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: firstname.lastname@example.org, Internet: www.nirdiagnostics.com; Ross
Marshall, Investor Relations, The Equicom Group Inc., (416) 815-0700 ext. 238,
(416) 815-0080 Fax, E-mail: email@example.com, Internet: