Friday, Oxonica Plc. (OXN.L), an international nanomaterials group, said it signed a strategic agreement relating to its Nanoplex technology with Becton, Dickinson and Company or BD, where the latter would pay a total of up to US$7 million as per the terms. Further, Oxonica noted that this agreement was signed following the licence agreement signed earlier with BD and subsequent technology development agreements.
Oxonica noted that BD, a medical technology company, would pay the first US$3.5 million of US$7 million on signing the agreement in exchange for the assignment to BD of the patents covering Oxonica's Nanoplex technology, related know-how and the Nanoplex trademark. A further US$3.5 million would be payable on Oxonica completing certain technical transfer milestones.
Additionally, BD would make payments to Oxonica on sales of BD products covered by the Nanoplex patents, and such payments would replace the original license agreement.
Consequent to the signing of this transaction, BD would assume the responsibility and costs associated with prosecuting the patent portfolio and would also take responsibility for the manufacture of the Nanoplex tags for its own requirements, which would help Oxonica to achieve a significant reduction in operating expenses.
Oxonica has been granted a royalty free, exclusive licence to continue to use the technology in the fields of industrial and homeland security and to continue to evaluate opportunities in in vivo diagnostics, agriculture that excludes veterinary, and lastly fine chemicals, the nanomaterials group added.
Richard Farleigh, Chairman, Oxonica, commented on the announcement, "The announcement of this strategic agreement with BD is a major step towards achieving Oxonica's strategy. We have developed the technology to the point where BD can commercialise the technology. Oxonica can now further focus its resources on its major growth opportunities including security."
OXN.L closed Thursday's trading session on London stock exchange at 18.63, up 16.44%.
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