TechniScan, Inc. announced yesterday that they have signed agreements for manufacturing and use of trademarks with Austin, Texas-based Womens3D. TechniScan, Inc. is a medical device company engaged in the development and commercialization of an automated 3D breast ultrasound imaging system.
These agreements follow a product development agreement signed between the two companies in January 2011. With the product development agreement the two companies agreed to jointly develop a specialized version of TechniScan’s Warm Bath Ultrasound (WBU) system specifically for Womens3D target market of women’s specific health practices. These include OB/GYN and general practice offices.
Under the terms of the manufacturing agreement, TechniScan, Inc. will be the exclusive manufacturer and supplier of the product(s). Womens3D will receive a license to sell the product to their target market.
The license becomes exclusive upon certain conditions being met. This includes payment of a minimum $1.5 million to TechniScan in connection with the initial design and development of the product. Womens3D has also made a commitment to purchase at least $10 million of TechniScan, Inc.’s products during the 36 months following FDA approval.
TechniScan, in addition to the manufacturing and trademark agreements, receives shares of Womens3D common stock equal to 20 percent of the current capitalization of Womens3D.
Womens3D’s Chief Medical Officer and Research Scientist and Imaging Director at Texas A&M’s Institute for Preclinical Studies, Mr. Mark Lenox, Ph.D., conducted the technical evaluation of TechniScan, Inc.’s WBU system.
Mr. Dave Robinson, Chief Executive Officer of TechniScan, Inc., said, “TechniScan is energized by our new partnership with Womens3D. We are looking forward to collaborating on the development and manufacturing of a WBU imaging system that addresses the unique needs of their target market. The partnership will potentially open new markets for our equipment and add an experienced medical imaging partner to our development efforts.”
Headquartered in Salt Lake City, Utah, TechniScan, Inc. is a medical device company engaged in the development and commercialization of a non-invasive imaging tool designed to provide physicians with automated ultrasound images of the human breast. The Company’s Warm Bath Ultrasound™ (WBU™) imaging device is limited by U.S. law to investigational use unless, and until, cleared by the FDA.
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