Titan Medical, a medical technology company focused on the development and commercialization of innovative single access robotic-assisted surgery systems and technology, announced today that it completed, on schedule, the final milestone under the development and license agreement with Medtronic plc, the world’s leading medical technology company. With the successful completion of the agreement, Titan is scheduled to receive a license payment in exchange for licensing the developed technologies to Medtronic and Medtronic’s secured loan to Titan will be retired, each of which are expected to be completed this month.
Technologies developed under the Medtronic development and license agreement may be used by both Titan and Medtronic in their respective businesses. Titan has filed several new patent applications as a result of this development activity and retains world-wide rights to independently commercialize the technologies for use with its own Enos™ robotic single access surgical system.
“The completion of milestone four and the associated license fee is a significant achievement. The team in Chapel Hill has done an outstanding job on timing and delivery despite challenges and constraints introduced by the COVID-19 pandemic,” said Paul Cataford, Interim President and CEO of Titan. “On behalf of the Board and our employees, I would like to thank Medtronic for their trust and confidence in our team and our technology. This development and license agreement and collaboration has provided capital and the opportunity to further develop our team and our single-access platform.”
Today’s announcement marks the fourth and final achievement under the development and license agreement.
For clarity, these agreements are between Medtronic and Titan Medical Inc., and Titan Medical is not affiliated with Titan Spine, which Medtronic acquired in 2019.
Source: Titan Medical.