Titan Medical, Medtronic strike development deal on surgical robots

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…

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16 surgical robotics companies you need to know

Intuitive remains the dominant surgical robotics company, but corporations ranging from Medtronic to Vicarious Surgical look to compete. The Da Vinci Xi robotic surgery system. Intuitive continues to dominate the space. [Image courtesy of Intuitive]Robotic-assisted surgery remains one of the hottest spaces in medtech. Intuitive, which pioneered the field in the 1990s and early 2000s, continues to innovate. At the same time, a host of other companies are looking to compete.

Companies making headlines in the robotic surgery space over the past year include:

Company Robotic system(s) Intuitive Surgical Da Vinci Xi, Da Vinci X, Da Vinci SP, Ion Medtronic Hugo Johnson & Johnson Monarch, Velys, Ottava Stryker Mako Siemens Healthineers’ Corindus CorPath GRX Vicarious Surgical Beta 2 Titan Medical Enos Asensus Surgical Senhance Moon Surgical Maestro Momentus Surgical Anovo Virtual Incision MIRA Stereotaxis Genesis RMN, Vdrive, Niobe Monteris …
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Titan Medical to start manufacturing Enos systems later this year

Titan Medical’s Enos robotic-assisted surgery (RAS) system is meant to benefit hospitals through a smaller footprint, easy mobility and lower operating costs. [Images courtesy of Titan Medical]Titan Medical (Nasdaq: TMDI; TSX: TMD) expects manufactured units of the Enos robotic-assisted surgery system will be available later this year.

The goal is to commercially launch Enos in early 2025 after securing a De Novo market authorization from the FDA, the Toronto-based robotic surgery company said during its second-quarter earnings report today.

Titan Medical officials said they have an ongoing dialogue with FDA through the agency’s Q-Submission program. Its regulatory timeline includes filing an application for an investigational device exemption (IDE) in mid-year 2023 for its initial target indication for benign gynecologic surgical procedures, followed by an FDA response in the second half of 2023. After the IDE approval, the next step would be to compl…

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The biggest medtech personnel moves so far in 2022

In the ever-changing world of medtech, those who are leading the companies are bound to move around a bit.

At the end of last year, we compiled a list of medtech’s biggest personnel changes in 2021. Throughout just over half of 2022, we’ve already seen a slew of major moves around some of the space’s most powerful players.

Here is a list of some of the biggest personnel changes in medtech so far in 2022:

3M’s healthcare president retires 3M Health Care Business Group President Mojdeh Poul [Image courtesy of 3M]Mojdeh Poul, the president of 3M’s healthcare business, announced in May that she would retire from the position and her retirement was made effective on July 1.

Poul joined 3M in 2011 as the global business VP of critical and chronic care solutions. She later became VP and general manager of the company’s food safety business and president of numerous 3M divisions, including infection prevention, 3M Canada, and sa…

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Titan Medical names Cary G. Vance as new president, CEO

Titan Medical (Nasdaq:TMDI) announced that it appointed Cary G. Vance as its new president and CEO.

Vance will succeed Titan chair of the board of directors, Paul Cataford, who had served as interim president and CEO since December 2021, when David McNally, who previously held the corner office, resigned. Vance’s appointment was made effective today.

“After a thorough search and selection process using a top-tier recruiting firm and advisor, and after completing a rigorous leadership requirement and assessment analysis, we are pleased to announce that we have selected Cary as our next president and CEO. Cary brings extensive expertise and insights in robotic medical technology and minimally invasive surgery, filling this key leadership role,” Cataford said in a news release. “It was during the interim management period and the interviewing and assessment of a number of candidates that we determined the final requirements for our next president and CEO, an…

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Nasdaq grants Titan Medical 180-day extension to regain compliance

Titan Medical (Nasdaq:TMDI) announced today that it received an additional 180 days to regain compliance with the Nasdaq market.

According to a news release, the Listing Qualifications Staff of The Nasdaq Stock Market notified the company that it received 180 extra calendar days — running through Dec. 26, 2022 — to evidence compliance with the $1 minimum bid price requirement for continued listing on the market.

Shares of TMDI were down 7.3% at close to 54¢ per share in mid-afternoon trading today.

If at any time before Dec. 26, the bid price for the company’s common shares closes at or above $1 per share for a minimum of 10 consecutive business days (and generally not more than 20 consecutive business days, in Nasdaq’s discretion), it is expected that Nasdaq would provide formal notice that the company has regained compliance with the bid price requirement.

Should Titan not evidence compliance with the minimum bid …

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‘Multiple disruptions’ slow timeline for Titan Medical’s Enos robotic surgery platform

Titan Medical (Nasdaq:TMDI) announced today that it updated the FDA submission timeline for its Enos robotic surgery platform.

“Multiple disruptions” have resulted in an updated FDA investigational device exemption (IDE) submission timeline for the Enos robotic single access surgery system, with the Toronto-based company now expecting the IDE submission to come in mid-2023, rather than the previously slated first quarter of 2023.

Following successful regulatory review and upon receipt of marketing authorization, Titan expects the U.S. product launch for the Enos system to remain on schedule for early 2025.

“We have been fortunate to have avoided and mitigated against many of the issues facing almost all other technology companies over the last few months,” Titan interim President and CEO Paul Cataford said in a news release. “However, we now expect our targeted IDE application date to be pushed out to the summer of 2023. Human cli…

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Titan Medical SVP of research and product development departs

Titan Medical (Nasdaq:TMDI) announced today that executive Perry Genova will depart the company effective immediately.

Genova, who served as senior VP of research and product development, will leave Titan following what the single access robotic-assisted surgery technology developer described as careful consideration and a review of the company’s future needs.

“As we transform from a technology research and development company to a company focused on regulatory clearance and commercialization, our needs continue to evolve,” Titan interim President, CEO and Chair Paul Cataford said in a news release. “We wish Perry success in his future endeavors.“

Titan Medical develops the Enos robotic single-access surgical system with an ergonomic focus. The company aims to provide a surgical experience that imitates a surgeon’s real-life movements, with multi-articulating instruments, dexterity and the ability to exert the forces necessary to complete everyday …

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Titan Medical inks a $2.6M purchase order from Medtronic

Robotic-assisted surgery company Titan Medical (Nasdaq: TMDI; TSX: TMD) is deepening its relationship with Medtronic (NYSE:MDT), securing a $2.6 million purchase order from the medtech giant.

The purchase order news comes more than three months after Titan Medical completed a development and licensing agreement with Medtronic that brought in a net $8.3 million, helping the robotic surgery tech developer weather the COVID-19 pandemic and resulting recession.

The purchase order announced today covers the purchase of instruments and cameras for preclinical activities. Medtronic is also evaluating Titan Medical as a potential manufacturing and supply partner. Headquartered in Toronto, Titan Medical has growing operations in Chapel Hill, North Carolina.

“Medtronic has been a great partner for Titan since 2020, and we’re excited about this opportunity to further our work together,” Paul Cataford, interim president and CEO of Titan, said in a news release.

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Titan Medical receives final milestone payment from Medtronic

Titan Medical (TSX:TMD;OTC:TITFX) announced today that it received the final milestone payment under an agreement with Medtronic (NYSE:MDT).

Toronto-based Titan Medical confirmed the completion of the final milestone under a development and license agreement on Jan. 4 and announced today that, along with the payment, the senior secured loan from Medtronic as part of the agreement has been retired.

Medtronic provided Titan with a net payment of $8.3 million, comprised of a $10 million milestone payment related to achieving the final milestone and a $0.6 million payment related to certain legal, transaction and intellectual property costs. A portion of the $10.6 million gross total was used to retire the $2.3 million senior secured loan, which included the original note of $1.5 million, plus $0.6 million in additional costs and $0.2 million in interest, according to a news release.

The two companies entered into the development and license agreement in Jun…

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Titan Medical completes final milestone in Medtronic development agreement

Titan Medical (TSX:TMD;OTC:TITFX) announced today that it completed the final milestone under a development and license agreement with Medtronic (NYSE:MDT).

Toronto-based Titan’s fourth and final milestone under the agreement was successfully completed on schedule, meaning the company is scheduled to receive a license payment in exchange for licensing the developed technologies to Medtronic, while Medtronic’s secured loan to Titan will be retired.

According to a news release, both the license payment and the loan retirement are expected to be completed at some point this month.

The two companies entered into the development and license agreement in June 2020. Titan has since achieved three milestones including raising $18 million in capital in October 2020, plus it received a $10 million payment for the second milestone and an additional $11 million for the completion of the third technical milestone.

Under the development and license …

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12 of medtech’s biggest personnel changes in 2021

As medtech companies continued to drive innovation throughout the past 12 months, a number of high-level executives led the way.

Some of those companies and those executives opted for major changes over the course of 2021, though, with some high-profile moves from medtech giant to medtech giant.

Here are some of the biggest personnel moves in the medtech space in 2021:

Get the full story at our sister site, Medical Design & Outsourcing.

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