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RaySearch Laboratories and Siemens Healthcare (SI) Terminate Development and Licensing Agreement



1/2/2013 6:57:25 AM

STOCKHOLM, Sweden--(BUSINESS WIRE)-- Regulatory News: In May 2009 RaySearch Laboratories AB (publ.) (STO:RAYB) entered into a long-term development and licensing agreement with Siemens Healthcare. Under the agreement RaySearch provided a number of treatment planning modules for integration in Siemens’ syngo® Suite for Oncology, which is Siemens’ integrated workflow solution for radiation therapy.

RaySearch and Siemens have now agreed to terminate the development and licensing agreement and end the partnership.

Under the termination agreement, Siemens will pay RaySearch a onetime fee of approximately one million Euros and provide certain IP rights to RaySearch. This fee will be recognized in the fourth quarter of 2012 but the earnings impact will be lower due to a write-down of the capitalized development costs for the software that was developed specifically for Siemens and is not reusable in any other product.

About RaySearch

RaySearch Laboratories is a medical technology company that develops advanced software solutions for improved radiation therapy of cancer. RaySearch’s products are mainly sold through license agreements with leading partners such as Philips, Nucletron, IBA Dosimetry, Varian and Accuray. To date, 15 products have been launched through partners and RaySearch’s software is used at over 2,000 clinics in more than 30 countries. In addition, RaySearch offers the proprietary treatment planning system RayStation® directly to clinics. RaySearch was founded in 2000 as a spin-off from Karolinska Institutet in Stockholm and the company is listed in the Small Cap segment on NASDAQ OMX Stockholm.

For more information about RaySearch, visit www.raysearchlabs.com

This information was brought to you by Cision http://www.cisionwire.com

Contact:

Johan Löf, President and CEO

RaySearch Laboratories AB

Telephone: +46 (0)8-545 061 30

johan.lof@raysearchlabs.com


Read at BioSpace.com


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