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news.Oxygen Biotherapeutics, which develops oxygen-based therapies, has signed an agreement to license its glucose biosensor technology to Glucometrics for applications involving the measurement and monitoring of glucose levels in diabetes patients.
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Oxygen Biotherapeutics will receive stock in Glucometrics and running royalties on a sliding scale based on worldwide net revenues from products derived from the licensed technology. Under terms of the agreement, the companies are not disclosing the royalty formula.
Chris Stern, chairman and CEO of Oxygen Biotherapeutics, said: “I am proud to announce this major milestone in our corporate history with our first-ever license agreement. Because of our focus and the priority we’ve placed on development of applications for Oxycyte, we were just not able to put the required amount of resources into the development of the biosensor.
“With this agreement, the biosensor intellectual property can be developed to its full potential with the possibility of generating a future royalty stream for our shareholders.”