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Resonance Health shares sky-rocketed after the company announced the execution of license agreement for the use of patents. The stock price jumped as high as 54.098% to last trade at $0.094 on 3 January 2019. And if the stock continues to move with the same trajectory, it may set a new high surpassing the current high of $0.105.
In todayâs announcement to Australian Securities Exchange, health care equipment and software services company Resonance Health Limited (ASX:RHT) unveiled the news of license agreement that it has executed with Wisconsin Alumni Research Foundation (WARF) for the use of various patents owned by the latter. Â
This agreement allows the company to use WARFâs patents in the development and commercialization of alternative methods for measuring proton density fat fraction from MRI images. In exchange, Resonance will pay an annual license fee to WARF by 31 December of each calendar year. Although the fees amount remains commercially confidential, the company stated license fees would be based on the number of services that Resonance sells or performs to unrelated third parties. It translates no fees payable if no services sold.
Resonance already has FerriScan® and FerriSmart® products in place. These regulatory-approved technologies set the industry standard high in the provision of the accurate and quick return of the liver iron concentration measurement. The company targets to combine its expertise in fat and iron quantification with the use of technologies covered by the WARF patents so that it can offer a vast range of services to clinicians for the diagnosis and management of fat-related diseases.
The World Health Organization has estimated that the non-alcoholic fatter liver disease (NAFLD) impacts around 10-30% of the global population of 7.6 billion people. Moreover, it believes that NAFLD will be the primary cause of liver transplant worldwide.
On the termination front, Resonance Health has the right to terminate this License Agreement by giving 90 daysâ notice to WARF. Whereas, WARF may terminate the License Agreement if Resonance Health does not achieve first commercial sales on or before 1 January 2022, or if Resonance Health fails to submit a development report on time, or defaults in the payment of an annual license fee payable under the License Agreement.
The other essential terms of the agreement include the submission of Resonanceâs development plan to WARF within 30 days of execution of the License Agreement. It also requires submitting a semi-annual development report to WARF. Moreover, the agreement allows WARF to review the companyâs records on 30 daysâ notice.
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