TORONTO, ONTARIO--(Marketwired - Jun 13, 2013) - Titan Medical Inc. ("Titan" or the "Company") (TSX VENTURE:TMD)(TITXF) announced today that effective June 1, 2013 it has entered into an agreement with OpX Consulting, LLC ("OpX"). As part of Titan's commercialization plan, OpX will provide strategic consulting services to hospitals and Group Purchasing Organizations (GPOs) as it relates to the implementation and optimization of robotic surgery programs.
John Hargrove, Interim Chief Executive Officer of Titan Medical Inc., commented, "This business relationship will enhance our expansion into the global marketplace by creating a pathway between our technology foundation and successful commercialization."
About OpX Consulting, LLC.
OpX Consulting specializes in optimizing executive decisions in robotic surgery by reducing risk, managing cost, and customizing strategies for healthcare executives considering robotic surgery program implementation or expansion. Backed by more than a decade of expertise in award-winning medical device and robotic surgery sales and management positions, OpX combines extensive industry knowledge with proven strategic analysis to diagnose and defuse robotic program challenges faced by clinicians and administrators. This unique approach, called OpX Solutions©, generates fact-based recommendations to achieve customized patient care, operational, and financial goals by enabling healthcare organizations to reduce total robotic cost while increasing asset utilization, surgeon satisfaction, and program participation.
In addition to cost containment and feasibility analysis, decision modeling, and workforce training, OpX's founder and CEO, Berkley Baker, has counseled more than 50 hospital executive teams in the creation or expansion of over 30 robotic surgery programs. Mr. Baker holds an MBA from Goizueta Business School of Emory University and a Bachelor of Science degree in Economics from the U.S. Military Academy at West Point.
About Titan Medical Inc.
Titan Medical Inc. is a Canadian public company (TSX VENTURE:TMD)(TITXF) focused on the design and development of a robotic surgical system for application in minimally invasive surgery ("MIS"). The Company's robotic surgical system, currently under development, comprises a surgeon-controlled robotic platform that includes a 3D vision system and interactive instruments for performing MIS procedures, and a surgeon workstation that provides the surgeon with an interface to the robotic platform for controlling the interactive instruments and providing a 3D endoscopic view of inside a patient's body during MIS procedures. The robotic surgical system is being designed to expand robotic surgery into areas of surgical specialties and simple and complex procedures that are currently under-serviced, and to allow surgeons to perform procedures within small to medium size surgical spaces such as general surgery and cholecystectomy. 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 April 10, 2013 (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.