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Titan Medical not too long ago introduced it entered right into a licensing settlement with Intuitive Surgical and that the corporate’s CEO is resigning.
Under the settlement, robotic-assisted surgical procedure firm Titan Medical has granted Intuitive a non-exclusive license to all of Titan’s IP, excluding the IP that’s completely licensed to a different celebration beneath a June 2020 license settlement.
The settlement consists of an upfront fee 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 correct to proceed to develop and commercialize the applied sciences lined by the licensed IP and the correct to license the IP to different third events, in response to a information launch.
Corporate management and strategic replace
Also this week, Titan Medical introduced that its board of administrators had accredited 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 scale 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 position.
- Jasminder Brad, VP of authorized and IP, basic counsel and company secretary, will transition to a consulting position to help and advise the corporate with IP transition and technique.
- Bill Fahey, VP of operations and manufacturing, will transition to a consulting position.
- Nate Jones, director of human assets, will transition to a consulting position to help with Human Resources issues associated to Titan Medical USA.
“I would like to congratulate Chien on his appointment to CFO. Chien is a seasoned financial professional with experience in an IP licensing business,” Cataford, chair of Titan Medical, mentioned in a information launch. “We would like to thank Stephen, Jasminder, Bill and Nate for their effective leadership through the strategic review process and for their willingness to remain engaged and available in a consulting capacity to support the company through the strategic transition. The announcement made last week is demonstrative of the Company’s foundational intellectual property and its important role in the field of robotic-assisted surgery. Finally, we would also like to thank Cary for his time as President and CEO and look forward to continuing to work with him on the Board.”