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Titan Medical Inc. Enters Into Exclusive License Agreement with Columbia University for Novel Single Port Robotic Surgery System

Wed, 02/15/2012 - 2:45am
The Associated Press

(http://www.titanmedicalinc.com/)

Titan Medical Inc. ("the Company") (TSX VENTURE: TMD) announced today

that it has entered into an exclusive license agreement with Columbia

University for a novel single port robotic surgery system, The

Insertable Robotic Effector Platform ("IREP").

Under the terms of the agreement, the Company will have exclusive

rights to the development and commercialization of the intellectual

property of IREP, developed by Dr. Nabil Simaan.

IREP is believed to be the world's smallest, in terms of required

diameter, to enter the body while enabling full manipulation

capabilities and imaging feedback. It consists of a novel endoscope

and two flexible arms, all contained within one lumen, that is meant

to be used to perform single port surgery in a variety of areas, such

as single port gallbladder surgery, trans-vaginal access, trans-oral

access, and trans-anal access. IREP will enable surgeons to carry out

minimally invasive procedures by using natural openings and by using

only a single small 15 mm opening in the abdomen as opposed to 3 to 5

openings currently used in existing minimally invasive systems. It

also sets a new standard in terms of compactness and deployability

since it is small enough to be attached to the surgical bed thus

allowing quick reorientation of the patient during surgery, whereas

existing systems are very large and do not mount on the surgical bed.

Other advantages of IREP include its capability to include sensory

information such as force feedback and intra-abdominal ultrasound and

also its suitability for micro-surgery enabling high level accuracy

which is not currently feasible with existing systems.

"We are pleased to have obtained an exclusive license with Columbia

University for this novel single port robotic surgery system. It fits

perfectly with our strategic plans of developing and commercializing a

suite of next generation robotic surgical technologies," said Craig

Leon, Chief Executive Officer of Titan Medical Inc.

About Columbia University

A leading academic and research university, Columbia continually seeks

to advance the frontiers of knowledge and to foster a campus community

deeply engaged in understanding and addressing the complex global

issues of our time. Columbia's extensive public service initiatives,

cultural collaborations, and community partnerships help define the

University's underlying values and mission to educate students to be

both leading scholars and informed, engaged citizens. Founded in 1754

as King's College, Columbia University in the City of New York is the

fifth oldest institution of higher learning in the United States. To

learn more, visit www.columbia.edu(http://www.columbia.edu).

About Columbia Technology Ventures

A leading academic and research university, Columbia University

continually seeks to advance the frontiers of knowledge and to foster

a campus community deeply engaged in understanding and addressing the

complex global issues of our time. Columbia University's technology

transfer office, Columbia Technology Ventures, manages Columbia's

intellectual property portfolio and serves as the university's gateway

for companies and entrepreneurs seeking novel technology solutions.

Our core mission is to facilitate the transfer of inventions from

academic research to outside organizations for the benefit of society

on a local, national and global basis. For more information on

Columbia Technology Ventures, please visit

www.techventures.columbia.edu(http://www.techventures.columbia.edu).

About Titan Medical Inc.

Titan Medical Inc. is a Canadian public company (TSX VENTURE: TMD)

focused on the development and commercialization of robotic surgical

technologies. The Company is currently developing Amadeus Composer, a

surgical system that has a uniquely designed external robot and

flexible instruments, and allows surgeons to overcome constraints of

surgical procedures in small to medium spaces. Amadeus Maestro, the

Company's next generation 4-armed robotic surgical system with

advanced communication and training, utilizes the Titan True Touch

Technology and is targeted to surgical procedures in large spaces.

Robotic surgery has developed over the past 10 years into a proven and

growing method of treatment. The global robotic surgical market size

is currently estimated to be approximately $1 billion and is estimated

to grow to $5 billion by 2015 with potential for placement of 6,000

robotic surgical systems. The Company is researching and developing

innovative technologies to empower surgeons to use robots in the

operating room of the future. For more information, visit the

Company's website at

www.titanmedicalinc.com(http://www.titanmedicalinc.com).

Forward Looking Statements

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 31, 2011 (which may be

viewed at www.sedar.com(http://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.

Neither TSX Venture Exchange nor its Regulation Services Provider (as

that term is defined in policies of the TSX Venture Exchange) accepts

responsibility for the adequacy or accuracy of this release.

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