Grant Life Sciences (GLIF.OB) And Diagnostic Technologies Ltd. Are Exploring An Expanded Partnership beyond Their Initially Proposed Association To Develop And Commercialize Grant's Cervical Cancer-Diagnostic Platform
10/30/2006 11:07:30 AM
LOS ANGELES--(BUSINESS WIRE)--Grant Life Sciences (‘Grant’) Inc. (OTC BB: GLIF) announced today that it is exploring an expanded partnership with Israel-based Diagnostic Technologies Ltd. (DTL) related to Grant’s cervical cancer-diagnostic technology. The original proposed association between the two companies, assuming acceptable due diligence by DTL, was to have been a definitive Licensing Agreement that would include an upfront licensing fee of $250,000 paid to Grant. In addition, DTL would conduct all product development at its own cost, including clinical trials, associated with the commercialization of products developed from Grant’s cervical cancer-diagnostic technology. Upon commercialization, DTL would pay Grant an ongoing royalty on sales of the products developed, according to the definitive Licensing Agreement.
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