Tickers: XCNQ:IZO, PINX:IZOZF
Tags: #Biotechnology, #Mining, #Healthcare
VANCOUVER, BC - TheNewswire - February 26, 2020 - Izotropic Corporation ("Izotropic" or the "Company") (CNSX:IZO.CN) (OTC:IZOZF) (FRA:1R3) The Company is pleased to announce that it has extended the terms of its exclusive global License Agreement with The Regents of the University of California.
The amendments under the revised exclusive global License Agreement relate to the formal Commercialization Plan of breast CT technology developed at UC Davis Medical Center in Sacramento, CA. Due to unforeseen delays with patent prosecutions and completing important patent applications and filings, there was mutual desire by the parties to negotiate an extension.
The Company now has until January 2027 to execute on the terms agreed to under the Commercialization Plan and expects to meet the terms of the Commercialization Plan under the Licensing Agreement well before this date. In consideration of this extension, a nominal payment of $20,000 per annum will be made until commercialization terms are completed.
Extending the commercialization terms and timeline is a material development for the Company and we wish to acknowledge the support and cooperation provided by the Regents of the University of California and UC Davis.
ON BEHALF OF THE BOARD
Chief Executive Officer
About Izotropic Corp.
Izotropic Corporation (the Company) and its wholly owned U.S. operating subsidiary, Izotropic Imaging Corp. have been established to commercialize the next generation of breast imaging technology for early diagnosis of breast cancer. The Izotropic Breast CT Imaging System produces high resolution breast images in 3D. A single 10 second breast CT scan acquires approximately 500 images, without painful breast compression, providing radiologists with fully 3D viewing of the scanned breast. Mammography scanning requires compression of the breast between 2 imaging plates, resulting in 2D images.
The Company has the exclusive license from the University of California, Davis (UC Davis) to commercialize the technology developed by principal founder and Company director Dr. John M. Boone and researchers at UC Davis. The license includes all intellectual property, trade secrets, patents and patent-pending applications that are the foundation of the Company's breast CT imaging platform.
Approximately $20 million in research funding and over 15 years of research and development have been invested in developing this groundbreaking breast CT imaging technology. Research includes a current, fully funded $2.9M U.S. clinical trial at UC Davis Medical Center.
The Company founders believe that this technology will be a disruptive entry to the market, overcoming many of the challenges faced by existing breast imaging modalities.
Copyright (c) 2020 TheNewswire - All rights reserved.