07:36:09 EDT Thu 28 Sep 2023
Enter Symbol
or Name

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Titan Medical Inc (2)
Symbol TMD
Shares Issued 112,842,297
Close 2023-05-26 C$ 0.26
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Titan Medical licenses IP to Intuitive for $7.5M (U.S.)

2023-05-26 14:45 ET - News Release

Mr. Stephen Lemieux reports


Titan Medical Inc. has entered into a licence agreement with Intuitive Surgical Inc. for an upfront payment of $7.5-million (U.S.) in respect of certain intellectual property (IP) of Titan. Intuitive is a global technology leader in minimally invasive care and the pioneer of robotic-assisted surgery (RAS).

Under the agreement, Titan has granted Intuitive a non-exclusive licence to all of Titan's IP, with the exception of the IP that is exclusively licensed to another party under a June, 2020, licence 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.

About Titan Medical Inc.

Titan Medical, a medical technology company headquartered in Toronto, Ont., with operations in Chapel Hill, N.C., has developed an expansive patent portfolio related to the enhancement of robotic assisted surgery (RAS), including through a single access point. On Nov. 30, 2022, the company announced the commencement of a strategic review process that considered a full range of strategic alternatives, including corporate sale, merger or other business combination, a sale of all or a portion of the company's assets, strategic investment, or other significant transaction, including as announced on March 22, 2023, the sale and/or licensing of all or a portion of the company's assets, including its intellectual property.

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