01:43:30 EDT Thu 01 Jun 2023
Enter Symbol
or Name

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Titan Medical Inc (2)
Symbol TMD
Shares Issued 111,202,690
Close 2022-06-30 C$ 0.66
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Titan Medical appoints Vance as president, CEO

2022-06-30 16:50 ET - News Release

Mr. Paul Cataford reports


Cary G. Vance has been appointed as Titan Medical Inc.'s president and chief executive officer, effective July 1, 2022. Mr. Vance will succeed Paul Cataford, Titan's chair of the board of directors, who has served as interim president and CEO since December, 2021.

Mr. Vance previously served as president and CEO at Xcath Inc., a privately held neurovascular robotics company, and held similar positions at Optiscan Biomedical and Myoscience. He also served as president and CEO at Hansen Medical, a publicly held intravascular robotics company acquired by Auris Health in 2016, which was subsequently acquired by Johnson & Johnson in 2019. Prior to Hansen Medical, Mr. Vance served in various global executive leadership roles at Teleflex, Covidien (now part of Medtronic) and GE Healthcare. Mr. Vance currently serves as a director of Titan Medical, having first been elected in September, 2020.

"After a thorough search and selection process using a top-tier recruiting firm and adviser, and after completing a rigorous leadership requirement and assessment analysis, we are pleased to announce that we have selected Cary as our next president and CEO. Cary brings extensive expertise and insights in robotic medical technology and minimally invasive surgery, filling this key leadership role," said Mr. Cataford, Titan's interim president and CEO. "It was during the interim management period and the interviewing and assessment of a number of candidates that we determined the final requirements for our next president and CEO, and Cary emerged as the best candidate."

"I am excited to transition from an oversight position on Titan's board to an executive position leading the company. I am already familiar with the team and the complexity of the product and the regulatory process, and will be able to take over from Paul quickly and effectively. Having Paul remain as a resource on the board and as chair made it easy to accept the appointment," said Mr. Vance. "Titan's innovative technology offers a compelling value proposition for patients, surgeons and hospitals, and should enhance the care paradigm for patients seeking minimally invasive surgery through a single access point. I look forward to working with our talented and passionate team as we continue to evolve our business and commercialize our technology. Additionally, I look forward to interacting with investors during our next quarterly financial update."

Mr. Cataford will continue to serve on Titan's board of directors as board chair. As the board chair is now independent, with Mr. Cataford having served less than 12 months as an interim executive, a lead independent is no longer required.

About Titan Medical Inc.

Titan Medical, a medical device company headquartered in Toronto, Ont., and with operations in Chapel Hill, N.C., is focused on enhancing robotic-assisted surgery using innovative technology through a single access point. The Enos robotic single access surgical system is being developed with an ergonomic focus to provide a surgical experience that imitates real-life movements that surgeons demand and includes multiarticulating instruments designed to allow surgeons an increased range of motion in a confined space, with dexterity and the ability to exert the forces necessary to complete common surgical tasks. With the Enos system, Titan intends to initially pursue gynecologic surgical indications.

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