Under the deal, the company will have sole rights to develop and market the technology across the world.
The company said that protecting the fundamental enabling technology establishes a significant barrier to potential competitors, and is a major step towards bringing the platform to the clinic.
Research on the technology is carried out in the lab of Prof. Sadik Esener at the UC San Diego Moores Cancer Center.
Sonrgy chief technology officer Michael Benchimol said, "The SonRx technology addresses longstanding challenges related to stability and controlled release in nano-scale drug delivery."
Initially conceived by researchers at UC San Diego Moores Cancer Center, Sonrgy’s core technology is a new form of chemotherapy which aims to improve both quality of life and survival time for millions of cancer patients.
Sonrgy’s tiny nanocarriers safely transport potent chemotherapy drugs to cancer tumors and release high doses on command in response to a focused beam of ultrasound.
The carriers deposit drugs directly at the tumor cell sites, avoiding many serious side effects of toxic chemotherapy circulating in the blood stream.
The company said that nanocarriers can deliver chemotherapy before surgery to reduce tumor size, after surgery to prevent recurrence and in situations when surgery is not possible to arrest tumor growth.