Titan Medical, Medtronic agree to cooperate on surgical robotics development

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.