Medtronic turns to Titan Medical as it makes robot-assisted surgery play (MassDevice)
website Titan Medical
Titan Medical (TSX:TMD;OTC:TITFX) announced today that it entered into an agreement with Medtronic (NYSE:MDT) to progress the development of robot-assisted surgical technologies.
The development and license agreement to develop those technologies is accompanied by a separate license agreement with Medtronic in respect of certain intellectual property of Titan Medical, according to a news release.
Under the agreement, both companies can develop robot-assisted surgical systems in their respective businesses, while Titan will receive a series of payments that reach $31 million in return for Medtronic’s license for the technologies. The payments will arrive as milestones are completed and verified.
A steering committee made up of representatives from each company will be established to oversee the milestones, one of which is Titan’s task to raise an additional $18 million in capital within four months of the development start date that is expected to come this month.
Titan has also received a senior secured loan from Medtronic worth $1.5 million that will be ...
