Genesis Bioventures signs exclusive licensing deal to sell Prion products

By Ted A. Knutson

Washington, Feb. 7 - Genesis Bioventures, Inc. said Tuesday it has entered into an exclusive worldwide license agreement, excluding Canada, with Prion Developmental Laboratories to distribute, market, use and sell Prion products with the right to sublicense to Genesis sub licensees and affiliates.

The two parties have a separate agreement whereby Prion will grant to Genesis an exclusive, fully paid up, license for Canada with the same general terms.

Prion, one-third owned by Genesis, is a Buffalo Grove, Ill.-based company engaged in the manufacture, sale and distribution of diagnostic tests for transmissible spongiform encephalopathies and specifically assays for bovine spongiform encephalopathy; chronic wasting disease and scrapie and Creutzfeldt-Jakob disease.

The agreement is for five years and will automatically renew for successive three-year periods.

Genesis will pay an annual royalty to Prion equal to 10% of net profits of sales of Prion products sold by Genesis and its sub licensees when Genesis achieves a net profit on the sale of Prion items.

As part of the pact, Genesis will invest at least $200,000 for Prion to use as working capital to be used solely by Prion to fulfill its duties and obligations under the agreement.

Genesis Bioventures is a Surrey, B.C.-based biomedical corporation focused on facilitating the development and marketing of novel diagnostics, therapeutics and niche products in cancer diagnostics, therapeutics and neurodegenerative discoveries.

The announcement was made in an 8-K filing with the Securities and Exchange Commission.

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