Sanara Medtech Announced That Is Has Signed An Exclusive License Agreement With Tufts University To Develop And Commercialize Patented Technology Covering 18 Unique Collagen Peptides
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- As part of this agreement, Sanara has formed a new subsidiary, Sanara Collagen Peptides, LLC ("SCP"), and has issued 10% of SCP's outstanding units to Tufts.
- SCP has exclusive rights to develop and commercialize new products based on the licensed patents and patents pending.
- The agreement includes one U.S. patent, one granted European patent (validated in France, Germany, Great Britain, and Switzerland/Liechtenstein), one Canadian patent pending, and one Patent Cooperation Treaty ("PCT") patent pending.
- SCP will pay royalties to Tufts based on net sales of licensed products and technologies. Royalties will be calculated at a rate of 1.5% or 3%, depending on the type of product or technology developed.
- SCP will pay Tufts a minimum annual royalty of $50,000 on January 1 of the year following the first anniversary of the first commercial sale of the licensed products or technologies. SCP will pay Tufts a $100,000 minimum annual royalty on January 1 of each subsequent year during the royalty term specified in the exclusive license agreement.