TORONTO, ONTARIO--(Marketwire - March 14, 2012) -
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES
Titan Medical Inc. (the "Company") (TSX VENTURE:TMD)(OTCQX:TITXF) announced today that it has closed its previously announced offering (the "Offering") of securities made pursuant to an agency agreement dated March 8, 2012 between the Company and Octagon Capital Corporation. The Company sold 1,986,755 units at a price of $1.51 each for gross proceeds of $3,000,000. Each unit comprises one common share of the Company and one common share purchase warrant of the Company. Each warrant entitles the holder thereof to purchase one additional common share of the Company for $1.77 until March 14, 2017.
The net proceeds of the Offering will be used to fund the development of a clinical-grade Amadeus robotic surgical system-platform and for working capital and general expenses.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described in this release. Any such solicitation or offer may only be made in accordance with applicable laws.
About Titan Medical Inc.
Titan Medical Inc. is a Canadian public company (TSX VENTURE:TMD)(OTCQX:TITXF) 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, with the objective of allowing 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.
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). 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.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States.
The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
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.