- As part of this agreement, Sanara has formed a new subsidiary, Sanara Collagen Peptides, LLC ("SCP"), and has issued 10% of SCP's outstanding units to Tufts.
- SCP has exclusive rights to develop and commercialize new products based on the licensed patents and patents pending.
- The agreement includes one U.S. patent, one granted European patent (validated in France, Germany, Great Britain, and Switzerland/Liechtenstein), one Canadian patent pending, and one Patent Cooperation Treaty ("PCT") patent pending.
- SCP will pay royalties to Tufts based on net sales of licensed products and technologies. Royalties will be calculated at a rate of 1.5% or 3%, depending on the type of product or technology developed.
- SCP will pay Tufts a minimum annual royalty of $50,000 on January 1 of the year following the first anniversary of the first commercial sale of the licensed products or technologies. SCP will pay Tufts a $100,000 minimum annual royalty on January 1 of each subsequent year during the royalty term specified in the exclusive license agreement.
Sanara Medtech Announced That Is Has Signed An Exclusive License Agreement With Tufts University To Develop And Commercialize Patented Technology Covering 18 Unique Collagen Peptides
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