Titan Medical Inc. is a Canadian public company, headquartered in Toronto, Ontario, and listed on the Toronto Venture Exchange (TMD) & the OTCQX in the U.S. (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 2015. 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 target general surgery (gall bladder and appendix removal) and ear, nose and throat procedures.
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 starting the second phase which consists of tissue and cadaver testing. Following the second phase, there are two further phases of testing – the third phase which requires the building of a pre-production prototype and the fourth phase which consists of preparing the surgical system for commercialization. Commercialization is currently scheduled for the second half of 2015.
Global annual medical robotic revenues are currently approximately $4 billion and are expected to grow by 12% annually 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.
TITAN currently has numerous granted patents and 12 patent apps filed in the USA or under the Patent Cooperation Treaty. FULLY FUNDED to take SPORT through commercialization. 101 million O/S
The robotic surgical system is being developed with the objective of delivering multiple benefits to patients, surgeons and hospitals. They include the following:
For the Patient
A shorter hospital stay
Reduced pain, scarring and risk of infection
Less blood loss
For the Surgeon
Enhanced functionality, dexterity, versatility, field of vision via 3D technology and precision.
Improved ergonomics which 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)
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