01:23:11 EDT Thu 01 Jun 2023
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Titan Medical Inc (2)
Symbol TMD
Shares Issued 111,545,261
Close 2022-09-12 C$ 0.62
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Titan Medical enters Medtronic order definitive deal

2022-09-12 16:31 ET - News Release

Mr. Cary Vance reports


Titan Medical Inc. has signed a definitive agreement with Medtronic PLC, a global leader in health care technology.

The definitive agreement comprises a limited development program, building on the successful completion of the June, 2020, development and licence agreement between Titan Medical and Medtronic. The definitive agreement also includes a preclinical collaboration to evaluate the performance of various instruments and cameras in gynecological procedures and the potential for future activities associated with the commercial supply of instruments and cameras to Medtronic. On May 3, 2022, Titan Medical announced a $2.6-million purchase order from Medtronic for instruments and cameras. The definitive agreement finalizes the terms and conditions related to the purchase order.

"The closing of this definitive agreement is an advancement for our relationship with Medtronic and for Titan as we move towards commercialization activities," said Cary Vance, president and chief executive officer of Titan Medical. "We view the activities associated with this definitive agreement as additional methods of enhancing our know-how in single-access [robotic-assisted-surgery] technology and further benefiting our own Enos RAS platform."

For clarity, Titan Medical is not affiliated with Titan Spine, which Medtronic acquired in 2019.

About Titan Medical Inc.

Titan Medical, a medical device company headquartered in Toronto, Ont., with operations in Chapel Hill, N.C., is focused on enhancing robotic-assisted surgery (RAS) using innovative technology through a single access point. The Enos robotic single-access surgical system is being developed with an ergonomic focus to provide a surgical experience that imitates real-life movements that surgeons demand and includes multiarticulating instruments designed to allow surgeons an increased range of motion in a confined space, with dexterity and the ability to exert the forces necessary to complete common surgical tasks. With the Enos system, Titan Medical intends to initially pursue gynecologic surgical indications.

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