Titan Medical

History

2020: Agreement with Medtronic

At the beginning of June, 2020 Medtronic signed the agreement with the Canadian company Titan Medical on development and licensing of technologies for robots surgeons. Under the terms of the transaction, Medtronic will get access to a part of intellectual property of Titan, and Titan will be able to commercialize these technologies in own business.

Titan will receive payments for the total amount of $31 million for the license provided that the Medtronic company will achieve certain results using the redeemed technologies. Conditions of accomplishment of the transaction will be controlled by joint steering committee. Nevertheless, Titan should attract separately the capital in the amount of $18 million within four months from start date of development of new technologies.

Medtronic paid tens of millions for the license for technologies for robots surgeons

Medtronic not for the first time shows interest in Titan work. The Canadian company suspended development of the system of robotic surgery in November, 2019 because of problems with financing. Titan claims that its surgical system which is in development process should become cost-efficient means of robotic surgery for the general abdominal, gynecologic, urological and kolorektalny procedures. To help the company with developments, Medtronic in April, 2020 granted to Titan the loan on the security in the amount of $1.5 million.

In addition to the agreement for $31 million, the companies also planned the free license agreement according to which Medtronic obtains the license for some robotic technologies in exchange for advance payment in the amount of $10 million Titan reserves the right to continue development and commercialization of these technologies for own business. Medtronic continues to develop own robot for soft fabrics who received the name Hugo meanwhile.^[1]

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