Titan Medical (TSXV: TMD) won U.S. Patent No. 8,306,656, which covers the company’s robotic system for performing medical procedures.
The description of Titan’s patent in their application reads, as reported by Proactive Investors:
“The present application describes a method and system for performing medical procedures. The system includes a robotic arm assembly, an end effector assembly and a set of transducers. The system further includes a cable element that is used to control the movement of the robotic arm assembly and the end effector assembly. The cable element is also connected to the set of transducers, which measure the force imparted on the robotic arm assembly and the end effector assembly during the medical procedures”.
So far, Titan has won 5 patents and has filed 12 in the U.S. The Toronto-based company focuses exclusively on surgical robotics.
Proactive Investors’ Cantech Letter quotes CEO Craig Leon:
“We continue to strengthen our patent portfolio with the objective of protecting the commercial potential of the Company’s surgical robotic technologies,” he said, adding: “This patent is a result of our earlier research that we continue to build upon as we develop and commercialize our surgical robotic technologies.”
According to Titan, the robotic surgery market is worth around $1 billion today, scheduled to expand to almost $5 billion within the next 3 years.
Titan Medical has two major robotic surgical systems, including the Amadeus Composer—a system with a unique external robot and flexible instruments—and the Amadeus Robotic Surgical System—a four-armed robotic surgical system.
Titan also recently reached an agreement with Columbia University over the use of a technology which the company touts as the world’s smallest so far for bodily entry purposes.