Term sheet in place for first Commercialization Agreement
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AcouSort and one of its lifescience partners (OEM Partner 1) have agreed on a non-binding Term Sheet to serve as the basis for a formal Commercialization Agreement for using AcouSort IP in future new versions of one of the Partner’s current main product families.
According to the Term Sheet, the Partner will exclusively license AcouSort Technology for a specific application within the Partner’s business field.
The Term Sheet contains agreed commercial terms such as sales dependent royalty rates and minimum royalties
This very important milestone is in line with the company’s strategic plan for primarily commercializing its acoustofluidics technology through OEM or licensing agreements with major life science players.
