Titan Medical: Jumps to two-month high on $10 mln licensing payment

Conavi Medical

28/05/2021 15:12

** U.S.-listed shares of Canadian medical device maker
 TMDI.O  up 11.5% at $2.05 per share - highest since March this
year
    ** Co gets $10 mln in license fee on hitting second
milestone under a deal with Medtronic  MDT.N   urn:newsml:reuters.com:*:nGNE3cRCd0
    ** Deal for development of robotic-assisted surgical
technologies for use by both Titan and Medtronic in their
respective businesses
    ** Titan to get an additional ~$11 mln upon completing the
third technical milestone
    ** As of March 31, Titan had cash and cash equivalents of
$53.4 mln
    ** Up to Thursday's close, stock has gained nearly 17.5% so
far this year

 (Reporting by Shashank Nayar in Bengaluru)
 ((Shashank.Nayar@thomsonreuters.com; within U.S. +1 646 223
8780; outside U.S. +91 80 6182 2256;))