Sam Brusco, Associate Editor01.27.22
Robotic single-access surgery technology developer Titan Medical received an $8.3 million payment from Medtronic under their development and licensing agreement for successfully reaching the final milestone. The senior loan from Medtronic has also been retired.
The agreements with Medtronic began in 2020 to advance robotic-assisted surgical technologies for use by both companies. Due to this, Titan has filed new patent applications that it retains rights for to commercialize technologies developed under the agreement with its Enos robotic single-access surgical system.
Titan also further developed its Chapel Hill, N.C. team to expand its knowledge base. The collaboration was possible without impacting the Enos system’s development.
The previously announced delay was due to an uncertain and evolving regulatory pathway; resource gaps, particularly in the transfer to manufacturing and regulatory capability; and manufacturing uncertainty and challenges (which may be offset with engagement of Benchmark Electronics as announced on January 11).
The agreements with Medtronic began in 2020 to advance robotic-assisted surgical technologies for use by both companies. Due to this, Titan has filed new patent applications that it retains rights for to commercialize technologies developed under the agreement with its Enos robotic single-access surgical system.
Titan also further developed its Chapel Hill, N.C. team to expand its knowledge base. The collaboration was possible without impacting the Enos system’s development.
The previously announced delay was due to an uncertain and evolving regulatory pathway; resource gaps, particularly in the transfer to manufacturing and regulatory capability; and manufacturing uncertainty and challenges (which may be offset with engagement of Benchmark Electronics as announced on January 11).