February 28, 2011 – TechniScan has signed agreements manufacturing and use of trademarks with Womens3D. TechniScan is developing a 3-D breast ultrasound system.
These agreements follow a product development agreement signed between the two companies in January 2011, in which they agreed to jointly develop a specialized version of TechniScan's Warm Bath Ultrasound (WBU) system. The system would be specifically for Womens3D’s target market of health practices such as OB/GYN and general practice offices.
Under the terms of the manufacturing agreement, TechniScan will be the exclusive manufacturer and supplier, and Womens3D will receive a license to sell the product to its target market. The license becomes exclusive upon certain conditions being met, including payment of at least $1.5 million to TechniScan in connection with the initial design and development of the product. Womens3D has also committed to purchase at least $10 million of TechniScan's products during the 36 months following FDA approval.
In addition to the manufacturing and trademark agreements, TechniScan receives shares of Womens3D common stock.
For more information: www.tsni.com