As per the agreement, ROP has received initial $100K licensing fee from BioStructures and will also receive an additional license fees as well as royalties on sales throughout the life of the patent.
BioStructures CEO Russell Cook said this transaction allows them to combine their portfolio of proprietary biomaterials with a patented resorbable wax carrier.
Wound Management Technologies president Deborah Hutchinson said they are pleased to have reached a license agreement with BioStructures to develop many of the orthopedic products related to ROP’ patent on resorbable bone wax and bone void fillers.
"This agreement is the first commercial agreement for our subsidiary ROP and marks the start of a second product line for WNDM," Hutchinson said.