News Release
TITAN MEDICAL ANNOUNCES CLOSING OF CDN $2.9 MILLION PRIVATE PLACEMENT LED BY GROUP OF U.S. ROBOTIC SURGEONS
TORONTO (October 20, 2017) – Titan Medical Inc. (“Titan” or the “Company”) (TSX: TMD) (OTCQB: TITXF), a medical device company focused on the design, development and commercialization of a robotic surgical system for application in minimally invasive surgery (“MIS”), announces the closing of a private placement of 11,500,100 common shares at a price of CDN $0.25 per share for gross proceeds of CDN $2,872,421. Participants in the offering included more than a dozen robotic surgeons from the United States, as well as other investors.
The net proceeds will be used to fund continued development of the Company’s SPORT Surgical System, as well as for working capital and other general corporate purposes.
David McNally, President and CEO of Titan Medical, said, “We are pleased to complete this surgeon-led private placement. We view the investment by experienced robotic surgeons as affirmation that our SPORT Surgical System will address a significant underserved segment of the multibillion-dollar market for abdominal surgeries performed with robotic technology, and serves as a proxy for our product’s commercial potential.”
John D. Adams Jr., M.D., a urologist and an experienced robotic surgeon who practices at Mississippi Urology Clinic, PLLC in Jackson, Mississippi, commented “Our group of surgeon investors from around the country shares great optimism for the promising future of single-port robotic surgery and view it as the next logical advancement in the evolution of minimally invasive surgery. Surgeon investors representing our group met with Titan Medical’s executive team and operated an advanced prototype SPORT Surgical System. We collectively share tremendous excitement for the potential clinical benefits of the multi-articulating, single-incision technology, and the company’s strategic plans for commercialization. Initial trials conducted at Florida Hospital Nicholson Center have contributed to our group’s growing enthusiasm for the SPORT system. Observations by group members and surgeon feedback from these trials indicate the performance exceeded expectations and the platform’s capabilities may be far greater than originally anticipated.”
The offering and sale of shares was completed pursuant to exemptions from prospectus and registration requirements in the United States, Canada and other jurisdictions and the shares will be subject to a 4-month hold in Canada and applicable resale restrictions in the United States.
About Titan Medical Inc.
Titan Medical Inc. is a Canadian public company focused on research and development through to the planned commercialization of computer-assisted robotic surgical technologies for application in minimally invasive surgery. The Company is currently developing the SPORT Surgical System, a single-port robotic surgical system. The SPORT Surgical System is comprised of a surgeon-controlled patient cart that includes a 3D high definition vision system and multi-articulating instruments for performing MIS procedures, and a surgeon workstation that provides the surgeon with an advanced ergonomic interface to the patient cart and a 3D endoscopic view inside the patient’s body during MIS procedures. With the SPORT Surgical System, the Company aims to pursue a broad set of surgical indications, including general abdominal, gynecologic and urologic procedures.
For more information, please visit the Company’s website at www.titanmedicalinc.com.
Neither TSX nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this release.
CONTACT INFORMATION
LHA Investor Relations
Kim Sutton Golodetz
(212) 838-3777
kgolodetz@lhai.com
or
Bruce Voss
(310) 691-7100
bvoss@lhai.com
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