Sam Brusco, Associate Editor01.04.22
Robotic-assisted surgery systems and technology firm Titan Medical has completed the final milestone under its development and licensing agreement with Medtronic. With this completion, Titan will receive a license payment in exchange for licensing the developed tech to Medtronic. Medtronic’s secured loan to Titan will also be retired.
Technologies developed under the agreement can be used by both Titan and Medtronic. Titan filed several new patent applications due to this development activity and keeps worldwide rights to independently commercialize the technologies with its Enos robotic single access surgical system.
“The completion of milestone four and the associated license fee is a significant achievement,” Paul Cataford, interim president and CEO of Titan told the press. “The team in Chapel Hill has done an outstanding job on timing and delivery despite challenges and constraints introduced by the COVID-19 pandemic. On behalf of the Board and our employees, I would like to thank Medtronic for their trust and confidence in our team and our technology. This development and license agreement and collaboration has provided capital and the opportunity to further develop our team and our single-access platform.”
This marks the fourth and final achievement under the development and license agreement.
Technologies developed under the agreement can be used by both Titan and Medtronic. Titan filed several new patent applications due to this development activity and keeps worldwide rights to independently commercialize the technologies with its Enos robotic single access surgical system.
“The completion of milestone four and the associated license fee is a significant achievement,” Paul Cataford, interim president and CEO of Titan told the press. “The team in Chapel Hill has done an outstanding job on timing and delivery despite challenges and constraints introduced by the COVID-19 pandemic. On behalf of the Board and our employees, I would like to thank Medtronic for their trust and confidence in our team and our technology. This development and license agreement and collaboration has provided capital and the opportunity to further develop our team and our single-access platform.”
This marks the fourth and final achievement under the development and license agreement.