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June 5, 2023
2 Min Read
Titan has granted Intuitive Surgical a non-exclusive license to all of its intellectual property (IP), with the exception of the IP that is exclusively licensed to another party under a June 2020 license agreement. Cary Vance, Titan's president and CEO. has also agreed to step down from the position, but will remain on the board. Paul Cataford, the board’s chair, will become interim president and CEO. The surgical robotics company first showed signs of trouble in 2019 when it delayed development of its single-port robotic system twice due to a lack of financing. But the writing on the wall really became clear in December as Titan Medical began reviewing strategic alternatives. In February the company, which was already down to a skeleton crew, let go of four members of its leadership team.
And in case you missed our last Medtech in a Minute report...
Philips has agreed to pay $62 million to resolve charges that it violated the Foreign Corrupt Practices Act over its conduct related to sales of medical equipment in China. The company's subsidiaries in China is accused of using special price discounts with distributors that created a risk that excessive distributor margins could be used to fund improper payments to government employees. An investigation also points to the company's employees engaging in improper conduct to influence hospital officials to draft technical specifications in public tenders to favor Philips’ products in China.
Cook Medical is cutting 500 positions in an effort to refocus efforts on product innovation. The company was quick to note, however, that none of its hourly manufacturing employees or hourly employees at distribution centers will be impacted. Cook said demand for its products continues to grow and the company wants to ensure it has the capacity to meet that demand.
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