Intellectual Property
VeriTeQ has proprietary technology, including patents, patents pending, patent licenses, and FDA cleared and CE marked products. Certain of our patents are subject to security and/or license agreements that require us to make certain payments, including the payment due under a promissory note, in order for us to retain exclusivity and/or usage.Our patent that relates to the use of our Q Inside Safety Technology in a breast implant is jointly owned with EL. Pursuant to our agreement with EL, we have agreed to pay them a 10% royalty in any year in which sales of the Q Inside Safety Technology for breast implants to third parties exceeds 100,000 microtransponders. Q Inside Safety Technology is a trade name being used in connection with the Company’s UDI products and, as discussed above, we are branding our dosimeter products as Q Inside SmartMarker. Other registered trade names are VeriTeQ’s OneDose® and DVS SmartMarker®. Destron Fearing Corporation and its parent, Allflex U.S.A. Inc., have covenanted not to sue the Company for its use of any intellectual property in human applications. Accordingly, we have the ability to deploy any of their technology and/or patents created before November 2008 free of charge for use in the medical field
AI
