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news.NIR Diagnostics, a developer of near-infrared, spectroscopic medical diagnostics, has exercised its right to terminate the second amended and restated exclusive license agreement with Shaklee entered into effective August 9, 2006, and accordingly, has repatriated rights related to the agreement.
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The basis for termination is Shaklee’s uncured, notified breaches of the license agreement arising from its failure to pay amounts to NIR Diagnostics when due. As previously announced, Shaklee disputes that it has breached the license agreement.
Duncan MacIntyre, president, CEO and executive vice chairman of NIR Diagnostics, said: “Based on our ongoing research to non-invasively monitor glucose levels in patients suffering from diabetes, our OmegaNIR device, which measures omega-6 and omega-3 levels, is part of our VisionNIR non-invasive platform.
“Our internal testing and research indicate that consumers are eager to have an accurate, painless, non-invasive source of information that offers immediate feedback on their dietary choices. We intend to make our unique in-vivo omega-6 and omega-3 technology available to consumers globally through select distribution partners.”