Titan Medical, a medical device company focused on the development and commercialization of innovative surgical technologies for single access robotic-assisted surgery (RAS), today announced the signing of a Definitive Agreement with Medtronic plc, a global leader in healthcare technology.
The Definitive Agreement comprises a limited development program, building on the successful completion of the June 2020 development and license agreement between Titan and Medtronic. The Definitive Agreement also includes a preclinical collaboration to evaluate the performance of various instruments and cameras in gynecological procedures, and the potential for future activities associated with the commercial supply of instruments and cameras to Medtronic. On May 3, 2022, Titan announced a $2.6 million purchase order from Medtronic for instruments and cameras. The Definitive Agreement finalizes the terms and conditions related to the purchase order.
“The closing of this Definitive Agreement is an advancement for our relationship with Medtronic, and for Titan as we move towards commercialization activities,” said Cary Vance, President and CEO of Titan. “We view the activities associated with this Definitive Agreement as additional methods of enhancing our know-how in single-access RAS technology and further benefitting our own Enos™ RAS platform.”
For clarity, Titan Medical is not affiliated with Titan Spine, which Medtronic acquired in 2019.
Source: Titan Medical