Corgenix resolves dispute with Japanese researcher
Last Updated: 15:51 September 11, 2013
To resolve the dispute, Broomfield-based Corgenix (OTC: CONX.OB) signed a new license agreement with researcher Eiji Matsuura in Japan. The AtherOx cardiovascular technology has not yet been cleared by the U.S. Food and Drug Administration for sale in the United States, according to a press statement.
Matsuura will receive 7 percent of future product sales as part of the new license agreement, said Bill Critchfield, chief financial officer. He has had a relationship with Corgenix since 2000.
Under the new license, Corgenix can develop, manufacture and sell diagnostic tests related to the technology everywhere around the globe except Japan. In Japan, Corgenix can develop and manufacture the diagnostic tests. Corgenix cannot sell the diagnostic tests in Japan, except under the direction of Matsuura, the press statement said.
Corgenix has several tests approved for commercial sale that are used to detect and diagnose diseases. The company has about 46 employees and projected annual revenue of $11 million, Critchfield said.
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