Posted On: 01/27/2015 12:17:45 PM
Post# of 579
IN ~ BIAD @ .20 on the 8-K filing >
On December 17, 2014, Bio Alternative Medical Devices Ltd., (“Bio-AMD Ltd.”) a subsidiary majority owned by Bio-AMD Inc., entered into a Master Agreement (the “Agreement”) with Sysmex Corporation (“Sysmex”) pursuant to which the parties will jointly conduct a feasibility study (the “Study”) for the potential development of a medical point-of-care reader device with disposable test strips for PT-INR assays and new future assays in the field of hemostasis (the “Product”). During the feasibility study, the parties will negotiate the terms and conditions of possible future terms for further research (the “Research”), if any, with respect to developing the Product. Sysmex will own all intellectual property developed by either party in connection with the Research and will reimburse Bio-AMD Ltd. for its costs and expenses incurred in connection with the Research. An expense advance of £642,067 (approximately $1,000,000) will be made to Bio-AMD Ltd. on signing the Agreement, and further cost reimbursements will be made during the term of the Agreement set against milestone criteria agreed by both parties.
On December 17, 2014, Bio Alternative Medical Devices Ltd., (“Bio-AMD Ltd.”) a subsidiary majority owned by Bio-AMD Inc., entered into a Master Agreement (the “Agreement”) with Sysmex Corporation (“Sysmex”) pursuant to which the parties will jointly conduct a feasibility study (the “Study”) for the potential development of a medical point-of-care reader device with disposable test strips for PT-INR assays and new future assays in the field of hemostasis (the “Product”). During the feasibility study, the parties will negotiate the terms and conditions of possible future terms for further research (the “Research”), if any, with respect to developing the Product. Sysmex will own all intellectual property developed by either party in connection with the Research and will reimburse Bio-AMD Ltd. for its costs and expenses incurred in connection with the Research. An expense advance of £642,067 (approximately $1,000,000) will be made to Bio-AMD Ltd. on signing the Agreement, and further cost reimbursements will be made during the term of the Agreement set against milestone criteria agreed by both parties.
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