Titan Medical hits $10M technical milestone under Medtronic agreement

Spinal Tech

Medical device company Titan Medical will receive $10 million after completing the first technical milestone under its development and licensing agreement with Medtronic.

What you should know:

1. The agreement relates to the development of robotic surgical devices. 

2. Titan Medical will receive several payments totaling up to $31 million for Medtronic's license of the devices.

3. Per the agreement, Titan Medical is still able to develop and commercialize these devices for its own business.

2. Titan Medical recently completed a nontechnical milestone under the agreement after raising $18 million of capital over a four-month period.

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