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Titan's Distributor Just Became Its Top Investor

Longtai Medical agreed to convert a $2 million distributor deposit into equity, signaling confidence in Titan's surgical robot.

Amanda Pedersen

August 25, 2017

1 Min Read
Titan's Distributor Just Became Its Top Investor
Titan Medical unveiled the first prototype of its Single Port Orifice Robotic Technology (SPORT) system last year.TITAN MEDICAL

Titan Medical has convinced its Chinese partner to convert a $2 million distributor deposit into equity. The deal makes Longtai Medical Inc. Titan's largest shareholder.

$2 million deposit was originally supposed to be refunded, but Longtai agreed to convert the money into equity. The deal signals Longtai's confidence in Titan's surgical robot, known as SPORT. The Toronto, Canada-based company is poised to take on market leader Intuitive Surgical.

Titan and Longtai have worked together since May 2015, when the pair inked a deal that made Longtai the exclusive distributor of SPORT in China.

According to the deal terms, Titan issued 16,892,000 units, priced at CDN 12 cents a pop (CDN 15 cents). The units consist of one common share and one common share purchase warrant, exercisable for one common share at 16 cents (CDN 20 cents) each for 60 months.

Titan's system has been in development for years, and the company revealed the first prototype of SPORT in March 2016. The system closely resembles Intuitive's DaVinci robot but is expected to cost much less.

Amanda Pedersen is Qmed's news editor. Contact her at [email protected].

[Image credit: Titan]

About the Author(s)

Amanda Pedersen

Amanda Pedersen is a veteran journalist and award-winning columnist with a passion for helping medical device professionals connect the dots between the medtech news of the day and the bigger picture. She has been covering the medtech industry since 2006.

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