CHERRY HILL, N.J.--(BUSINESS WIRE)--Mediscience Technology Corp. (MTC) (OTC:MDSC) (“Mediscience”), executed an agreement dated June 21, 2007 with equity partner Infotonics Technology Center Inc.,(ITC) a Rochester New York not-for-profit corporation, under which ITC agrees to develop through advances in optical, mechanical, electrical, software and diagnostic aspects, and to commercialize, Mediscience’s medical diagnostic systems via two initial advanced medical products, the Optical Biopsy Pill (OBP) and the CD Ratiometer (CDR) using tissue auto-fluorescence to detect disease states. The companies have agreed to a series of milestones to be achieved through October 2007 for which Mediscience has agreed to pay $2,000,000. ITC will continue to use its best efforts to secure grant awards to meet the $2,000,000 obligation of Mediscience. The Agreement is also intended to benefit BioScopix, Inc., Mediscience’s wholly-owned subsidiary that is expected to own the medical diagnostic systems using tissue auto-fluorescence to detect disease states as that technology is further developed. The parties expect impact funding from a NYSTAR grant award of $750,000 applied for by Infotonics and the receipt by subsidiary “BioScopix” of an initial $2-3M of bridge funding through Empire Financial Group Inc NY, to continue commercialization.
