Mr. Chien Huang reports

TITAN MEDICAL SIGNS ASSET PURCHASE AND LICENSE AGREEMENT WITH MEDTRONIC

Titan Medical Inc. has entered into an asset purchase and licence agreement with Medtronic, a global leader in health care technology, for an upfront payment of $8-million (U.S.) in respect of certain intellectual property (IP) of Titan.

Under the terms of the agreement, Titan has: (i) sold to Medtronic the patents previously exclusively licensed by Titan to Medtronic under a licence agreement dated June 3, 2020, and under a development and licence agreement dated June 3, 2020; and (ii) granted Medtronic a non-exclusive licence to certain other Titan intellectual property, excluding the acquired rights. Medtronic has granted to Titan a limited non-exclusive licence back to the acquired rights, and Titan retains ownership of the licensed IP, along with the associated rights, including the right to continue to develop and commercialize the technologies covered by the licensed IP and the right to further license the licensed IP to other third parties.

About Titan Medical Inc.

Titan Medical, a medical technology company headquartered in Toronto, Ont., with operations in Chapel Hill, N.C., has developed an expansive patent portfolio related to the enhancement of robotic-assisted surgery, including through a single access point, and is currently focused on evaluating new opportunities to further develop and license its intellectual property.

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