NEW YORK (GenomeWeb News) - BioForce Nanosciences Holdings said today that it has signed a licensing and equity agreement with Aspera, a startup founded by former employees of BioForce with the goal of developing miniaturized biomolecular detection systems for point-of-care diagnostics.
Under the terms of the agreement, BioForce licensed several of its technologies to Aspera on a non-exclusive basis, including its ViriChip, Chip-on-a-Tip, and CellWell diagnostic and detection systems, in exchange for royalties on any revenue generated by Aspera from the licensed technology.
Aspera’s founders were involved in the development of the licensed technologies. BioForce said that four of its employees who were involved in the development of the systems, as well as governmental grants supporting the development of the technology, will be transferred to Aspera.
In addition, BioForce said it will take a 19 percent equity interest in Aspera.
Greg Brown, CFO of BioForce, said in a statement that the transaction, “along with other organizational adjustments which have been recently made, reduces our net cash expenses by approximately $500,000 per year,” or approximately 20 percent.
“Realizing meaningful cost savings via this transaction with Aspera, as an alternative to curtailing some or all research and development activities on the scientific applications in order to achieve the cost savings, was a much better alternative for our shareholders,” he added.