Titan Medical and Its Primary Product Development Supplier Agree to Payment Plan for Outstanding Amounts and Resumption of Development Services
Titan Medical Inc. - Ordinary Shares (TMDI)
Company Research
Source: Business Wire
TORONTO--(BUSINESS WIRE)--Titan Medical Inc. (“Titan” or the “Company”) (TSX: TMD) (Nasdaq: TMDI), a medical device company focused on the design and development of a single-port robotic surgical system for application in minimally invasive surgery (“MIS”), announces that it has entered into a letter agreement (“Letter Agreement”) with its primary product development supplier (“Primary Supplier”) for the payment of outstanding payables.Under the terms of the Letter Agreement, and subject to the Company securing sufficient funding by raising further capital, for which it cannot give any assurances, the Company plans to pay the Primary Supplier in full satisfaction of the outstanding payables by the end of the current calendar year. Also, under the terms of the Letter Agreement, the Primary Supplier has agreed to resume services with regard to the development of the Company’s robotic surgical system subject to the Company meeting the new payment terms.David McNally, President and CE
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