$VTEQ ~ EL would also have a 24-month option to purchase VeriTeQ's Q Inside Safety Technology business for the breast implant market for $10 million, minus the license fee.
Said Scott R. Silverman, Chairman and CEO of VeriTeQ. "Not only will EL deliver cash upfront to us, but also we believe this agreement will ultimately result in increased sales of our products...."
The parties agreed to work towards finalizing more formal documentation/contracts within 90 days
VeriTeQ develops innovative, proprietary RFID technologies for implantable medical device identification, and dosimeter technologies for use in radiation therapy treatment. VeriTeQ offers the world's first FDA cleared RFID microchip technology that can be used to identify implantable medical devices, in vivo, on demand, at the point of care. VeriTeQ's dosimeters provide patient safety mechanisms while measuring and recording the dose of radiation delivered to a patient in real time. For more information on VeriTeQ, please visit www.veriteqcorp.com.
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