Titan Medical has reported that the company and its principal development partner Ximedica 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 CEO of Titan Medical Inc.
"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.
Titan Medical Inc. is a Canadian public company 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 3D high-definition vision system and multi-articulating instruments for performing MIS procedures through a single incision.
The surgical system also includes a surgeon workstation that provides a surgeon with an advanced ergonomic interface to the robotic platform for controlling the instruments and provides a 3D high-definition endoscopic view of inside a patient's body.
The SPORT Surgical System is designed to enable surgeons to perform a broad set of surgical procedures for general abdominal, gynecologic, and urologic indications.