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.
“Our manufacturing team and capabilities continue to expand at our operations in Chapel Hill. With this order, we will produce instruments and cameras for Medtronic’s evaluation and testing in addition to producing instruments and cameras for our own single-access RAS platform, Enos.”
Titan Medical is developing its Enos robotic single-access surgical system with an ergonomic focus. The idea is 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 surgical tasks. Titan initially plans to pursue gynecologic surgical indications for Enos.