Titan Medical Inc. Announces Filing of Prospectus Supplement

TORONTO, ON--(Marketwired - February 09, 2016) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Titan Medical Inc. ("Titan" or the "Company") (TSX: TMD) (OTCQX: TITXF) is pleased to announce that it has today filed a prospectus supplement (the "Prospectus") to the Company's short form base shelf prospectus dated August 18, 2015, regarding its previously announced public offering of units of the Company ("Units"). Each Unit shall consist of one common share ("Share") of the Company and one common share purchase warrant ("Warrant"). Each whole Warrant shall entitle the holder thereof to acquire one Share of the Company at a price of CDN$1.00 for a period of 5 years following the closing of the offering (the "Closing Date").

Bloom Burton & Co. Limited (the "Agent") has agreed to sell, on a best efforts agency basis, a minimum of 11,111,111 Units and a maximum of 12,222,222 Units at a price of CDN $0.90 per Unit for total gross proceeds of a minimum of CDN $9,999,999.90 and a maximum of CDN $10,999,999.80 (the "Offering"). The Agent has been granted the option to offer for sale additional units (the "Over-Allotment Units") at the price issued under the Offering and additional warrants (the "Over-Allotment Warrants") at a price of CDN $0.25 per Over-Allotment Warrant, exercisable in whole or in part at any time and from time to time on the Closing Date or up to 30 days following the Closing Date, so long as the aggregate number of Over-Allotment Units and Over-Allotment Warrants does not exceed 15% of the number of Units issued under the Offering.

The Offering is subject to a number of conditions, including, without limitation, receipt of all regulatory approvals. The Offering is expected to close on or about February 12, 2016.

For further details regarding the Offering, please see the Company's press release dated February 5, 2016, the agency agreement dated February 9, 2016 and the Prospectus, copies of which are available under the Company's profile at www.sedar.com.

The securities described herein have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws, and accordingly, may not be offered or sold to, or for the account or benefit of, persons in the United States or "U.S. persons," as such term is defined in Regulation S promulgated under the U.S. Securities Act ("U.S. Persons"), except in compliance with the registration requirements of the U.S. Securities Act and applicable state securities requirements or pursuant to exemptions therefrom. This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the Company's securities to, or for the account or benefit of, persons in the United States or U.S. Persons.