Titan Medical (TSX:TMD;OTC:TITFX) announced today that it received another $10 million for licensing developed technologies to Medtronic (NYSE:MDT).
Toronto-based Titan Medical completed the second technical milestone under the development and license agreement it made with Medtronic in June 2020. The company achieved the first milestone in the agreement in October 2020 by raising $18 million in capital.
Shares of TMDI shot up nearly 6% to $1.94 apiece in morning trading today. MassDevice‘s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was up slightly.
According to a news release, should Titan complete the third technical milestone, it would be in line to receive an additional payment of approximately $11 million.
The development and license agreement between Titan and Medtronic covers the development of robotic-assisted surgical technologies for use by both companies in their respective businesses. Titan retains global rights to commercialize the technologies developed for use with its Enos robotic single access surgical system.
“Titan has continued to work diligently to complete this milestone on time, and we share Medtronic’s drive to take on healthcare’s greatest challenges to improve lives. I am proud of our in-house R&D team and development partners that have contributed greatly to achieving this milestone,” Titan CEO David McNally said in the release. “This is a testament to the expertise and inspiration of the teams and how great companies can work together to improve medical technology for the benefit of patients and surgeons.”