2011 Titan Medical Operational Highlights
TORONTO, ONTARIO--(Marketwire – August 16, 2011) – Titan Medical Inc. ("Titan” or the “Company") (TSX VENTURE: TMD) announced today results for the three and six months ended June 30, 2011.
The financial statements and Management’s Discussion and Analysis for the period may be viewed on SEDAR.
Craig Leon, Chief Executive Officer of Titan Medical Inc., said, “The momentum created in the first quarter has carried over into the second quarter and we are very proud of our accomplishments to date. We established several industry leading relationships, including Crouse Hospital, Mayo Clinic and Sense Graphics, which enable us to proceed with development and testing of Amadeus ComposerTM. We also successfully raised $9.2 million, which provides us with sufficient funds to continue development of our next generation robotic surgical system during the second half of 2011.”
Operational Highlights
• Entered into an exclusive patent license agreement with Mayo Foundation for Medical Education and Research for its novel surgical stapler.
• Signed a development agreement with D&D Video Specialists, Inc. (D2 VideoTM), a leading developer of endoscopic vision systems. D2 VideoTM will design and develop a proprietary vision system for Amadeus ComposerTM.
• Appointed Dr. John R. Valvo, M.D., F.A.C.S. as Vice President of Medical Affairs.
• Appointed Dr. Carlo Camargo Passerotti, M.D., PhD and Dr. Li-Ming Su, M.D. to the Company's Medical Advisory Board.
• Signed a non-binding memorandum of understanding with Crouse Hospital, Inc., a 506-bed acute care hospital in Syracuse, NY. Crouse Hospital will test and evaluate Amadeus Composer TM.
• Announced positive testing results for its Beta Console early user study.
• Signed a development agreement with Proven Process Medical Devices, Inc. ("Proven Process"), a leading provider of medical device contract research and development, and manufacturing services. Proven Process will develop certain
proprietary components of Amadeus Composer TM.
