Titan Medical Inc (NASDAQ:TMDI) is one of the notable gainers in the pre-open session. The stock has soared 603% from its 52-week low and up 5805 over the past year. keep an eye on the stock.
Titan Medical Receives License Fee of $10 Million Upon Achievement of Milestone Under Medtronic Development Agreement
- announced today that it has completed the second technical milestone under the development and license agreement with Medtronic plc (NYSE: MDT), and received a U.S. $10 million payment for licensing the developed technologies to Medtronic.
- The development and license agreement provides for the development of robotic-assisted surgical technologies for use by both Titan and Medtronic in their respective businesses. Titan retains world-wide rights to commercialize the developed technologies for use with its own Enos™ robotic single access surgical system.
“Titan has continued to work diligently to complete this milestone on time, and we share Medtronic’s drive to take on healthcare’s greatest challenges to improve lives. I am proud of our in-house R&D team and development partners that have contributed greatly to achieving this milestone,” said David McNally, president and chief executive officer of Titan. “This is a testament to the expertise and inspiration of the teams, and how great companies can work together to improve medical technology for the benefit of patients and surgeons.”
As of 7:49, TMDI is trading at $1.96, up 13 cents or 7.10%. So far more than 232K shares have exchanged hands.