Jun 27 2007
Mediscience Technology Corp., has executed an agreement with equity partner Infotonics Technology Center Inc.,(ITC) a Rochester New York not-for-profit corporation, under which ITC agrees to develop through advances in optical, mechanical, electrical, software and diagnostic aspects, and to commercialize, Mediscience’s medical diagnostic systems via two initial advanced medical products, the Optical Biopsy Pill (OBP) and the CD Ratiometer (CDR) using tissue auto-fluorescence to detect disease states. The companies have agreed to a series of milestones to be achieved through October 2007 for which Mediscience has agreed to pay $2,000,000. ITC will continue to use its best efforts to secure grant awards to meet the $2,000,000 obligation of Mediscience. The Agreement is also intended to benefit BioScopix, Inc., Mediscience’s wholly-owned subsidiary that is expected to own the medical diagnostic systems using tissue auto-fluorescence to detect disease states as that technology is further developed. The parties expect impact funding from a NYSTAR grant award of $750,000 applied for by Infotonics and the receipt by subsidiary "BioScopix" of an initial $2-3M of bridge funding through Empire Financial Group Inc NY, to continue commercialization.
The terms of the Agreement described above are only a summary of the Agreement qualified in their entirety by reference to the Agreement filed as Exhibit 10.1 in SEC Form 8-K. dated June 25, 2007.
MTC/BioScopix Inc. CEO Peter Katevatis Esq. says, "The relationship with equity partner Infotonics is synergistic and strategic, leveraging Infotonics Nano-Technology and Micro-System capabilities and broad resources to provide MTC with an exceptional state of the art advantage, over competitors. This agreement properly places MTC proprietary non-invasive imaging technology for molecular detection of cancer and physiological change in the commercialization stage/track. With Infotonics assistance we intend, to use the net proceeds of the Empire Financial Group NY $2 to 3 Million Bridge funding and prospective $5 to $10M Firm commitment Initial Public Offering to fund commercialization of our Optical Biopsy Pill (OBP) and the CD Ratiometer (CDR)."