NIR Diagnostics receives US$550,000 from licensee



    TSX Venture: NID

    CAMPBELLVILLE, ON, March 16 /CNW/ - NIR Diagnostics Inc. (TSX Venture:
NID), a leading-edge developer of near-infrared medical instruments, today
announced the Company has received US$550,000 from Shaklee Corporation. The
payment represents NIR Diagnostics' share of a US$1,100,000 upfront payment
received by Shaklee as a result of an in-vivo sub-license agreement negotiated
by NIR Diagnostics with a developer of diagnostic devices. Under the terms of
a pre-existing August 4, 2006 agreement, NIR Diagnostics and Shaklee share
equally in commercial benefits derived from application of NIR Diagnostics'
non-invasive technology for use outside the food supplement channel.
    Subject to successful in-vivo device development to be conducted by NIR
Diagnostics, Shaklee will receive a milestone payment of an additional
US$1,100,000 that will accordingly yield an additional US$550,000, as well as
a 50% share of all royalties, to NIR Diagnostics.
    In connection with Shaklee's sub-license agreement, NIR Diagnostics has
provided the sub-licensee with a conditional option for the development of an
alternative device. If the option for the alternative device technology is
exercised by the sub-licensee and such development is successful, NIR
Diagnostics will receive a US$1,000,000 milestone payment and 100% of all
future royalties from the sub-licensee.
    The development projects under this agreement will not affect the
Company's current priorities, including the development of a prototype in-vivo
device for use in Shaklee's food supplement business. Shaklee will pay NIR
Diagnostics $1,000,000 upon delivery of the in-vivo prototype on or before
August 9, 2007 plus related defined royalties stemming from Shaklee's sale of
the device to its distributor network.

    About NIR Diagnostics

    NIR Diagnostics is a leader in the development of near-infrared,
spectroscopic medical diagnostics. The Company has an extensive portfolio of
optical, electronic and algorithm related patents in the field of in-vitro and
in-vivo blood analysis.

    The TSX Venture Exchange does not accept responsibility for the adequacy
    or accuracy of this release.





For further information:

For further information: Duncan MacIntyre, President, CEO and Executive
Vice Chairman, NIR Diagnostics Inc., (905) 854-5727, (905) 854-5729 Fax,
E-mail: info@nirdiagnostics.com, Internet: www.nirdiagnostics.com; Ross
Marshall, Investor Relations, The Equicom Group Inc., (416) 815-0700 ext. 238,
(416) 815-0080 Fax, E-mail: rmarshall@equicomgroup.com, Internet:
www.equicomgroup.com

Organization Profile

NIR DIAGNOSTICS INC.

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890