Titan Medical has received $10 million after completing the second technical milestone under its development and licensing agreement with Medtronic.
The agreement relates to the development of robotic surgical systems, which Titan and Medtronic use in their respective businesses.
Titan announced the completion of the first technical milestone and a nontechnical financial milestone on Oct. 26 after it raised $18 million of capital. Per the agreement, Titan received $10 million from Medtronic.
Titan will receive another $11 million if it completes the third technical milestone, which represents the fourth and final milestone, the company said in a May 28 news release.