Titan Medical (TSX:TMD;OTC:TITFX) today announced the signing of a definitive agreement with medtech giant Medtronic (NYSE:MDT).
Under the definitive agreement, the two companies will build upon a development and license deal agreed in June 2020. Titan achieved all three milestones laid out in the agreement, including raising $18 million in capital in October 2020.
It also received a $10 million payment for the second milestone and an additional $11 million for the completion of the third technical milestone. Titan received the final milestone payment from Medtronic in January. In May, Titan signed a $2.6 million purchase order from Medtronic.
The latest deal between the two companies comprises a limited development program. It also includes a preclinical collaboration to evaluate instruments and cameras in gynecological procedures. The agreement also includes the potential for future activities associated with the commercial supply of instruments and ca…