Derma Sciences Inc. (DSCI) and Quick-Med Technologies Inc. reached an agreement, whereby Quick-Med Technologies has granted Derma Sciences an exclusive global license to intellectual property related to the novel NIMBUS antimicrobial technology, which is available in BIOGUARD dressings.
As per the deal, Derma Sciences would make a $1.3 million upfront payment to Quick-Med Technologies and future milestone payments based on sales of products incorporating the licensed technology. Further, the royalty paid by Derma Sciences to Quick-Med Technologies on such products would be lowered from 20% currently, to a sliding scale starting at 8.5% and declining as sales milestones are achieved.
Sales by Derma Sciences of products covered under this deal were some $1.5 million in 2011, and may grow between 30% and 40% annually, in line with view for the company's advanced wound care product portfolio.
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