Titan Medical Receives Milestone Net Payment of $8.3M
January 26 2022 - 10:43AM
Dow Jones News
By Adriano Marchese
Titan Medical Inc. said Wednesday that it has received a final
milestone net payment of $8.3 million from Medtronic PLC.
The Toronto-based medical technology company said the payment
comprises $10 million payment for achieving the final milestone
under the development and license agreement, as well as $600,000
related to certain other costs.
The company said a portion of the funds were used to retire its
$2.3 million senior secured loan with Medtronic.
In early June of 2020, Titan Medical entered into a development
and license agreement with Medtronic to advance certain
robotic-assisted surgical technologies for use by both
companies.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
January 26, 2022 10:28 ET (15:28 GMT)
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