most likely issue shares, thus dilution would occur. You could always build a commission on every unit that is sold through that partnership gets paid to the partner, but that doesn't solve the problem of cash needed to get to design freeze and CE/FDA approval. They need cash right now, so I would think dilution is the only way to do that right now. Other's that are more investment savvy may know more.
Unless an R/S works into the deal. Typically a partnership would give the partnering company first right of refusal in the event a MA should occur. In this instance, a partner to Titan would be fronting cash for continued development, so there is little chance theyd ever relinquish that right - they want a return on investment. The company would most likely want to reduce dilution as much as possible if the companies were to become one entity. So an RS and/or a stock transfer favorable to the acquirer's OS would most likely occur.
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