Pending Litigation Settled...clear sailing aheadNews for TMD Alert Sent 2020-06-09 08:04:49 AM ET Delivery preference: Immediate delivery -- Titan Medical Brief: Up 5.5% In US Pre-Market As Announces Settlement of Pending Litigation With Naglreiter Consulting, LLC; Comes After It Jumped More Than 20% in Canada and U.S. on Monday 2020-06-09 08:04:15 AM ET (MT Newswires) TORONTO — 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.