The transaction involved a number of elements, including: BioForce licensing its scientific applications technology, including its ViriChip, Chip-on-a-Tip and CellWell diagnostic and detection systems, to Aspera in exchange for royalties on any revenue generated by Aspera from the licensed technology; BioForce taking a 19% equity interest in Aspera; four BioForce employees who were directly involved in the development of the licensed technology being transferred to Aspera; and existing governmental grants providing funding relating to development of the licensed technology being transferred to Aspera by BioForce.
Greg Brown, CFO of BioForce, said: “Realizing meaningful cost savings via this transaction with Aspera, as an alternative to curtailing some or all R&D activities on the scientific applications in order to achieve the cost savings, was a much better alternative for our shareholders. Additionally, as the granted licenses are nonexclusive, we retain the ability to partner with others in these areas or to further develop the technologies ourselves.”