Titan Medical Inc. is a Canadian public company, headquartered in Toronto, Ontario, and listed on the Toronto Venture Exchange (TMD
) and 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. 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’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.
Titan has a medical advisory board composed of world renowned surgeons and has established partnerships with academic institutions and hospitals across the globe including Rochester General Hospital, University of Florida, Children’s Hospital Boston, Apollo Hospital Group (India) and The Ohio State University.
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’s Single Port Orifice Robotic Technology (SPORT™) Surgical System, currently under development, comprises a surgeon-controlled single incision platform. The platform includes a 3D vision system and interactive instruments for performing MIS procedures.
The surgeon workstation provides the surgeon with an interface to the robotic platform for controlling the interactive instruments and for providing a 3D endoscopic view inside a patient’s body during MIS procedures.
The single incision platform is being developed with the goal of providing interactive instruments and a 3D vision system capable of being inserted into the patient’s body cavity through a single incision.
The design contemplates a collapsible device that, when collapsed, would be capable of being inserted into the patient’s body cavity through a skin incision of approximately 25mm.
Once inserted, the device is configured to deploy into a working configuration whereby the 3D vision system and interactive instruments would be capable of being controlled by a surgeon at the workstation.
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
- Quicker recovery
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.
The Company currently has 7 granted patents and 12 patent applications filed in the U.S. or under the Patent Cooperation Treaty.