Titan Medical Archives - Medical Design Sourcing

Titan Medical enters merger with Conavi Medical

Titan Medical announced today that it entered into a definitive amalgamation agreement to combine with Conavi Medical.

The companies aim to combine in an all-stock transaction, focusing on commercializing Conavi’s Novasight Hybrid system. Conavi designed Novasight Hybrid to guide common minimally invasive coronary procedures.

This merger comes after more than a year of uncertainty around the future at Titan Medical. In late 2022, Titan suspended a special meeting of shareholders meant to vote on a share consolidation plan. Management decided to begin a strategic review, with a sale of the company considered a possibility. Titan also announced cost-cutting measures that included the furloughing of 40 employees.

In a news release, the company said it conducted outreach to more than 40 potential counterparties and halted the development of its ENOS surgical robot in February 2023. To avoid insolvency, the company began selling assets and licensed its …

The top medtech trends of 2023

The top medtech trends of 2023 included innovations such as artificial intelligence, new GLP-1 weight loss drugs and some long-awaited medtech finally receiving regulatory nods.

With health providers facing additional challenges on top of an ever-uncertain economic environment, medtech companies also made major readjustments: layoffs, spinoffs, reorganizations and much more.

Here are the top stories that caught the attention of MassDevice readers and editors in 2023.

Top 2023 medtech trend No. 10: Questions about GLP-1 drugs

U.S. health providers wrote more than 9 million prescriptions in just three months for Wegovy, Ozempic and similar glucagon-like peptide-1 (GLP-1) weight loss drugs, according to analytics firm Trilliant Health. The popularity and initial effectiveness of the new drugs had medtech industry analysts asking a lot of questions about how the potential health benefits could reduce demand for devices. Medical device executives, however, we…

Titan Medical licenses out all of its IP to Intuitive, CEO steps down

Titan Medical recently announced it entered into a licensing agreement with Intuitive Surgical and that the company’s CEO is resigning.

Under the agreement, robotic-assisted surgery company Titan Medical has granted Intuitive a non-exclusive license to all of Titan’s IP, with the exception of the IP that is exclusively licensed to another party under a June 2020 license agreement.

The agreement includes an upfront payment of $7.5 million for certain intellectual property of Titan Medical.

Titan will retain ownership of the licensed IP, along with the associated rights, including the right to continue to develop and commercialize the technologies covered by the licensed IP and the right to license the IP to other third parties, according to a news release.

Corporate leadership and strategic update

Also this week, Titan Medical announced that its board of directors had approved a strategic transition in the company’s business from …

Titan Medical is down to a bare-bones operation as it looks to sell IP

Titan Medical’s Enos surgical robotics system has snake-arm instruments that deploy through a single incision. An Enos 2.0 prototype (pictured here) makes room for a third instrument arm by eliminating the integrated camera and using the 3-D scope. [Photo courtesy of Titan Medical]Titan Medical (Nasdaq:TMDI) announced today that it laid off a slew of its senior leadership team members as it explores strategic alternatives.

Toronto-based Titan’s actions stem from a November announcement of a strategic review, including the exploration of a sale. A week later, the surgical robot maker implemented cost-cutting measures that included the furloughing of 40 employees.

Last month, the company issued an update that it met with strategic buyers and investors at the J.P. Morgan Healthcare Conference.

A week ago, Titan said its board determined to prioritize the sale of all or a portion of its assets. That includes its IP portfolio of more than 235 patents and p…

Titan Medical meets with strategic buyers and investors as surgical robot developer considers its future

Titan Medical’s Enos surgical robotics system has snake-arm instruments that deploy through a single incision. An Enos 2.0 prototype (pictured here) makes room for a third instrument arm by eliminating the integrated camera and using the 3-D scope. [Photo courtesy of Titan Medical]Titan Medical (Nasdaq:TMDI) met with potential buyers of the surgical robotics company this week in San Francisco.

The Toronto-based medical device developer has been considering the best options for investors and the company’s Enos surgical robot. Facing delisting of its stock from the Nasdaq exchange due to its low price last year, Titan Medical announced a strategic review in November and furloughed staff in December.

Also this week — and probably not coincidentally — the company released details of a second-generation Enos design with improvements such as an increase in the number of instrument arms to three from two. Learn more about those Enos design improvements, including a…

Titan Medical shows off Enos surgical robot’s next-gen design

Titan Medical’s Enos surgical robotics system has snake-arm instruments that deploy through a single incision. An Enos 2.0 prototype (pictured here) makes room for a third instrument arm by eliminating the integrated camera and using the 3-D scope. [Photo courtesy of Titan Medical]

Titan Medical is already working on the second generation of its Enos surgical robot and showing off the features in a new video. (You can watch the video at the bottom of this page.)

Among other improvements, Enos 2.0 has a new trick up its sleeve. There is a third instrument arm, compared to the two instrument arms in the first generation.

Toronto-based Titan Medical (Nasdaq:TMDI) has not yet filed for regulatory approval of the first generation.

“With the time it takes to bring complex products to market in the regulated medical device industry, you must continuously envision the next generation.” T…

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.

Get the full story on our sister site MassDevice.

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:

1. Medtronic’s internal shuffle causes movement in every direction

At the end of 2020, Medtronic (NYSE:MDT) confirmed that it would reorganize its corporate structure, creating 20 operating units and expecting annual savings of up to $475 million in connection with the changes.

Amid all the change, a number of personnel moves both in and out of the company came over the course of 2021. Among the changes was the big move of Medtronic’s former President of Pelvic Health and Gastric Therapies Brooke Story, who departed to become the worldwide president of BD’s Integra…