Titan Medical Inc. Announces Memorandum of Understanding With The University of Florida
TORONTO, ONTARIO--(Marketwire - Nov. 2, 2012) - Titan Medical Inc. ("the Company") (TSX VENTURE:TMD)(OTCQX:TITXF) announced today that it has signed a non-binding memorandum of understanding ("MOU") with The University of Florida ("UF").
Under the terms of the agreement, UF Department of Urology, College of Medicine will test and evaluate the Company's Amadeus(TM) Surgical System, which includes the Company's single-site surgical platform. UF will provide the Company with detailed feedback as appropriate.
"I am very pleased to have engaged The University of Florida's Department of Urology for our development of Amadeus," said Dr. Reiza Rayman, President of Titan Medical Inc. "We have established a number of relationships with world-class hospitals and it was a natural fit to extend our network with an experienced robotic surgical urology team at The University of Florida as we advance our development and commercialization efforts for Amadeus."
About The University of Florida - Department of Urology
The Department of Urology at the University of Florida College of Medicine is the leading academic urology program in the state of Florida and ranked No. 20 in the United States by U.S. News and World Report. Dr. Li-Ming Su is a world-renowned robotic urologic surgeon at the University of Florida, who will serve as the lead investigator working with Titan Medical Inc. in evaluating Amadeus(TM). Dr. Su currently serves as the Associate Chairman of Clinical Affairs and the Chief of the Division of Robotic and Minimally Invasive Urologic Surgery. He also is the Head of the Multispecialty Robotics Program at the University of Florida. This program consists of more than 17 robotic surgeons spanning five specialties including urology, gynecology, otolaryngology, general surgery and thoracic surgery.
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.
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)