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news.DRI Capital and Nanogen have entered into an agreement for DRI to acquire, for $10 million, all future royalties generated by Applied Biosystems under a license ABI has taken from Nanogen for MGB technology.
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The royalty payments included in the agreement are related to Nanogen’s patented MGB (minor groove binder) technology that has been licensed to Applied Biosystems (ABI) for use in ABI’s TaqMan products. Nanogen’s MGB technology provides many advantages in the design of oligonucleotide probes, and has become a sought after component for many companies working in the molecular detection and diagnostic marketplace.
Howard Birndorf, chairman and CEO of Nanogen, said: “Monetizing this royalty stream provides us with a non-dilutive means of raising capital to fund our operations as we work towards achieving cash flow breakeven in late 2008.”