Breast technology developer Biofield of King of Prussia, PA, has licensed rights to its breast cancer detection technology to MacKay Group of Hong Kong.
MacKay Group will receive an exclusive license to distribute, manufacture, develop, and otherwise commercialize Biofield's technology. MacKay Group also assumes from Biofield the sole responsibility and expense to secure additional regulatory approvals and to conduct additional clinical trials and R&D.
Biofield will receive royalties based on MacKay Group's sales, including a $1 million licensing fee, of which MacKay Group has already paid $150,000. The balance of the amount will be paid following the first commercial sale in China of the next prototype Biofield diagnostic device.
By AuntMinnie.com staff writers
July 31, 2007
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