Fowler received his M.D. in 1973 from the University of Kansas School of Medicine, Kansas City.  In 2008 he received his Master of Public Health from Columbia University, Mailman School of Public Health.  Dr. Fowler is certified by the American Board of Surgery and is a member of numerous surgical societies.  Formerly, he was the Gerald and Janet Carrus Professor of Surgical Science, Director of the Center for Innovation and Outcomes Research in the Department of Surgery, Columbia University College of Physicians and Surgeons, and V.P.-Medical Director of Perioperative Services at New York Presbyterian Hospital. As well he has a vast list of honours, committee positions, teaching responsibilities and publication credits.


"You steadily grow into becoming your best as you choose to be accountable and accept responsibility for improvement.”  

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Arnold Advincula, M.D.

Dr. Advincula is Vice-Chair of Women’s Health & Chief of Gynecology at the Sloane Hospital for Women, Columbia University Medical Center/New York Presbyterian Hospital. Formerly, he was Professor of Obstetrics and Gynecology, Director of the Minimally Invasive Surgery Division and Fellowship, and Director of the Endometriosis Center at the University of Michigan. More recently, he was Director of the Center for Specialized Gynecology and Director of the Education Institute at the Nicholson Center, an advanced medical and surgical simulation training facility at Florida Health. He is currently Vice President of the American Association of Gynecologic Laparoscopy and a Member-at-Large for the Society of Gynecologic Surgeons. He is a leader in minimally invasive surgical techniques and one of the world’s most experienced gynecologic robotic surgeons, who has published and taught extensively in the area of minimally invasive surgery, as well as developed surgical instruments that are in use worldwide.

Juliane Bingener, M.D. 

Dr. Juliane Bingener is Professor of Surgery, Mayo Clinic College of Medicine, and Vice Chair for Quality, Safety and Service in the Mayo Clinic Department of Surgery. She has a joint appointment in the Division of Gastroenterology and Hepatology, which supports her clinical interests in minimally invasive surgery, endoscopy, and gastrointestinal disease. Her research focuses on patient reported outcomes and novel technology in the diagnosis and treatment of these diseases. Dr. Bingener’s previous work included the development of a Natural Orifice Translumenal Endoscopic Surgery (NOTES) technique for using an omental patch to close perforated ulcers. Her ongoing interests focus on the development, study, and implementation of innovative endoscopic and laparoscopic approaches for gastrointestinal diseases.

Erik Dutson, M.D.

Dr. Dutson is Associate Professor of Surgery and Chief of the Section of Minimally Invasive and Bariatric Surgery at UCLA, and Executive Medical Director of UCLA’s Center for Advanced Surgical and Interventional Technology (CASIT), which is a multi-disciplinary laboratory with participation by the UCLA Schools of Medicine, Engineering, Computer Science and Applied Mathematics. He is a regular panel reviewer for NASA’s National Space Biomedical Research Institute/Human Research Program, as well as NIH’s section on Computer Modeling in Medicine. Formerly, he was a clinical and research fellow at the European Institute for Telesurgery at the University of Louis Pasteur in Strasbourg, France. While there, he helped develop and validate virtual and augmented-reality applications for surgery and participated in the training of approximately 8,000 surgeons from all over the world. He is a member of the SAGES, the SRS, the ASMBS, and a Fellow of the American College of Surgeons. He has authored multiple peer-reviewed scientific publications in surgical and engineering journals, and he helped develop CME accreditation for web-based surgical education tools. His clinical interests include laparoscopic and robotic bariatric surgery, and his research interests include the development of computer-assisted technology for surgical application.

Dennis Fowler, M.D., MPH

Dr. Fowler is the co-inventor of the single-incision Insertable Robotic Effector Platform (IREP) technology licensed from Columbia University for use in Titan Medical’s SPORT™ Surgical System. Dr. Fowler received his M.D. in 1973 from the University of Kansas School of Medicine, Kansas City. In 2008 he received his Master of Public Health from Columbia University, Mailman School of Public Health. Dr. Fowler is certified by the American Board of Surgery and is a member of numerous surgical societies. Formerly, he was the Gerald and Janet Carrus Professor of Surgical Science, Director of the Center for Innovation and Outcomes Research in the Department of Surgery, Columbia University College of Physicians and Surgeons, and V.P.-Medical Director of Perioperative Services at New York Presbyterian Hospital. As well he has a vast list of honours, committee positions, teaching responsibilities and publication credits.

Adrian Park, M.D. 

Dr. Park is Chairman of the Department of Surgery and Chair of the newly created Earl Simulation to Advance Innovation and Learning Center of Anne Arundel Health System in Annapolis, Maryland. Dr. Park has made major advancements in the improvement of laparoscopic procedures and the development of new medical devices for complex hernia repair, spleen and adrenal surgery. Dr. Park is a member of the American Surgical Association and is a Fellow of the Royal College of Surgeons of Canada, American College of Surgeons, and the College of Surgeons of Central Eastern and Southern Africa. Currently a member of the Board of Directors of the SAGES, he has also served as the Fellowship Council’s founding President and as its Board Chair. He is the editor-in-chief of Surgical Innovation, a bi-monthly peer-reviewed journal focused on minimally invasive surgeries. He is also the author of over 200 scholarly articles, the holder of 20 patents, and has been instrumental in the development and application of new technologies in endoscopic surgery.

Lee L Swanstrom, M.D.

Dr. Swanstrom heads the Division of GI and Minimally Invasive Surgery at the Oregon Clinic and is Director of the Providence Health System’s Complex GI and Foregut Surgery Postgraduate Fellowship Program. In addition, he is Clinical Professor in the Department of Surgery at OHSU, a Director of the American Board of Surgery, and Past President of both the Society of American Gastrointestinal Endoscopic Surgeons (SAGES) and the Fellowship Council (FC). Most recently, he became the Chief Innovations Officer and Director of the Innovations Fellowship at the Institutes des Hôpitalo Universitaires of the University of Strasbourg, France. He is the editor of Surgical Innovation and the author of over 300 scientific papers and 50 book chapters. This has resulted in 13 patents and a successful medical device startup company. He is and has been an investigator on numerous outcomes research studies for new procedures such as Natural Orifice Translumenal Endoscopic Surgery (NOTES) to determine their safety and efficacy for establishing new standards of care. He remains focused on developing innovative approaches to the minimally invasive treatment of foregut and other gastrointestinal disorders.

John Valvo, M.D. 

Dr. Valvo, a practicing surgeon, is the Executive Director of Robotic and Minimally Invasive Surgery at Rochester General Hospital in Rochester, New York, where he formerly was the Chief of Urology. Following a 20-year career performing open surgery, Dr. Valvo founded the robotic surgery program at Rochester General Hospital in early 2004, which currently ranks in the top two percent of robotic surgery volume in the United States. The program has trained over 30 robotic surgeons and enabled the completion of more than 7,000 robotic urology, gynecology, general and colorectal surgeries to date. Dr. Valvo has authored more than 100 scientific articles and helped start many robotic programs in the northeast. His focus on robotic surgery credentialing led to a notable published paper on policy guidelines for robotic surgery. He is a fellow of the American College of Surgeons and American Urological Association, and a member of the Society for Laparoscopic Surgeons.

Yanghee Woo, M.D. 

Dr. Yanghee Woo is an Assistant Professor of Surgery and the Director of the Global Excellence in Gastric Cancer Care at Columbia University Medical Center. She is an upper gastrointestinal surgeon with unique international training in minimally invasive/robotic surgery and expertise in the surgical treatment of tumors of the stomach, pancreas, small bowel, gallbladder and bile ducts. Dr. Woo is internationally recognized as a leader in robotic surgery for tumors of the stomach and pancreas, and gallbladder disease. She was the first surgeon in New York City to perform a single-site robotic cholecystectomy, multiport robotic gastric cancer operation with D2 lymphadenectomy, and robotic distal pancreatectomy for mucinous cystic lesion of the pancreas. She has numerous peer-reviewed publications, and she is invited to present at many lectures.


  Patent #                                                    Title of Invention
1 8,930,027   Force Feedback System
2 8,792,688   Methods, systems and devices for three dimensional input and control methods and systems based thereon
3 8,768,509   Snaking robotic arm with movable shapers
4 8,347,754   Multi articulating robotic instrument
5 8,332,072   Robotic hand controller
6 8,306,656   Method and system for performing medical procedure
7 8,224,485   Snaking robotic arm with movable shapers
8 5,853,394   Catheter
9 5,607,407   Catheter assembly
10 4,785,868   Medical needle and method for making


  PUB. APP. NO.  Title


This is a cutting edge/cost-effective (mobile) robotic surgical system which is being developed, with input from the SAB along with an expert team at Ximedica, with an objective of delivering multiple benefits to patients, surgeons, and hospitals. These include:

For the Patient

A shorter hospital stay

Reduced pain, scarring, and risk of infection

Less blood loss

Quicker recovery

For the Surgeon

Enhanced functionality, dexterity, versatility, field of vision via 3D technology and precision.

Improved ergonomics which can potentially extend surgeons’ operating careers.

For the Hospital

Decreased length of patient stay and reduced risk of infection improves patient throughput leading to improved return on assets.

Reduced risk of infection also contributes to improved margins on case rate procedures.

Increased patient satisfaction, which contributes to patient referrals and patient demand.

Increased physician satisfaction, which impacts physician demand for hospital usage in both robotic and non-robotic cases.

Lower cost / highly portable device (easily moved)

Improved Marketing with state of the art Robotic platform/technology available

Key Milestones

* $26.2 million Cash on Hand...102.6 million O/S (End of Dec. 2014)   

                                                  “Talent is a gift, but character is a choice.”

24 Month Stock Performance (TMD.TO and TITXF)

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  • 6M
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Current Price
Bid Ask Day's Range
TITXF News: The Rise Of The Robots: Mazor Robotics, Intuitive Surgical 04/01/2015 08:06:17 AM
#21979  Sticky Note Good Warrant Site cjrick01 04/28/15 02:00:16 PM
#17239  Sticky Note Here's a link to them: CUIN2 11/17/14 11:48:50 PM
#22651   I think so. Nothing else has worked in JMAC13 05/23/15 10:09:48 AM
#22650   Is that really that important at this time? scalpel 05/23/15 07:49:17 AM
#22649   I can't imagine that they have only one scalpel 05/23/15 07:48:15 AM
#22648   I'm thinking not yet. But who knows really... CUIN2 05/22/15 11:50:39 PM
#22646   No one seemed to answer the important question. JMAC13 05/22/15 11:19:42 PM
#22645   Agreed. Management obviously knows how much cash cptjsd 05/22/15 10:13:01 PM
#22644   That's why they should be smart and have cptjsd 05/22/15 10:08:30 PM
#22643   I agree with moving SPORT from Rhode Island CUIN2 05/22/15 09:47:16 PM
#22642   It remains to be seen what they'll present. investinthefuture 05/22/15 08:42:18 PM
#22641   Respectfully, I disagree. Market needs to see CUIN2 05/22/15 08:27:25 PM
#22640   Video of actual surgery showing improved dexterity and Daktari 05/22/15 08:13:42 PM
#22639   So the video will not be of the CUIN2 05/22/15 08:00:48 PM
#22638   I asked. They said new video would "very investinthefuture 05/22/15 07:30:52 PM
#22637   If there was a way to get confirmation, BIGKAHUNA57 05/22/15 07:25:47 PM
#22636   Like I said, just a hunch... but it Geo2014 05/22/15 07:13:33 PM
#22635   That would be amazing if so! jetuomi 05/22/15 06:58:06 PM
#22634   Just a hunch but I have a gut Geo2014 05/22/15 06:37:59 PM
#22633   "For some reason people take their cues from CUIN2 05/22/15 04:18:48 PM
#22632   I would have to agree. We have scalpel 05/22/15 02:35:07 PM
#22631   Good find and that sounds logical based on CUIN2 05/22/15 02:19:20 PM
#22630   One good piece of news I just heard investinthefuture 05/22/15 02:02:32 PM
#22629   i think the answer that will move the BIGKAHUNA57 05/22/15 01:47:43 PM
#22628   Can they keep the distributor from us if JMAC13 05/22/15 01:44:55 PM
#22627   We can only speculate. In the past BIGKAHUNA57 05/22/15 01:44:36 PM
#22626   Crickets around here... Anyone think they will unveil Brave11 05/22/15 01:33:00 PM
#22625   Remember, Titan has a patent or application for Bristol19 05/21/15 03:00:24 PM
#22624   I agree that this design looks a lot Daktari 05/21/15 02:57:55 PM
#22623   That sounds like a 2nd or 3rd generation BIGKAHUNA57 05/21/15 01:29:14 PM
#22622   I am not sure it's Transenterix who should investinthefuture 05/21/15 12:59:04 PM
#22621   Interesting Video on Crowdsourcing dndodd 05/21/15 12:51:54 PM
#22620   I completely agree that a lot of federal Invester996 05/21/15 12:01:42 PM
#22619   First of all, I doubt that you've ever BIGKAHUNA57 05/21/15 11:11:40 AM
#22618   No way your 19. Just sayin. Daktari 05/21/15 11:02:00 AM
#22617   First of all, this patent is a great Invester996 05/21/15 10:58:52 AM
#22616   This has significant broad appeal beyond medical applications BIGKAHUNA57 05/21/15 09:42:53 AM
#22615   As far as I'm concerned Ximedica and other jetuomi 05/21/15 06:51:29 AM
#22614   I agree with all of the recent posts. scalpel 05/21/15 06:37:05 AM
#22613   Agreed. The technology is there and only cptjsd 05/21/15 03:11:39 AM
#22612   Yeah, I don't think this alone will be Noemotionseller 05/21/15 12:51:47 AM
#22611   Also worth noting that this patent was originally investinthefuture 05/20/15 08:50:11 PM
#22610   Great find. Note that the application was ddreturns 05/20/15 08:08:35 PM
#22609   Agree 100%. This is really important, and shows Bristol19 05/20/15 07:23:38 PM
#22608   This is BIG. I have always thought this JUrology 05/20/15 06:52:19 PM
#22607   Nice find IITF (like a blue-tick hound). CUIN2 05/20/15 04:44:47 PM
#22605   New patent! investinthefuture 05/20/15 04:38:22 PM
#22604   Very distasteful scalpel....jk. ORrep8 05/20/15 03:57:02 PM
#22603   I was put in IHub jail for 2 CUIN2 05/20/15 03:42:07 PM
#22600   Sarcastic. This guy has had "birds" tell him Biohazardbag 05/20/15 03:07:56 PM
#22599   Are you referring to the November announcement or Daktari 05/20/15 11:39:52 AM
#22597   Of course it doesn't take a little birdie... Noemotionseller 05/20/15 09:50:16 AM