Titan Medical Inc. Closes Unit Offering Raising Gross Proceeds of CDN $11,500,000

TORONTO, ON--(Marketwired - November 16, 2015) -

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Titan Medical Inc. ("Titan" or the "Company") (TSX: TMD) (OTCQX: TITXF) is pleased to announce that it has closed its previously announced public offering (the "Offering") made pursuant to an agency agreement (the "Agency Agreement") dated November 6, 2015 between the Company and Octagon Capital Corporation (the "Agent"). The Company has sold a base offering of 8,130,081 units (each, a "Unit") and full over-allotment of an additional 1,219,512 Units at a price of CDN $1.23 per Unit for aggregate gross proceeds of approximately CDN $11,500,000.

Each Unit consists of one common share (each, a "Share") of the Company and 0.75 of a common share purchase warrant (each, a "Warrant"). Each whole Warrant entitles the holder thereof to acquire one Share of the Company at an exercise price of CDN $1.60 for a period of 60 months following the Closing Date (as defined below). The Shares and Warrants will trade on the Toronto Stock Exchange under the symbol TMD and TMD.WT.F, respectively.

The Offering closed on November 16, 2015 (the "Closing Date"). The Units were qualified for sale by way of a prospectus supplement dated November 6, 2015 to the Company's short form base shelf prospectus dated August 18, 2015 (the "Prospectus"), which has been filed in the Provinces of British Columbia, Alberta and Ontario.

The Company intends to use the net proceeds of the Offering to build five first-in-human units of its SPORT™ Surgical System, and for working capital and other general corporate purposes.

For further details regarding the Offering, please see the Company's press releases dated November 3, 2015, November 4, 2015 and November 6, 2015, along with the Prospectus and the Agency Agreement, copies of which are available under the Company's profile at www.sedar.com.

About Titan Medical Inc.

Titan Medical Inc. is a Canadian public company focused on the design and development of a robotic surgical system for application in minimally invasive surgery ("MIS"). The Company's Single Port Orifice Robotic Technology, SPORT™ Surgical System, currently under development, is comprised of a surgeon-controlled robotic platform that includes a 3D vision system and interactive instruments for performing MIS procedures, and a surgeon workstation that provides the surgeon with an interface to the robotic platform for controlling the interactive instruments and providing a 3D endoscopic view of inside a patient's body during MIS procedures. The SPORT™ Surgical System is being designed to expand robotic surgery into both simple and complex areas of surgical specialties and procedures that are currently under-serviced. It is also being designed to allow surgeons to perform procedures within small- to medium-size surgical spaces for general abdominal, gynecologic, and urologic indications. For more information, visit the Company's website at www.titanmedicalinc.com.

Forward-Looking Statements

This news release contains "forward-looking statements" which reflect the current expectations of management of the Company's future growth, results of operations, performance and business prospects and opportunities. Wherever possible, words such as "may", "would", "could", "will", "anticipate", "believe", "plan", "expect", "intend", "estimate", "potential for" and similar expressions have been used to identify these forward-looking statements. These statements reflect management's current beliefs with respect to future events and are based on information currently available to management. Forward-looking statements involve significant risks, uncertainties and assumptions. Many factors could cause the Company's actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements, including, without limitation, those listed in the "Risk Factors" section of the Company's Annual Information Form dated March 31, 2015 (which may be viewed at www.sedar.com). Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward looking statements prove incorrect, actual results, performance or achievements may vary materially from those expressed or implied by the forward-looking statements contained in this news release. These factors should be considered carefully and prospective investors should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in the news release are based upon what management currently believes to be reasonable assumptions, the Company cannot assure prospective investors that actual results, performance or achievements will be consistent with these forward-looking statements.

The securities offered in the private placement have not been registered under the Securities Act of 1933, as amended (the "Securities Act"), or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements of the Securities Act and applicable state laws.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy the securities described herein.