Home > Press > NanoLogix Receives First Royalty Payment From Joint Venture
NanoLogix, Inc. (PINKSHEETS: NNLX) announced today that the company has received its first royalty payment from Nutra Pharma (OTCBB: NPHC) for the sale and distribution of Nutra Pharma diagnostic test kits, marketed by their wholly owned subsidiary Designer Diagnostics.
NanoLogix Receives First Royalty Payment From Joint Venture
SHARON, PA | Posted on March 27th, 2007
NanoLogix originally developed the patented intellectual property incorporated as a basis for Nutra Pharma's diagnostic test kits. These test kits are currently marketed for use in early detection of infectious human diseases such as tuberculosis and nontuberculosis mycobacterium. NanoLogix has assigned the rights to 11 patents and licensed the rights to 18 others to Nutra Pharma for use in diagnostic test kit development. NanoLogix retains a license for the nanotechnology aspects of the assigned patents and the rights to all nanotechnology aspects of the licensed patents. In exchange for this licensing and assignment, Nanologix receives the greater of either a 6% royalty on gross sales or a significant annual guarantee.
Bret T. Barnhizer, Chairman of the Board, CEO and President of NanoLogix, stated, "Our licensing partnership with Nutra Pharma and the increasing demand for Designer Diagnostics test kits in Africa and Asia has enabled us to achieve a significant corporate goal of establishing a revenue stream from our patented intellectual property. We look forward to a long and rewarding partnership and association with Nutra Pharma and anticipate an ever-increasing revenue stream from that association."
"Not only does this royalty payment secure our licensing rights to the test kit technology, but it also confirms our commitment to building Designer Diagnostics and bringing the test kits to market," explained Rik J Deitsch, Chairman and CEO of Nutra Pharma Corporation. "We look forward to the future success of Designer Diagnostics and developing a closer relationship with NanoLogix over the next several years," he added.
About NanoLogix, Inc.
NanoLogix is an industry innovator in the research, development, and commercialization of nano-biotechnologies, applications and processes. The Company has developed and owns or has rights to 31 patents related to various medical technologies, 5 of which also have hydrogen-generation aspects. In the past year the Company has filed an additional 28 patent applications for discoveries related to hydrogen bioreactors, medical testing, and innovative medical treatments potentially related to leukemia and sepsis. NanoLogix is presently operating a hydrogen bioreactor at Welch's Food and has recently signed an agreement with the City of Erie Wastewater Treatment Plant for a prototype bioreactor installation. While much of the Company's current focus is on the production of hydrogen from agricultural feedstock, industrial wastewater and municipal waste streams in an effort to meet the need for economic sources of clean fuel, the medical heritage of the Company has not been neglected. NanoLogix-developed patents are used to design and market diagnostic test kits for use in early detection of the bacteria present in infectious and noninfectious human diseases such as tuberculosis, pneumonia, HIV/AIDS, cancer, and cystic fibrosis. The company also owns a patent for the non-toxic induction of apoptosis ('cell suicide') for the treatment of cancer. For more information on the Company, visit http://www.nanologix.net .
This press release contains statements, which may constitute "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations of NanoLogix, Inc., and members of its management as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. The Company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.
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