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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