NEW YORK (GenomeWeb News) – GenMark Diagnostics will pay Advanced Liquid Logic up to $3 million as part of a deal originally announced last month, it said in its Form 10-Q filed with the US Securities and Exchange Commission on Thursday.
The Carlsbad, Calif.-based company disclosed that it has agreed to pay up to $3 million to ALL in license fees, contingent milestone payments, and an equity investment in connection with an agreement between the firms to develop an all-electronic, fully integrated in vitro diagnostic platform.
ALL, based in Durham, NC, develops microfluidics products for newborn screening and genomic sample preparation.
GenMark, which this week announced first-quarter revenues jumped 185 percent year over year, also disclosed in its SEC document that during Q1 it acquired exclusive and non-exclusive licenses for various microfluidic technologies for a total of $400,000, which will be amortized over a 10-year period of expected use.
In addition to the ALL agreement, GenMark reached a deal with PerkinElmer during the first quarter to license its microfluidics patent portfolio. GenMark did not say in the SEC filing whether the $400,000 is tied to the PerkinElmer agreement.