NEW YORK--(BUSINESS WIRE)--Nov. 20, 2003--Nanoscience Technologies, Inc. (OTCBB:NANS - News) announced today that it has finalized a Research and License Agreement (the "License Agreement") with New York University ("NYU"). Under the terms of the License Agreement, NYU granted to Nanoscience a license to certain pre-existing inventions and certain intellectual property to be generated by a designated research project being conducted at NYU relating to DNA Nanotechnology. Structural DNA Nanotechnology seeks to exploit the architectural properties of DNA with the ultimate goal of organizing matter in three dimensions. Pharmaceutical development, nano-electronics and the creation of new materials are among the potential applications of this research.
As compensation to NYU for work to be performed on its research projects, Nanoscience has agreed to provide to NYU minimum funding in the aggregate amount of $1,657,690, in installments commencing on September 15, 2003 through, May 1, 2007, and additional fees and expenses. An initial payment of $300,000 has been paid to NYU. The License Agreement further provides that NYU grants to Nanoscience an exclusive worldwide license to develop, manufacture, use, lease or sell any licensed products and/or processes related to the research project, together with the right to grant sublicenses. Nanoscience in turn will pay to NYU a royalty fee of a varying amount from sales of products and for sublicenses. In connection with and as further consideration for entering into the License Agreement, Nanoscience has issued shares of its common stock to NYU.
Nanoscience also announced that on October 17, 2003, it completed a private placement of 1,222,192 shares of its common stock for $400,000. A portion of the funds were used to make the initial payment to NYU.
Certain statements included in this press release may constitute forward-looking statements. Actual results could differ materially from such statements expressed or implied herein as a result of a variety of factors including, but not limited to, the successful results of the NYU research projects, as well as other factors expressed from time to time in Nanoscience's periodic filings with the SEC. As a result, this press release should be read in conjunction with Nanoscience's periodic filings with the SEC. The forward-looking statements contained herein are made only as of the date of this press release, and Nanoscience undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.
Nanoscience Technologies, Inc., New York Edward F. Cowle, 212-557-4005 firstname.lastname@example.org
Source: Nanoscience Technologies, Inc.