By Adriano Marchese
Titan Medical Inc. said Wednesday that it has received a final milestone net payment of $8.3 million from Medtronic PLC.
The Toronto-based medical technology company said the payment comprises $10 million payment for achieving the final milestone under the development and license agreement, as well as $600,000 related to certain other costs.
The company said a portion of the funds were used to retire its $2.3 million senior secured loan with Medtronic.
In early June of 2020, Titan Medical entered into a development and license agreement with Medtronic to advance certain robotic-assisted surgical technologies for use by both companies.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
01-26-22 1028ET