MDT - Titan Medical earns milestone payment of $10M under licensing deal with Medtronic; shares rise 10%

Titan Medical (TMDI) jumps 10% premarket after completing the second technical milestone under the development and license agreement with Medtronic (MDT), and received a $10M payment for licensing the technologies to Medtronic. The agreement provides for the development of robotic-assisted surgical technologies for use by both Titan and Medtronic in their respective businesses.Titan retains world-wide rights to commercialize the developed technologies for use with its own Enos robotic single access surgical system. Under the agreement inked in June 2020, Titan would receive an additional payment of ~$11M upon completing the third technical milestone, representing the fourth and final milestone.On October 26, 2020, Titan achieved the first technical milestone of $10M and completed a non-technical financial milestone pursuant to the development agreement, thereby raising $18M of capital.

For further details see:

Titan Medical earns milestone payment of $10M under licensing deal with Medtronic; shares rise 10%