Oncologix signs agreement with IUT

Oncologix Tech, a developer of medical device for brachytherapy, has signed an agreement with Institut fur Umwelttechnologien, a German company under which the company is licensing its technical information to a newly formed subsidiary of IUT, called ‘IUTM’, which will engage in the design and manufacture of radiation based medical devices.

Under this agreement, Oncologix will own 10% of the equity of IUTM. It is retaining marketing rights to any product developed under the license and, under certain conditions, will have marketing rights to other radiation products developed by IUTM.

The marketing rights are to be transferred to an Oncologix subsidiary in which IUTM will receive a 10% equity interest. Other terms involve the assumption of certain of the company’s obligations by Institut fur Umwelttechnologien (IUT) and the transfer to IUTM of a number of items of equipment and inventory related to microsphere development.

Oncologix has also announced the formal termination of its master license agreement with the University of Maryland – Baltimore.

Judy Lindstrom, CEO of Oncologix, said: We are extremely pleased and even excited at the prospect of going forward with our new partners at IUTM. We regard this new agreement as only the first step towards greater interaction between the two companies in seeking success in the medical radiation industry.