Titan Medical Inc. (“Titan” or the “Company”) (TSX: TMD; OTC: TMDIF) announced today that the Company has entered into a license agreement (“Agreement”) with Intuitive Surgical, Inc. (“Intuitive”) (Nasdaq: ISRG), a global technology leader in minimally invasive care and the pioneer of robotic-assisted surgery (“RAS”), for an upfront payment of US$7.5 million in respect of certain intellectual property (“IP”) of Titan.

Under the Agreement, Titan has granted Intuitive a non-exclusive license to all of Titan’s IP, with the exception of the IP that is exclusively licensed to another party under a June 2020 license agreement. Titan retains ownership of the licensed IP, along with the associated rights including the right to continue to develop and commercialize the technologies covered by the licensed IP and the right to license the IP to other third parties.

Source: Company Press Release