Titan Medical Inc. (“Titan” or the “Company”) (TSX: TMD) (Nasdaq: TMDI), a medical device company focused on the design, development and commercialization of a robotic surgical system for application in minimally invasive surgery (“MIS”), and Cambridge Design Partnership Ltd. (“CDP”), a leading patient-centric product and technology innovation company specializing in the healthcare sector, today announce an expanded engagement in respect of the instrument development program for Titan’s single-port robotic surgical system. Additionally, CDP has subscribed for common shares of Titan.
David McNally, President and CEO of Titan, said, “We are pleased to announce our expanded engagement of CDP, and welcome them as a shareholder. Since engaging with them only a few months ago, their highly qualified engineers have leveraged their deep domain experience while demonstrating an ability to understand the exacting requirements of Titan’s robotic surgical system. CDP engineers have improved Titan’s multi-articulating instrument designs with the objective of demonstrating performance improvements, along with the potential for reductions in the target costs of commercial devices.
“The location of CDP’s U.S. office in Raleigh, North Carolina is ideally situated in close proximity to our planned Chapel Hill, North Carolina facility. Yet, CDP’s corporate culture and level of integration with their headquarters in Cambridge, UK allows Titan to draw upon CDP’s depth of experience and breadth of capabilities. Based on early initial indications, and once sufficient additional financing is secured, we envision an expanding role for CDP in the development and manufacturing of surgical instruments and accessories.”
Jez Clements, partner at CDP, said, “We share Titan’s vision for improving patient outcomes with their unique single-port robotic surgical system. We believe the core system architecture to be sound, and once adequate funding is secured, we are confident in the ability of Titan’s management team to resume the development of its single-port robotic system. We are delighted to have the opportunity to apply our deep medical instrument product development experience. It is for these reasons that we are participating with an equity position in the Company.”