(2) As at the date of this prospectus supplement, the Company has spent approximately US $11,500,000 toward the completion of the two
engineering verification units. As such, there remains approximately US $2,500,000 in development costs prior to the completion of the two
engineering verification units.
(3) The schedule for completion of the 5 first-in human units has been moved to Q1 2016 from Q4 2015 to more accurately reflect realistic
completion and delivery dates in line with commencement of clinical trials.
Upon completion of the development of the SPORTTM Surgical System and following receipt of all applicable
regulatory approvals in the United States, Europe, and/or Asia, the Company intends to utilize a direct sales force
and/or distribution partner(s) to initiate marketing the SPORTTM Surgical System to hospitals.
Due to the nature of technology research and development, there is no assurance that these objectives will be
achieved, and there can be no assurance with respect to the time or resources that may be required. The Company
expects that additional specific milestones could be identified as the development and commercialization of its
SPORTTM Surgical System progresses. The total costs to complete the development and commercialization of the
Company’s SPORTTM Surgical System as referenced above are only an estimate based on current information
available to the Company and cannot yet be determined with a high degree of certainty, and the costs may be
substantially higher than estimated. See “Special Note Regarding Forward-Looking Statements” and “Risk Factors”.
Market Opportunity
The Company’s robotic surgical system is being designed to address the growing robotic surgery market. The size
of the market for robotic surgical systems is estimated by Grand View Research to grow from approximately US
$7.5 billion in 2013 to US $17.4 billion by 2020.
Robotic Surgery
Today’s medical surgery industry is built on a combination of mature and evolving surgical techniques that use
evolving technology to perform surgery. Currently, the main form of surgery is open surgery. Although performed
on a daily basis, open surgery requires large incisions, posing several problems to both the patient and hospital. The
increased trauma to the patient causes both recovery times and hospitalization to be longer and more expensive.
Also, larger incisions cause more pain and scarring than minimally invasive surgical techniques. MIS has been
evolving over the past 25 years and reduces trauma to the patient thus resulting in fewer complications, reduced
hospital stays and shorter patient recovery times. Techniques used in MIS are performed through small ports rather
than large incisions that are required in open surgery. However, the acceptance of MIS has not increased in more
complex surgery.
The shortcomings of both open surgery and MIS have led to the introduction of robots within the surgical industry.
Robotic surgical technologies represent the next generation in the evolution of surgical procedure. The objectives of
robotic platforms are to provide surgeons with tools to allow complex procedures to be performed repeatedly with
greater precision, while offering improved vision and control. The use of robots is intended to empower surgeons to
employ improved techniques and assist in reducing the risks associated with complex surgeries.
Market Acceptance
To date, robotic surgical technologies have been employed in urology, gynecology, colon and rectal surgery,
cardiothoracic surgery, general surgery, head and neck surgery, orthopedic surgery, neurosurgery, and catheterbased
interventional cardiology and radiology.
The success of robotic technologies in these applications has led to the growing adoption and commercialization of
these technologies in the medical industry. Although robotic surgical procedures have been gaining substantial
acceptance, the industry is still in its infancy. The technology available is becoming more sophisticated in order to
overcome technical hurdles that are currently encountered. The end objective is to overcome
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