Titan Medical (TSXV:TMD) today announced that it has been granted its fifth patent.
The United States Patent and Trademark Office has issued U.S. Patent No. 8,306,656. The abstract of the application, which was filed January 5th, 2010, describes the patent this way:
“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”.
Titan Medical has now been granted five patents and has filed a total of twelve in the U.S. or under the Patent Cooperation Treaty. CEO Craig Leon says the company’s expertise is centered solely around surgical robotics.
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“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.”
Titan Medical, which listed on the TSX Venture exchange January 24th, is the company behind Amadeus Composer, a surgical system that has a uniquely designed external robot and flexible instruments, allowing surgeons to work in small spaces, and the Amadeus Robotic Surgical System, the company’s four-armed robotic surgical platform. Titan says the current market for robotic surgery is about $1 billion now, but will grow to $5 billion by 2015. The company recently signed an exclusive license agreement with Columbia University for technology it says is the world’s smallest, in terms of required diameter, to enter the body while enabling full manipulation capabilities and imaging feedback.
Shares of Titan Medical closed today down 1.8% to $1.28.