Titan Medical Establishes U.S. Subsidiary to Strengthen its Research and Product Development Activities
15 Junho 2020 - 9:00AM
Business Wire
Titan Medical USA Inc. to be based in North
Carolina’s Research Triangle
Titan Medical Inc. (“Titan” or the “Company”) (TSX: TMD)
(Nasdaq: TMDI), a medical device company focused on the design
and development of single-port robotic surgical technologies,
announces that it has established Titan Medical USA Inc. as a
wholly owned U.S. subsidiary. The subsidiary will be based in
Chapel Hill, North Carolina at a facility that will initially be
used for research and development activities. The facility includes
a custom buildout, the costs for which are included in monthly
lease payments.
“We are excited about establishing a U.S. subsidiary and having
a dedicated, purpose-built space in North Carolina’s Research
Triangle, a leading high-tech and medical technology hub, to
advance our work on singe-port robotic technologies, while also
being in close proximity to our development partners,” said David
McNally, President and CEO of Titan Medical. “We are preparing to
expand our role in leading product development, reengaging our
expert subcontractors, and beginning to recruit engineers. The new
facility will initially house research and development, as well as
related operations management. Over time and subject to continued
financing, we expect that it will also house regulatory affairs,
customer service, clinical support and commercial leadership to
prepare for the future launch of our single-port robotic surgical
system.”
The Company plans to establish a dry-lab training facility at
the site for use by future customers subject to completing product
development, obtaining regulatory clearance for its robotic
surgical system and meeting all regulatory requirements, and
ultimately building a commercial grade device. Each of the planned
activities are subject to raising sufficient capital on a timely
basis.
About Titan
Titan Medical Inc. is focused on robotic-assisted technologies
for application in minimally invasive surgery (“MIS”). Titan is
developing a single-port robotic surgical system comprised of a
surgeon-controlled patient cart that includes a dual-view camera
system with 3D and 2D high-definition vision systems and
multi-articulating instruments for performing MIS procedures, and a
surgeon workstation that provides an ergonomic interface to the
patient cart and a 3D high-definition endoscopic view of the MIS
procedure. Titan intends to initially pursue gynecologic surgical
indications for use with its single-port robotic surgical
system.
For more information, visit www.titanmedicalinc.com.
Forward-Looking Statements
This news release contains “forward-looking statements” within
the meaning of applicable Canadian and U.S. securities laws. Such
statements reflect the current expectations of management of the
Company’s future growth, results of operations, performance and
business prospects and opportunities and include statements
regarding our leading product development, reengaging product
development contractors, recruitment of engineers, uses of our new
facility, obtaining and retaining regulatory clearance and meeting
all regulatory requirements, building a commercial grade device and
raising sufficient capital. 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
Report on Form 20F dated March 30, 2020 (which may be viewed at
www.sedar.com and at www.sec.gov). 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. Except as required by law, the
Company expressly disclaims any intention or obligation to update
or revise any forward-looking statements whether as a result of new
information, future events or otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20200615005364/en/
Stephen Randall Chief Financial Officer +1-416-548-7522
stephen@titanmedicalinc.com
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