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Titan Medical just lately introduced it entered right into a licensing settlement with Intuitive Surgical and that the corporate’s CEO is resigning.
Beneath the settlement, robotic-assisted surgical procedure firm Titan Medical has granted Intuitive a non-exclusive license to all of Titan’s IP, apart from the IP that’s solely licensed to a different celebration underneath a June 2020 license settlement.
The settlement contains an upfront cost of $7.5 million for sure mental property of Titan Medical.
Titan will retain possession of the licensed IP, together with the related rights, together with the fitting to proceed to develop and commercialize the applied sciences coated by the licensed IP and the fitting to license the IP to different third events, in accordance with a information launch.
Company management and strategic replace
Additionally this week, Titan Medical introduced that its board of administrators had authorised a strategic transition within the firm’s enterprise from the event and commercialization of robotic-assisted surgical procedure applied sciences to evaluating new alternatives to additional develop and license its mental property. Titan will retain the rights essential to develop and commercialize robotic-assisted surgical procedure applied sciences, ought to it select to take action, together with a two-instrument Enos single-access RAS system and a three-instrument single-access RAS system that builds on the Enos system.
In a push to additional cut back working prices within the enterprise, Titan Medical introduced the next administration adjustments, efficient June 1:
- President and CEO Cary Vance will step down, and Paul Cataford can be appointed interim president and CEO whereas the corporate continues with its strategic transition. Vance will stay on the board.
- Chien Huang, the present VP of finance, can be appointed chief monetary officer, and the present CFO, Stephen Lemieux, will transition to a consulting function.
- Jasminder Brad, VP of authorized and IP, basic counsel and company secretary, will transition to a consulting function to help and advise the corporate with IP transition and technique.
- Invoice Fahey, VP of operations and manufacturing, will transition to a consulting function.
- Nate Jones, director of human assets, will transition to a consulting function to help with Human Assets issues associated to Titan Medical USA.
“I wish to congratulate Chien on his appointment to CFO. Chien is a seasoned monetary skilled with expertise in an IP licensing enterprise,” Cataford, chair of Titan Medical, stated in a information launch. “We wish to thank Stephen, Jasminder, Invoice and Nate for his or her efficient management by the strategic evaluate course of and for his or her willingness to stay engaged and out there in a consulting capability to help the corporate by the strategic transition. The announcement made final week is demonstrative of the Firm’s foundational mental property and its essential function within the area of robotic-assisted surgical procedure. Lastly, we might additionally prefer to thank Cary for his time as President and CEO and look ahead to persevering with to work with him on the Board.”