Titan Medical Inks Asset Purchase and License Agreement with Medtronic By CIOTechOutlook Team

Titan Medical Inks Asset Purchase and License Agreement with Medtronic

CIOTechOutlook Team | Tuesday, 06 June 2023, 08:47 IST

Titan Medical Inc, a medical technology company headquartered in Toronto, Ontario, announced today that the Company has entered into an asset purchase and license agreement with Medtronic, a global leader in healthcare technology, for an upfront payment of US$8.0 million in respect of certain intellectual property of Titan.

Under the terms of the Agreement, Titan has sold to Medtronic the patents previously exclusively licensed by Titan to Medtronic under a license agreement dated June 3, 2020 and under a development and license agreement dated June 3, 2020, and (ii) granted Medtronic a non-exclusive license to certain other Titan intellectual property, excluding the Acquired Rights .

Medtronic has granted Titan a limited non-exclusive license back to the Acquired Rights and Titan retains ownership of the Licensed IP, along with the associated rights including the right to continue to develop and commercialize the technologies covered by the Licensed IP and the right to further license the Licensed IP to other third parties.

Titan Medical Inc, a medical technology company headquartered in Toronto, Ontario with operations in Chapel Hill, North Carolina, has developed an expansive patent portfolio related to the enhancement of robotic assisted surgery (RAS), including through a single access point, and is currently focused on evaluating new opportunities to further develop and license its intellectual property.