Under the terms of the agreement, pSivida has sold and licensed intellectual property and other assets concerned with nutrient delivery, food packaging and personal care applications of BioSilicon to Intrinsiq. pSivida retains all rights outside these arenas.
Intrinsiq Materials is obligated to make a series of payments totalling $1.23 million in the first year following the closing of this transaction. Provided the license is in place, Intrinsiq Materials is obligated to pay royalties with minimum royalty payments of $3.95 million over approximately the next six years, $500,000 of which will be payable 18 months after the closing.