Titan Medical Announces Achievement of $10 Million Technical Milestone Under Medtronic Development and License Agreement
October 26 2020 - 7:30AM
Business Wire
Titan Medical Inc. (“Titan” or the “Company”) (TSX: TMD)
(Nasdaq: TMDI), a medical device company focused on the design
and development of surgical technologies for robotic single access
surgery, announced today that it has completed the first technical
milestone under the development and license agreement with
Medtronic plc (“Medtronic”) (NYSE: MDT), and is due to receive a
U.S. $10 million payment.
The development and license agreement provides for the
development of robotic assisted surgical technologies for use by
both Titan and Medtronic in their respective businesses. Titan will
receive a series of payments totaling up to U.S. $31 million for
Medtronic’s license to such technologies, as technology milestones
are completed and verified. The U.S. $10 million payment for
completion of the first technical milestone represents the first of
these payments.
Titan previously announced on June 11, 2020, the completion of a
non-technical financial milestone pursuant to the development
agreement, with the satisfactory raising of U.S. $18 million of
capital.
“Over the past four months, our technical teams have put in
tremendous effort, working tirelessly to ensure that we delivered
as promised and on time,” David McNally, President and Chief
Executive Officer of Titan. “This is a testament to the technical
depth of our teams and the cultivation of the great relationships
Titan has developed in the robotic surgical space.”
For clarity, these agreements are between Medtronic and Titan
Medical Inc. Titan Medical is not affiliated with Titan Spine,
which Medtronic acquired in 2019.
About Titan
Titan Medical Inc., a medical device company headquartered in
Toronto, is focused on developing robotic assisted technologies for
application in single access surgery. The Enos™ system, by Titan
Medical, is being developed to become the new standard of care in
robotic single access surgery with dual 3D and 2D high-definition
vision systems, multi-articulating instruments, and an ergonomic
surgeon workstation. With the Enos system, Titan intends to
initially pursue gynecologic surgical indications.
Certain of Titan’s robotic assisted surgical technologies and
related intellectual property have been licensed to Medtronic plc,
while retaining world-wide rights to commercialize the technologies
for use with the Enos system.
Enos™ is a trademark of Titan Medical Inc.
For more information, visit www.titanmedicalinc.com.
Forward-Looking Statements
This news release contains “forward-looking statements” within
the meaning of applicable Canadian and U.S. securities laws. Such
statements reflect the current expectations of management of the
Company’s future growth, results of operations, performance and
business prospects and opportunities. Wherever possible, words such
as “may”, “would”, “could”, “will”, “anticipate”, “believe”,
“plan”, “expect”, “intend”, “estimate”, “potential for” and similar
expressions have been used to identify these forward-looking
statements, including references to: the Company’s focus on the
design and development of surgical technologies for robotic single
access surgery; the fact that the Company is due to receive the
U.S. $10 million payment from Medtronic; the development and
license agreement providing for the development of robotic assisted
surgical technologies for use by both Titan and Medtronic; the
possibility that Titan will receive payments totalling up to U.S.
$31 million; the Company being focused on developing robotic
assisted technologies for application in single access surgery; the
Enos system being developed to become the new standard of care in
robotic single access surgery with dual 3D and 2D high-definition
vision systems, multi-articulating instruments, and an ergonomic
surgeon workstation; the Company’s intention to initially pursue
gynecologic surgical indications. These statements reflect
management’s current beliefs with respect to future events and are
based on information currently available to management.
Forward-looking statements involve significant risks, uncertainties
and assumptions. Many factors could cause the Company’s actual
results, performance or achievements to be materially different
from any future results, performance or achievements that may be
expressed or implied by such forward-looking statements, including,
without limitation, those listed in the “Risk Factors” section of
the Company’s Annual Report on Form 20F dated March 30, 2020 (which
may be viewed at www.sedar.com and at www.sec.gov). Should one or
more of these risks or uncertainties materialize, or should
assumptions underlying the forward-looking statements prove
incorrect, actual results, performance, or achievements may vary
materially from those expressed or implied by the forward-looking
statements contained in this news release. These factors should be
considered carefully, and prospective investors should not place
undue reliance on the forward-looking statements. Although the
forward-looking statements contained in the news release are based
upon what management currently believes to be reasonable
assumptions, the Company cannot assure prospective investors that
actual results, performance or achievements will be consistent with
these forward-looking statements. Except as required by law, the
Company expressly disclaims any intention or obligation to update
or revise any forward-looking statements whether as a result of new
information, future events or otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20201026005235/en/
Monique L. Delorme Chief Financial Officer +1-416-548-7522
investors@titanmedicalinc.com
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