Titan Medical Announces Achievement of $10 Million Technical Milestone Under Medtronic Development and License Agreement
Source: Business Wire
Titan Medical Inc. (“Titan” or the “Company”) (TSX: TMD) (Nasdaq: TMDI), a medical device company focused on the design and development of surgical technologies for robotic single access surgery, announced today that it has completed the first technical milestone under the development and license agreement with Medtronic plc (“Medtronic”) (NYSE: MDT), and is due to receive a U.S. $10 million payment.
The development and license agreement provides for the development of robotic assisted surgical technologies for use by both Titan and Medtronic in their respective businesses. Titan will receive a series of payments totaling up to U.S. $31 million for Medtronic’s license to such technologies, as technology milestones are completed and verified. The U.S. $10 million payment for completion of the first technical milestone represents the first of these payments.
Titan previously announced on June 11, 2020, the completion of a non-technical financial milestone pursuant to the development agreement, with the satisfactory raising of U.S. $18 million of capital.
“Over the past four months, our technical teams have put in tremendous effort, working tirelessly to ensure that we delivered as promised and on time,” David McNally, President and Chief Executive Officer of Titan. “This is a testament to the technical depth of our teams and the cultivation of the great relationships Titan has developed in the robotic surgical space.”
For clarity, these agreements are between Medtronic and Titan Medical Inc. Titan Medical is not affiliated with Titan Spine, which Medtronic acquired in 2019.
