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Titan Medical, Ximedica re-start development program for Sport robot-assisted surgery device

October 13, 2016

Titan Medical said today that it inked a deal with the principal developer of its Sport robot-assisted surgery platform to re-start the program after its halt earlier this year due to a financial shortfall.

Toronto-based Titan, which ousted longtime CEO John Hargrove earlier this week, put the Sport program on hold in mid-August after Ximedica suspended development until Titan could cover its bills. Adding insult to injury, a planned $16.0 million equity investment from Shanghai JuGu Equity Investment Fund, originally slated to close June 30 and extended to August 15, failed to materialize.

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