TORONTO–(BUSINESS WIRE)–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
single-port minimally invasive surgery (“MIS”), announces the
appointment of Charles W. Federico, age 70, as Chairman of the Company’s
Board of Directors, effective immediately. Mr. Federico is assuming the
Board seat held by Bruce Wolff, M.D. who has resigned from the Board and
is being retained as a Senior Advisor to the Company. Current Chairman
John Barker will continue to serve as a Director and as Audit Committee
Chair.
Both gentlemen will stand for re-election at Titan’s Annual General
Meeting in May 2019.
Mr. Federico has 46 years of experience in the medical device industry.
As a Director of MAKO Surgical Corp., he served as Chairman, Lead
Director, Compensation Committee Chairman, Governance Committee Chairman
and an Audit Committee Member from 2007 to 2013. MAKO, a developer of
minimally invasive robotic-enabled techniques for knee surgery, was
acquired by Stryker in 2013 for $1.65 billion. Prior to that, Mr.
Federico was President at Orthofix International N.V. from 1996 to 2006
and was also CEO beginning in 2001. From 1988 to 1996 he was President
and General Manager at Smith & Nephew Endoscopy (formerly Dyonics,
Inc.), and from 1981 to 1985 he served as Vice President of Dyonics and
as Director of Marketing.
“We are delighted to welcome Charlie to Titan’s Board and look forward
to leveraging his considerable experience and industry knowledge,” said
David McNally, Titan’s Chief Executive Officer. “Titan Medical faces
significant milestones this year, including our preclinical and human
confirmatory studies to support submissions later this year to the U.S.
Food and Drug Administration and to European regulatory authorities for
clearance of our single-port robotic surgery system. We believe that
Charlie’s wealth of knowledge will be invaluable to us in many areas,
from corporate governance and strategic planning, to regulatory and
commercial perspectives.”
Mr. McNally added, “On behalf of the Board of Directors, we would like
to thank Bruce Wolff for his five years of board service to Titan
Medical. As Professor of Surgery, Mayo Clinic College of Medicine and
Emeritus Chair of the Division of Colon & Rectal Surgery, his
perspective as a surgeon have been important. We are pleased that Titan
will continue to benefit from his contributions and counsel as a Senior
Advisor to the Company.”
Mr. Federico currently serves as a Director of Active Implants
Corporation. Past Board positions include Director of Orthofix
International, Chairman of SRI Surgical Express Inc., Director of
LENSAR, Inc., Director of Salumedica, Presiding Director of Power
Medical Interventions, Inc. (acquired by Covidien) and Director at
BioMimetic Therapeutics Inc. (acquired by Wright Medical).
He has served on the Board of Trustees of the Orthopaedic Research and
Education Foundation and as an Advisory Member/Trustee to the School of
Biomedical Engineering at Virginia Tech and Wake Forest University. He
was a Founding Trustee and a Member of Board of the American Sports
Medicine Institute. Mr. Federico received a B.S. in Marketing from
Fordham University.
About Titan Medical
Titan Medical Inc. is focused on
computer-assisted robotic surgical technologies for application in MIS.
The Company is developing the SPORT Surgical System, a single-port
robotic surgical system comprised of a surgeon-controlled patient cart
that includes a 3D high-definition vision system and multi-articulating
instruments for performing MIS procedures, and a surgeon workstation
that provides an advanced ergonomic interface to the patient cart and a
3D endoscopic view inside the patient’s body. Titan intends initially to
pursue focused surgical indications for the SPORT Surgical System, which
may include one or more of gynecologic, urologic, colorectal or general
abdominal procedures.
For more information, please visit the Company’s website at www.titanmedicalinc.com.
Forward-looking statements of Titan medical Inc.
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, 2019 (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.
Contacts
LHA Investor Relations
Kim Sutton Golodetz
(212) 838-3777
[email protected]
or
Bruce
Voss
(310) 691-7100
[email protected]
