Titan Medical Establishes U.S. Subsidiary

Titan Medical Inc., a medical device company focused on the design and development of single-port robotic surgical technologies, announces that it has established Titan Medical USA Inc. as a wholly owned U.S. subsidiary. The subsidiary will be based in Chapel Hill, North Carolina at a facility that will initially be used for research and development activities. The facility includes a custom buildout, the costs for which are included in monthly lease payments.

“We are excited about establishing a U.S. subsidiary and having a dedicated, purpose-built space in North Carolina’s Research Triangle, a leading high-tech and medical technology hub, to advance our work on singe-port robotic technologies, while also being in close proximity to our development partners,” said David McNally, president and CEO of Titan Medical. “We are preparing to expand our role in leading product development, reengaging our expert subcontractors, and beginning to recruit engineers. The new facility will initially house research and development, as well as related operations management. Over time and subject to continued financing, we expect that it will also house regulatory affairs, customer service, clinical support and commercial leadership to prepare for the future launch of our single-port robotic surgical system.”

The company plans to establish a dry-lab training facility at the site for use by future customers subject to completing product development, obtaining regulatory clearance for its robotic surgical system and meeting all regulatory requirements, and ultimately building a commercial grade device. Each of the planned activities are subject to raising sufficient capital on a timely basis. – MPO