DEVELOPMENT OF THE SPORT SURGICAL SYSTEM
Titan Medical Inc. (TMD.T) and its principal development partner, Ximedica LLC, have reached agreement on the initiation of an acceptable development plan for the Sport surgical system. The agreement is effective immediately and is focused on Titan's previously announced human factors and usability trials milestones for the Sport system.
"Ximedica is a valued partner, and this agreement enables us to resume the development of the Sport surgical system," commented John Barker, interim chief executive officer of Titan Medical. "This agreement and the decisions by the board of directors earlier this week demonstrate the committed effort of our company to advance the Sport surgical system."
"We believe the Sport surgical system represents a significant technology, and everyone at Ximedica is proud to be associated with its continued development," commented Randall Barko, president and CEO of Ximedica. "Our development team is re-engaging, and our objective is to deliver on Titan's milestones."
As the new development plan proceeds, the company will report on its progress.
About Titan Medical
Titan Medical is focused on the design and development of a robotic surgical system for application in minimally invasive surgery (MIS). The company's Sport surgical system, currently under development, includes a surgeon-controlled robotic platform that incorporates a 3-D high-definition vision system and multiarticulating instruments for performing MIS procedures through a single incision.