What is formed when hydrogen peroxide reacts with titanium?
Hydrogen peroxide will damage your eye tissue; that's why there are enzymes in our cells actually to catalyze the conversion of $HOOH$ to water and oxygen gas. The enzymes are actually contained in peroxisomes (name is self-explanatory).* The neutralizer serves the same function of catalyzing the otherwise relatively slow decomposition of $HOOH$ into water and oxygen gas; hydrogen peroxide will decompose in the presence of light and that's why bottles of hydrogen perioxide are opaque - generally black or brown (but not transparent like bottles of which witch hazel or isopropyl alcohol). I have seen platinum used as a catalyst in contact cleaning solutions but I suppose titanium can be used as well. 

*Edit: peroxisomes actually create $HOOH$ upon catabolism of cell by-products but can also break down its own toxic byproduct.