USA – Titan Medical Inc., a medical technology company focused on the design and development of innovative surgical technologies for robotic single access surgery, announced that it has received the final milestone payment under an agreement with Medtronic.
Medtronic paid Titan a net sum of US$8.3 million. The payment is made up of a US$10.0 million milestone payment for reaching the final milestone and a US$0.6 million payment for certain legal, transaction, and intellectual property costs.
A portion of the US$10.6 million gross total was used to pay off the US$2.3 million senior secured loan, which included the original US$1.5 million note, plus US$0.6 million in additional costs and US$0.2 million in interest.
To arrive at the net payment, a portion of the gross amount of US$10.6 million was used to pay off the US$2.3 million senior secured loan with Medtronic.
In June 2020, the two companies signed a development and licensing agreement. Titan met all three of the agreement’s milestones, including raising US$18 million in capital by October 2020.
It also received a US$10 million payment for completing the second technical milestone and an additional US$11 million payment for completing the third technical milestone.
The technologies developed under the development and license agreement may be used by both Titan and Medtronic in their respective businesses.
Titan’s development activity resulted in the filing of several new patent applications. At the same time, it retains the right to independently commercialize technologies for use with its Enos robotic single access surgical system around the world.
Titan Medical Interim President and CEO Paul Cataford stated in a news release earlier this month that the “development and license agreement and collaboration has provided capital and the opportunity to further develop our team and our single-access platform.”
In other news, Medtronic announced that the FDA has approved its Intellis and Vanta neurostimulators for chronic pain treatment.
The Intellis rechargeable neurostimulator and the Vanta recharge-free neurostimulator have been approved for the treatment of chronic pain associated with diabetic peripheral neuropathy.
The new indication provides Dermatosis Papulosa Nigra (DPN) patients with access to Medtronic’s spinal cord stimulation (SCS) portfolio, which includes both rechargeable and recharge-free platforms.
According to a news release, the platforms include multiple programming options for personalized patient therapy, unrestricted MRI access, strong battery chemistry and performance, and the Medtronic TYRX neuro absorbable antibacterial envelope.
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