Robohub.org
 

Titan Medical, Medtronic agree to cooperate on surgical robotics development

by
04 June 2020



share this:


The development of systems for robot-assisted surgery is difficult, with the need to meet stringent clinical requirements, get regulator approvals, and keep costs under control. Today, Titan Medical Inc. announced an agreement with Medtronic PLC to advance the design and development of surgical robots. The onetime rivals also signed a licensing agreement regarding some of Titan’s intellectual property.

Under the agreement, both companies can develop robot-assisted surgical systems in their respective businesses, while Titan will receive a series of payments that reach $31 million in return for Medtronic’s license for the technologies. The payments will arrive as milestones are completed and verified.

Milestones include fundraising

A steering committee including representatives from Toronto-based Titan Medical and Dublin, Ireland-based Medtronic will oversee work toward achievement of the milestones. One of them is for Titan to raise an additional $18 million in capital within four months of the development start date, which is expected to occur this month.

Titan has also received from Medtronic a senior secured loan of $1.5 million that will be increased increased by an amount equal to certain legal expenses related to transactions and intellectual property with an interest rate of 8% per annum. The loan is repayable on June 4, 2023, or upon the earlier completion of the last milestone.

Until the loan is repaid, Medtronic may have one non-voting observer on Titan’s board of directors. Charles Federico, who has served as the company’s chairman since May 2019, and John Schellhorn, who has served as a director since June 2017, have decided to retire from Titan’s board. The board will consist of three members, including David McNally; John Barker, an independent director; and Stephen Randall, Titan’s chief financial officer, while a search for additional independent directors is conducted.

The 2020 Healthcare Robotics Engineering Forum is coming in September.

Titan Medical pays $10M for Medtronic surgical robot licenses

Under the terms of the separate agreement, Medtronic has licensed certain robot-assisted surgical technologies from Titan for an upfront payment of $10 million. Titan said it retains the rights to continue to develop and commercialize those technologies for its own business.

“These agreements with Medtronic will allow Titan to continue to develop its single-port robotic surgical technologies while sharing our expertise and technologies with Medtronic,” stated David McNally, president and CEO of Titan Medical. “We are very excited about the opportunity to continue Titan’s pioneering work to bring new single-port surgical options to the market.”

These agreements are between Medtronic and Titan Medical, which is not affiliated with Titan Spine, which Medtronic acquired in 2019. They are another step in Medtronic’s effort to break into the robot-assisted surgery space, which remains dominated by Intuitive Surgical and its da Vinci SP.

Titan Medical, Medtronic agree to cooperate on surgical robotics development

The Mazor X Stealth robot-assisted spinal surgical system. Source: Medtronic

Medtronic completed a $1.7 billion purchase of Mazor Robotics in December 2018. A month later, the company launched its Mazor X Stealth robotic-assisted spinal surgical platform in the U.S. In September 2019, Medtronic unveiled its new Hugo system that is set to rival the da Vinci SP.

Editor’s note: For more about this and other medical device deals, visit our sibling site, MassDevice.

The post Titan Medical, Medtronic agree to cooperate on surgical robotics development appeared first on The Robot Report.




Sean Whooley





Related posts :



Sponge makes robotic device a soft touch

A simple sponge has improved how robots grasp, scientists from the University of Bristol have found.
07 June 2023, by

#ICRA2023 awards finalists and winners

In this post we bring you all the paper awards finalists and winners presented during the 2023 edition of the IEEE International Conference on Robotics and Automation (ICRA).
05 June 2023, by

Ranking the best humanoid robots of 2023

Is Rosie the Robot Maid from the Jetsons here yet? As more and more companies announce their work towards the affordable humanoid robot, I wanted to create a reference chart.
03 June 2023, by

Robot Talk Episode 51 – James Kell

In this week's episode of the Robot Talk podcast, host Claire Asher chatted to James Kell from Jacobs Engineering UK all about civil infrastructure, nuclear robotics and jet engine inspection.
02 June 2023, by

Automate 2023 recap and the receding horizon problem

“Thirty million developers” are the answer to driving billion-dollar robot startups, exclaimed Eliot Horowitz of Viam last week at Automate.
01 June 2023, by

We are pleased to announce our 3rd Reddit Robotics Showcase!

The 2021 and 2022 events showcased a multitude of fantastic projects from the r/Robotics Reddit community, as well as academia and industry. This year’s event features many wonderful robots including...
30 May 2023, by





©2021 - ROBOTS Association


 












©2021 - ROBOTS Association