Benzinga | Jun 30, 2021 09:38AM EDT

Titan Medical: Innovation Leader in Robotic-assisted, Single Access Surgery Technology

Robotic-assisted single access surgery might sound like a future pipe dream for the medical community, but the technology exists today, and Titan Medical Inc. (NASDAQ:TMDI, TSX:TMD) is paving the way to bringing its exciting technology to surgeons. Titan has one goal in mind: Develop leading-edge robotic tools and accessories that access the body through a single access point to help surgeons in the operating room and patients in recovery.

By striving for and reaching its goals, Titan expects to play a crucial role in producing better patient outcomes with faster recovery times, less trauma and scarring, operation efficiency and precision, lower overall costs and access to surgical procedures previously out of reach. But before you learn about Titan's impressive success, you first need to know more about robotic surgery.

What is Robotic Surgery?

Robotic-assisted surgery or robotic surgery allows a surgeon to perform complex procedures using robotic tools that give the power of precision and control at a level that enhances traditional operation methods. For example, robotic surgical arms position a camera and surgical instruments while the surgeon operates from a close-by computer console. That station gives the doctor a magnified high-definition view and provides precise control of the camera and instruments that are delivered through small entry points into the patient.

With the ability to perform enhanced operations that surgeons otherwise could not as easily perform manually through such small incisions, and while decreasing risk of complications and recovery times, the benefits of developing this technology extends from the surgeons and clinical staff, to hospitals and insurance companies and, above all, the patients.

Titan Medical's Recent Success

Based on Titan's significant patent portfolio surrounding its Enos(tm) robotic single access surgical system, Medtronic PLC (NYSE:MDT), a world leader in medical devices with an industry history dating back to 1949, chose to enter into a license agreement to access a portion of Titan's patent portfolio. Titan and Medtronic are now working together under a development and license agreement that provides for the development of robotic-assisted surgical technologies for use by both Titan and Medtronic in their respective businesses. Under the development and license agreement, Titan has been receiving payments upon completion of specific milestones. Titan retains world-wide rights to commercialize the developed technologies for use with its Enos surgical system.

Both companies are driving to take on healthcare's greatest challenges to improve lives using robotic surgery systems. The technical milestone achievements are a testament to the expertise and inspiration of both the Medtronic and Titan teams, and how great companies can work together to improve medical technology for the benefit of patients and surgeons. In combination with successful financing agreements earlier in the year, Titan is using its intellectual property licensing revenue from Medtronic to advance its Enos surgical system, complete product development this year, and commence human clinical studies in 2022.

Under the agreements with Medtronic, Titan Medical has so far received $30 million in license payments, and an additional $11 million is expected later this year. Not only that, but its stock price doubled between December 2020 and late February 2021. And that's just the beginning. Titan Medical also brought in a new board of directors with 5 new independent members who have proven success in the healthcare industry, which prompted integrated and revised corporate governance and investor communications policy enhancements. Not only that, but Titan is gearing up for the future and has recently doubled its office space at its R&D facility in Chapel Hill, North Carolina and tripled its workforce for product development.

Unique Technology

Titan's innovations include a dual-view camera system, having a 2D high-definition camera integrated into the insertion tube through which multi-articulating instruments and a steerable 3D high-definition camera are delivered to the body. This provides surgeons with a view of target anatomy upon entry to the body through a single access point, unlike robotic systems that require an additional incision for the camera. Titan's multi-articulating instruments deliver dexterity, precision, and forces appropriate for a broad range of surgical tasks, all within a large working volume. Based on surgeon feedback, the company believes that these attributes result in greater versatility and applicability to more surgical procedures than other robotic systems. With over 170 global patents issued and pending, Titan's intellectual property portfolio eclipses others intending to enter the developing market for single access surgery.

A Bright Future for Medical Technology

Already a multi-billion-dollar global market, robotic-assisted abdominal surgery is here to stay. With its clear vision of improving patient outcomes with robotic single access surgery, clinically-relevant technology, a solid financial foundation and experts to spearhead the charge, Titan Medical is positioned to become the next great competitor in this high-growth market.