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 …