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news.NeoStem, entitled to a technical assistance fee and royalty on gross revenues
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New York-based NeoStem has announced that it has signed an exclusive 10 year agreement with Enhance BioMedical, a Shanghai-based company, to develop a Stem Cell Collection and Treatment Network. The network will be developed using NeoStem’s proprietary adult stem cell technologies in Shanghai, as well as the Chinese provinces of Jiangsu, Zhejiang, Fujian, Anhui and Jiangxi.
Under the agreement, Enhance BioMedical has the exclusive rights to utilize NeoStem’s proprietary adult stem cell technologies to provide adult stem cell services and therapies in the Asian territory.
Moreover, NeoStem will train Enhance BioMedical staff in the proprietary knowledge, technology and operating procedures to provide Enhance’ clients with these services.
Meanwhile, NeoStem is entitled to a technical assistance fee. Also, the company will be entitled to a stated royalty on gross revenues generated by Enhance from providing the NeoStem stem cell services for 10 years, and may receive other fees in connection with assisting in the launch of the network.