MDSC - Infotonics/Mediscience Announce Funding and Development Agreement
Jun 26, 2007 12:02:00 PM
Copyright Business Wire 2007
CHERRY HILL, N.J.--(BUSINESS WIRE)--
Mediscience Technology Corp. (MTC) (OTC:MDSC) ("Mediscience"), executed an agreement dated June 21, 2007 with equity partner Infotonics Technology Center Inc.,(ITC) a Rochester New York not-for-profit corporation, under which ITC agrees to develop through advances in optical, mechanical, electrical, software and diagnostic aspects, and to commercialize, Mediscience's medical diagnostic systems via two initial advanced medical products, the Optical Biopsy Pill (OBP) and the CD Ratiometer (CDR) using tissue auto-fluorescence to detect disease states. The companies have agreed to a series of milestones to be achieved through October 2007 for which Mediscience has agreed to pay $2,000,000. ITC will continue to use its best efforts to secure grant awards to meet the $2,000,000 obligation of Mediscience. The Agreement is also intended to benefit BioScopix, Inc., Mediscience's wholly-owned subsidiary that is expected to own the medical diagnostic systems using tissue auto-fluorescence to detect disease states as that technology is further developed. The parties expect impact funding from a NYSTAR grant award of $750,000 applied for by Infotonics and the receipt by subsidiary "BioScopix" of an initial $2-3M of bridge funding through Empire Financial Group Inc NY, to continue commercialization.
The terms of the Agreement described above are only a summary of the Agreement qualified in their entirety by reference to the Agreement filed as Exhibit 10.1 in SEC Form 8-K. dated June 25, 2007.
(MTC/BioScopix Inc.) CEO Peter Katevatis Esq. says, "The relationship with equity partner Infotonics is synergistic and strategic, leveraging Infotonics Nano-Technology and Micro-System capabilities and broad resources to provide MTC with an exceptional state of the art advantage, over competitors. (see below Syracuse May 24, 2006 and CityGroup Oct -1-2004 Reports). This agreement properly places MTC proprietary non-invasive imaging technology for molecular detection of cancer and physiological change in the commercialization stage/track. With Infotonics assistance we intend, to use the net proceeds of the Empire Financial Group NY $2 to 3 Million Bridge funding and prospective $5 to $10M Firm commitment Initial Public Offering to fund commercialization of our Optical Biopsy Pill (OBP) and the CD Ratiometer (CDR)."
EMPIRE FINANCIAL GROUP
Empire Financial is a NASD registered broker dealer approved to provide a broad range of securities services to investors and institutions in all 50 states. The company's home office is located in Longwood, FL.
INFOTONICS TECHNOLOGY CENTER INC.
Infotonics is a consortium whose founding participants include Corning, Inc., Eastman Kodak Company, and Xerox Corporation, a not-for-profit corporation that operates New York State's Center of Excellence in Photonics and Microsystems.
(NYSTAR) NY OFFICE OF SCIENCE, TECHNOLOGY AND ACADEMIC RESEARCHKey goals are: Spur economic development in New York State through academic research; Coordinate and organize New York's wide array of science and technology informational resources and provide our academic, business, and research communities access to these resources.
ABOUT MEDISCIENCE TECHNOLOGY CORP.
Mediscience Technology Corporation and subsidiary are engaged in the design, development and commercialization of medical devices that detect cancer and physiological change using frequencies of light that are emitted, scattered and absorbed to distinguish malignant, precancerous, or benign tissues from normal tissues. Their exclusive protected non-invasive technology combines advantages of real-time results with enhanced diagnostic sensitivity and specificity as compared with other methods of cancer detection.
INVESTOR NOTICE
Certain of the matters discussed in this announcement contain forward-looking statements that involve material risks and uncertainties including market conditions and FDA filings and/or approvals, required before the Camera Pill or the CD Ratiometer can be sold or licensed for use in the United States. This press release is intended to comply with Rule 135c promulgated under the Securities Act of 1933. Submitted in full compliance with sections 8-K 1.01 and 2.01 re: "materiality" as applicable and in fulfillment of SEC Section 6, 6.01 Regulation (FD) Full Disclosure, and Section 7 and 7.0 as well as all applicable and presently effective Sarbanes-Oxley disclosure requirements under Regulation G.
REFERENCE
8-K filing dated June 25, 2007
8-K filing Syracuse Univ. May 24, 2006 72 Pg Report
CityGroup/Smith Barney Report 10-1-2004 by Peter Bye. Page 20
www.Infotonics.org/ResearchProjects/CompactPhotonicExplorers.asp
www.cunyphotonics.com
MEDISCIENCETECH.com
Source: Mediscience Technology Corp.
----------------------------------------------
Mediscience/BioScopix Inc.
Peter Katevatis
Esq.
Chairman CEO
metpk@aol.com
or
Infotonics Tech Ctr.
David Smith
Pres. CEO
585-919-3001
David.R.Smith@infotonics.org
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