Titan Medical is licensing out its IP to Intuitive Surgical, one of the largest players in the surgical robotics market. The move comes as Titan Medical is undergoing a significant change in its structure and leadership.
Under the agreement, Titan has granted Intuitive a non-exclusive license to all of Titan’s IP, with the exception of the IP that is exclusively licensed to another party under a June 2020 license agreement.
Titan said it 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 license the IP to other third parties.
The Toronto, Ontario-based company also said Cary Vance, it’s president and CEO will step down from the position. Paul Cataford, the boar’s chair will become interim president and CEO. The company said that Vance would still be on the board.
Titan Medical has been going through change since late last year, when it announced it would begin strategic alternatives, which included a potential merger or sale of assets. During this time, the company furloughed 40 of its employees. Titan would go on to layoff four members of its leadership team in February.
Titan’s first trouble first began bubbling up in 2019 when its announced it was delaying filing for 510(k) clearance of the single-port system called Sport.