Redmond, WA - Micronics, Inc. today announced that it has granted an exclusive, royalty-bearing, worldwide license to certain blood product safety applications of its laboratory-on-a-card ("lab card") technologies to Pall Corporation (NYSE:PLL).
The details of Pall's product plans for the licensed Micronics' technologies were not disclosed, though the parties plan to collaborate on the development of single use, disposable devices that allow for the rapid diagnoses of blood product safety. Blood product safety refers to the analysis of whole blood and blood components prior to transfusion and other uses.
Under the agreement, Micronics will develop specified products for Pall and will serve as Pall's supplier of commercial disposable devices. In exchange for the rights granted by Micronics, Pall will pay an upfront license fee and development costs to Micronics for products the companies will mutually develop. Pall also will pay royalties to Micronics on products its sells that incorporate Micronics' intellectual property in its licensed field of use.
Certain of Pall's payments under the agreement will be exchanged for equity in Micronics. Additional financial details of the deal were not disclosed.
Redmond, Washington-based Micronics is a leading provider of custom lab card design, development and production services on behalf of clients worldwide. Micronics' patented microfluidics and microplumbing technologies, coupled with expertise in surface chemistries and material science, allow it to fundamentally modify the way in which fluids are processed at greatly reduced volumes, time and cost. Micronics uniquely integrates other components into its lab cards, such as reagents, membranes, sensors and electrodes, in order to enable devices that allow rapid, point of use detection, monitoring and diagnosis. Micronics is believed to offer the most sophisticated and rapid lab card prototyping facility in the world today. For additional information please visit www.micronics.net.
Pall Corporation is the leader in the rapidly growing fields of filtration, separations and purification. Pall's business is organized around two broadmarkets: Life Sciences and Industrial. The company provides leading-edge products to meet the demanding needs of customers in biotechnology, pharmaceuticals, transfusion medicine, semiconductors, municipal drinking water, aerospace and broad industrial markets. Total revenues are $1.6 billion. The company headquarters are in East Hills, New York with operations in more than 30 countries. Further information is available at www.pall.com.
This release contains "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. These statements are based on current Pall Corporation expectations and are subject to risks and uncertainties, which could cause actual results to differ materially. Such risks and uncertainties include, but are not limited to: fluctuations in foreign currency exchange rates; regulatory approval and market acceptance of new technologies; changes in product mix and product pricing and in interest rates and cost of raw materials; the success of Pall and Micronics in enforcing their respective patents and protecting their proprietary products and manufacturing techniques; global and regional economic conditions and legislative, regulatory and political developments; and domestic and international competition in Pall’s global markets. Additional information regarding these and other factors is available on the web at www.pall.com and is included in Pall’s reports filed with the U.S. Securities and Exchange Commission. Copies of such reports can be obtained, without charge, at: www.sec.gov.