Oxygen Biotherapeutics, Inc. announced that a license agreement for its glucose biosensor technology has been reached with Glucometrics, Inc. The biosensor measures glucose levels in diabetes patients at accuracy levels higher than FDA standards require, a company news release states.
Glucometrics now has a license for all applications involving measurement and monitoring of glucose levels. In return, Oxygen Biotherapeutics receives stock in Glucometrics and royalties based on worldwide net revenues from products derived from the licensed technology.
“I am proud to announce this major milestone in our corporate history with our first-ever license agreement,” said OXBO Chairman and CEO Chris J. Stern. “With this agreement, the biosensor intellectual property can be developed to its full potential with the possibility of generating a future royalty stream for our shareholders.”
Stern said the company had prioritized the development of applications for Oxycyte and was not able to allocate enough resources for furthering its biosensor. Oxycyte is the company’s perfluorocarbon (PFC) therapeutic oxygen carrier.
“As the field of glucose sensing grows and matures, the need for more accurate, more continuous, and lower cost devices has become even more pressing,” said Glucometrics President Bill Timmons. “The glucose biosensor technology [is] a system that permits highly accurate, real-time, continuous glucose sensing. This technology is affordable, easy-to-use, and will improve patient outcomes from the home user to the critical care patient.”
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