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 cameras to Medtronic. It also finalizes the terms and conditions related to the May purchase order.
“The closing of this Definitive Agreement is an advancement for our relationship with Medtronic, and for Titan as we move towards commercialization activities,” said Cary Vance, president and CEO of Titan. “We view the activities associated with this Definitive Agreement as additional methods of enhancing our know-how in single-access RAS technology and further benefitting our own Enos™ RAS platform.”
Titan Medical is developing its Enos robotic single-access surgical system with an ergonomic focus. The aim is to offer a surgical experience imitating 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.
For clarity, Titan Medical is not affiliated with Titan Spine, which Medtronic acquired in 2019.