PHILADELPHIA (July 30, 2007) – Share prices for the Biofield Corp. (OTCBB: BZET) jumped 41 percent today, after it announced its recent master license agreement with MacKay Group Limited to market its breast cancer diagnostic system.
According to the statement, this agreement grants the MacKay Group an “exclusive, sub-licensable royalty-bearing license” to distribute, manufacture, develop, and commercialize Biofield’s breast cancer technology on the worldwide market. In return, the MacKay Group will pay Biofield a number of royalties based on the gross receipts received by MacKay Group and its affiliates, along with a payment of $1 million for licensing fees.
This could be an excellent step up for Biofield Corp. A medical technology company that reportedly “engages in the development and provision of non-invasive diagnostic medical devices to assist in detecting breast cancer,” Biofield’s crown jewel is the Biofield Diagnostic System – a breast cancer diagnostic device that detects electrical discharges associated with the development of some cancers.
“The Biofield Diagnostic System is safe,” the company’s Web site reads. “There is no use of radiation, no compression of the breast and virtually no pain to the patient. During clinical trials, less than 0.005 percent of patients reported discomfort during the exam.”
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