Titan Medical Stock Jumps After Medtronic's $10M Second Milestone Payment

Titan Medical Inc TMDI has received $10 million under the second technical milestone under the development and license agreement with Medtronic plc MDT.
The development and license agreement provides for developing robotic-assisted surgical technologies for Titan and Medtronic in their respective businesses. Titan retains worldwide rights to commercialize the developed technologies for use with its own Enos robotic single access surgical system.
In October 2020, Titan achieved the first technical milestone and completed a non-technical financial milestone under the development agreement, with the satisfactory raising of $18 million capital.
Titan would receive an additional payment of approximately $11 million on completing the third technical milestone, representing the fourth and final milestone.
Price Action: TMDI shares are up 9.84% at $2.01, and MDT shares are up 0.68% at $126 during the premarket session on the last check Friday.