Titan Medical Inc. Announces Results for the Three and Nine Months Ended September 30, 2012
TORONTO, ONTARIO--(Marketwire - Nov. 1, 2012) - Titan Medical Inc. ("Titan" or the "Company") (TSX VENTURE:TMD)(OTCQX:TITXF) announced today results for the three and nine months ended September 30, 2012.
The unaudited condensed interim financial statements for the period may be viewed on SEDAR.
Craig Leon, Chief Executive Officer of Titan Medical, Inc., said, "During the third-quarter, the Company has been focused on advancing the development of the Amadeus Surgical System with the aim of conducting validation studies of the system."
-- United States Patent and Trade Mark Office (USPTO) issued U.S. Patent
titled "Snaking Robotic Arm with Moveable Shapes". The Patent technology
includes the use of micro-electric-mechanical systems (MEMS) in flexible
snake like robotic arms that may be utilized in surgical robotic
-- Commenced development, of the previously announced single-port platform
as part of the Amadeus(TM) Surgical System.
-- Cash and cash equivalents at September 30, 2012 totaled $6,161,095,
compared to $9,738,822 at December 31, 2011.
-- Net loss for the three and nine months ended September 30, 2012 was
$1,112,378 and $5,893,142, respectively ($6,067,576 and $10,967,989 for
the equivalent periods in 2011).
-- In line with Company objectives of continuing R&D, investments for the
three and nine months ended September 30, 2012 were $601,625 and
$3,354,874, respectively ($5,088,900 and $8,447,801 for the equivalent
periods in 2011).
About Titan Medical Inc.
Titan Medical Inc. is a Canadian public company (TSX VENTURE:TMD)(OTCQX:TITXF) focused on the design, development and commercialization of new robotic surgical technologies. The Company is advancing the development of a robust product portfolio with the objective to meet current needs in surgical procedures which would benefit all stakeholders, including patients, surgeons, and hospitals. The Company currently has under development platforms for single-site and multi-port surgical procedures that are under-served by robotic and non-robotic minimally invasive techniques. Robotic surgery has developed over the past several years into a proven and growing method of treatment. According to a Robotic Surgery Equipment Manufacturing report in October 2011, industry revenue is projected to increase at an average annual rate of 14.9% to $4.2 billion from 2011 to 2016. For more information, visit the Company's website at www.titanmedicalinc.com.
Forward Looking Statements
This news release contains "forward-looking statements" which reflect the current expectations of management of the Company's future growth, results of operations, performance and business prospects and opportunities. Wherever possible, words such as "may", "would", "could", "will", "anticipate", "believe", "plan", "expect", "intend", "estimate", "potential for" and similar expressions have been used to identify these forward-looking statements. These statements reflect management's current beliefs with respect to future events and are based on information currently available to management. Forward-looking statements involve significant risks, uncertainties and assumptions. Many factors could cause the Company's actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements, including, without limitation, those listed in the "Risk Factors" section of the Company's Annual Information Form dated March 30, 2012 (which may be viewed at www.sedar.com). Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward looking statements prove incorrect, actual results, performance or achievements may vary materially from those expressed or implied by the forward-looking statements contained in this news release. These factors should be considered carefully and prospective investors should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in the news release are based upon what management currently believes to be reasonable assumptions, the Company cannot assure prospective investors that actual results, performance or achievements will be consistent with these forward-looking statements.
FOR FURTHER INFORMATION PLEASE CONTACT:
Titan Medical Inc.
Chief Executive Officer
(416) 548-7522 (ext. 151)