June 4, 2020 / 11:40 AM / a month ago

BRIEF-Titan Medical Reports Development And License Agreements With Medtronic

June 4 (Reuters) - Titan Medical Inc:

* TITAN MEDICAL ANNOUNCES DEVELOPMENT AND LICENSE AGREEMENTS WITH MEDTRONIC AND SENIOR SECURED LOAN

* TITAN MEDICAL - ENTERED INTO DEVELOPMENT AND LICENSE AGREEMENT WITH MEDTRONIC PLC TO FURTHER DEVELOPMENT OF ROBOTIC ASSISTED SURGICAL TECHNOLOGIES

* TITAN MEDICAL - ENTERED INTO SEPARATE LICENSE AGREEMENT WITH MEDTRONIC IN RESPECT OF CERTAIN INTELLECTUAL PROPERTY OF TITAN

* TITAN MEDICAL - TITAN WILL RECEIVE SERIES OF PAYMENTS TOTALING UP TO U.S. $31 MILLION FOR MEDTRONIC’S LICENSE TO ROBOTIC ASSISTED SURGICAL TECHNOLOGIES

* TITAN MEDICAL - A MILESTONE OF AGREEMENT IS FOR CO TO RAISE ADDED $18 MILLION WITHIN 4 MONTHS OF DEVELOPMENT START DATE, EXPECTED TO OCCUR IN JUNE

* TITAN MEDICAL - MEDTRONIC HAS LICENSED CERTAIN ROBOTIC ASSISTED SURGICAL TECHNOLOGIES FROM TITAN FOR AN UPFRONT PAYMENT OF U.S. $10 MILLION

* TITAN MEDICAL - TITAN RETAINS RIGHTS TO CONTINUE TO DEVELOP AND COMMERCIALIZE CERTAIN ROBOTIC ASSISTED SURGICAL TECHNOLOGIES FOR ITS OWN BUSINESS

* TITAN MEDICAL INC - CHARLES FEDERICO, WHO HAS SERVED AS CO’S CHAIRMAN SINCE MAY 2019 DECIDED TO RETIRE FROM TITAN’S BOARD

* TITAN MEDICAL INC - DAVID MCNALLY, TITAN’S PRESIDENT AND CEO, HAS BEEN APPOINTED CHAIRMAN OF BOARD OF DIRECTORS Source text for Eikon: Further company coverage:

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