Toronto-based Titan Medical has received an $8.3 million payment from Medtronic for hitting the final milestone under their development and license agreement and has retired the senior secured loan from the medtech giant.
The companies entered into the partnership on June 4, 2020. The agreement centered on the development of robotic surgical systems, which Titan and Medtronic use in their respective businesses.
Since then, Titan has filed several new patent applications related to its Enos robotic single-access surgical system and developed its team in Chapel Hill, N.C., to expand its knowledge base in robotic-assisted surgery, according to a Jan. 26 news release.
Titan has received more than $28 million from Medtronic throughout the development and license agreement.