I was just going through thecompany's lastest quarterly filed last month. I didn't realize it had agreemets with univierisites in Florida and California. To have licensing agreements with Univeristies obviously shows it has something and colleges are willing to use Lantis's technology: Here is an excerpt:
University of California – San Francisco
On July 9, 2008, the Company entered an exclusive license agreement for near-infrared transillumination for the imaging of early dental decay with The Regents of the University of California. The agreement requires the payment of an initial non-refundable license fee of $10,000 and annual license fees of $5,000. The agreement also requires the payment of certain milestone payments based on patent allowance and FDA approval.
On August 4, 2009, the Company and The Regents of the University of California entered into an Amended License Agreement (Amendment No. 1) whereby milestones were updated to provide adequate time for the Company to complete development, obtain FDA clearance and transition to marketing and manufacturing.
| First year of sales, or no later than 2010 |
$ |
10,000 |
| Second year |
|
50,000 |
| Third year |
|
100,000 |
| Fourth year |
|
150,000 |
| Fifth and subsequent years |
|
200,000 |
Earned royalties of 5% of net sales of the product or method are required to the extent that they exceed the minimum royalties. The agreement continues in effect until terminated by the parties or the patent rights expire or are abandoned. The Company paid $5,420 in license fees ($5,000) and other patent and legal expenses ($420) in the six months ended June 30, 2009, and there are no amounts accrued for as of June 30, 2009.
