The deal allows both Titan and Medtronic to use the developed robotic-assisted surgical technologies in their respective businesses
Titan Medical has signed a development and licence agreement with Medtronic to advance the development of robotic-assisted surgical technologies.
Both companies have also entered into a separate licence agreement on certain intellectual property related to Titan.
Under the agreement, the developed robotic-assisted surgical technologies can be used by both Titan and Medtronic in their respective businesses.
Titan will obtain a series of payments up to $31m for Medtronic’s licence to such technologies, as technology milestones are completed and verified.
As one of milestones, the company has to raise an additional $18m of capital within four months of the development start date, which is expected to take place in June this year.
Medtronic has secured the licence for certain robotic-assisted surgical technologies from Titan
As per terms of a separate licence agreement, Medtronic has secured a licence for certain robotic-assisted surgical technologies from Titan for an upfront payment of $10m.
Titan holds the rights to continue to develop and commercialise those technologies for its own business.
Titan Medical president and CEO David McNally said: “These agreements with Medtronic will allow Titan to continue to develop its single-port robotic surgical technologies while sharing our expertise and technologies with Medtronic.
“We are very excited about the opportunity to continue Titan’s pioneering work to bring new single-port surgical options to the market.”
In January, Titan Medical and Cambridge Design Partnership announced an expanded engagement in respect of the instrument development program for Titan’s single-port robotic surgical system.
Titan Medical is engaged in the development of robotic-assisted technologies for application in minimally invasive surgery.
The company is developing a single-port robotic surgical system that includes a surgeon-controlled patient cart, which is comprised of a dual-view camera system with 3D and 2D high-definition vision systems.