I believe after Milestone 4, that Medtronic and Titan will enter into a regulatory and commercial agreement that will end sometime in FY22 with the BO. During that time, we will see significant PPS appreciation. To put it in perspective, Mazor PPS was @ $12 right before they signed agreement with Medtronic- that agreement lasted b/t 16-18 months at which point Medtronic bought them out. The Mazor PPS went from $12 to a high around $68 per share with the ultimate BO at $56 per share in just over 1 year.
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