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.
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