Titan Medical, a developer robotic surgical technologies, has entered into a patent license agreement with Mayo Foundation for Medical Education and Research (Mayo Clinic) for its surgical stapler.
Titan Medical obtained rights to intellectual property developed by Heidi Nelson and David Larson of Mayo Clinic, under the agreement.
Titan has also agreed to make up-front, milestone and royalty payments.
The patent application covers both the surgical stapler delivery systems and methods of assembling the staplers for a number of surgical procedures such as laparoscopic, endoscopic, intra-luminal, natural orifice, and/or open surgery.
Titan Medical CEO Craig Leon said this agreement is their initial endeavor in their intellectual property licensing strategy and they will continue to strengthen patent portfolio by seeking additional licensing agreements and through internal developments.