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news.ZymeQuest has entered into an exclusive worldwide agreement to license certain patent applications associated with its proprietary enzyme conversion technology to a publicly traded US life sciences company.
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The licensee has paid ZymeQuest an initial licensing fee of $2 million. In addition, the license agreement provides for the payment of royalties based on production levels of the products made using ZymeQuest’s technology, including guaranteed minimum royalties commencing in 2008.
The licensee plans to use the enzyme technology for product applications associated with its business, which is outside ZymeQuest’s areas of focus. ZymeQuest retains all rights to the use of its patent applications in the development of products related to transfusion medicine.
Douglas Clibourn, president and CEO of ZymeQuest, said: “The agreement represents an exciting revenue opportunity for ZymeQuest as we continue to advance our enzyme technology toward potential commercialization.”