Titan Medical Signs License Agreement with Intuitive Surgical

TORONTO, Ontario, May 26, 2023 (GLOBE NEWSWIRE) -- Titan Medical Inc. (“Titan” or the “Company”) (TSX: TMD; OTC: TMDIF) announced today that the Company has entered into a license agreement (“Agreement”) with Intuitive Surgical, Inc. (“Intuitive”) (Nasdaq: ISRG), a global technology leader in minimally invasive care and the pioneer of robotic-assisted surgery (“RAS”), for an upfront payment of US$7.5 million in respect of certain intellectual property (“IP”) of Titan.

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 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.

About Titan Medical

Titan Medical Inc. (TSX: TMD; OTC: TMDIF), a medical technology company headquartered in Toronto, Ontario with operations in Chapel Hill, North Carolina, has developed an expansive patent portfolio related to the enhancement of robotic assisted surgery (RAS), including through a single access point. On November 30, 2022, the Company announced the commencement of a strategic review process that considered a full range of strategic alternatives including corporate sale, merger or other business combination, a sale of all or a portion of the Company’s assets, strategic investment or other significant transaction, including as announced on March 22, 2023, the sale and/or licensing of all or a portion of the Company’s assets, including its intellectual property.

Cautionary Statement Regarding Forward-Looking Information

This news release contains “forward-looking statements” within the meaning of applicable Canadian and U.S. securities laws, which reflect the current expectations of management of the Company’s future growth, results of operations, performance and business prospects and opportunities. Forward-looking statements are frequently, but not always, identified by words such as “may”, “would”, “could”, “will”, “anticipate”, “believe”, “plan”, “expect”, “intend”, “estimate”, “potential for” and similar expressions, although these words may not be present in all forward-looking statements. Forward-looking statements that appear in this release may include, without limitation, references to: the receipt of the US$7.5 million from Intuitive; the Company retaining ownership of the licensed intellectual property and the rights necessary to continue to develop and commercialize the technologies covered by the licensed intellectual property and RAS technologies; the Company’s right and ability to license its intellectual property to other third parties.