LOS ANGELES--(BUSINESS WIRE)--Grant Life Sciences Inc. (OTC Bulletin Board: GLIF) announced today that it has extended to Oct. 15, 2006, a Memorandum of Understanding (MOU) with Israel-based Diagnostic Technologies Ltd. (DTL) related to Grant’s cervical cancer-diagnostic technology (U.S. Patent No. 6,743,593). Assuming acceptable due diligence by DTL, the definitive Licensing Agreement 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.
