TORONTO--(BUSINESS WIRE)--Titan Medical Inc. (“Titan” or “Titan Medical”) (TSX:TMD) (Nasdaq:TMDI), a medical device company focused on the design and development of single-port robotic surgical technologies, announces that it has entered into a settlement agreement with Naglreiter Consulting, LLC, d/b/a Naglreiter MDDO (“Naglreiter”) to settle claims in the lawsuit styled Naglreiter Consulting LLC, d/b/a Naglreiter MDDO v. Titan Medical Inc. (Case No. 0:19-cv-62574) pending in the United States District Court for the Southern District of Florida.
Under the terms of the settlement agreement, Titan will pay a sum of U.S. $1,050,000, Naglreiter will return certain personal property and related electronic data in its possession, and the pending litigation will be dismissed with prejudice. Each party is responsible for its own costs, expenses and attorneys’ fees.
The settlement agreement is an important step for Titan, allowing it to focus on the development of its single-port robotic surgical system and on the activities contemplated under the recently announced development and license agreement with Medtronic.
Titan Medical Inc. is focused on robotic-assisted technologies for application in minimally invasive surgery (“MIS”). Titan is developing a single-port robotic surgical system comprised of a surgeon-controlled patient cart that includes a dual-view camera system with 3D and 2D high-definition vision systems and multi-articulating instruments for performing MIS procedures, and a surgeon workstation that provides an ergonomic interface to the patient cart and a 3D high-definition endoscopic view of the MIS procedure. Titan intends to initially pursue gynecologic surgical indications for use with its single-port robotic surgical system.
For more information, visit www.titanmedicalinc.com.
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