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Sanara MedTech Inc. Announces Exclusive License Agreement for Patented Collagen Peptides
FORT WORTH, TX, Jan. 03, 2024 (GLOBE NEWSWIRE) -- Sanara MedTech Inc. Based in Fort Worth, Texas, Sanara MedTech Inc. (“Sanara,” the “Company,” “we,” “our” or
About this update from Sanara Medtech Inc.
[{"type":"text","content":"FORT WORTH, TX, Jan. 03, 2024 (GLOBE NEWSWIRE) -- Sanara MedTech Inc. Based in Fort Worth, Texas, Sanara MedTech Inc. (“Sanara,” the “Company,” “we,” “our” or “us”) (NASDAQ: SMTI), announced today that is has signed an exclusive license agreement with Tufts University (“Tufts”) to develop and commercialize patented technology covering 18 unique collagen peptides. Zach Fleming, Sanara’s CEO stated, “Sanara has established itself as a leader in bioactive collagen peptides with CellerateRX® Surgical Powder (“CellerateRX”). We see significant opportunities to broaden our existing CellerateRX product line and develop new bioactive collagen peptide-based applications that will help improve outcomes and advance patient care while reducing healthcare system costs. We believe that the technology that we have licensed from Tufts, supported by the expertise of our research and development team at Rochal, can help us expand our product offering of collagen products.” License Overview As part of this agreement, Sanara has formed a new subsidiary, Sanara Collagen Peptides, LLC (“SCP”), and has issued 10% of SCP’s outstanding units to Tufts.SCP has exclusive rights to develop and commercialize new products based on the licensed patents and patents pending.The agreement includes one U.S. patent, one granted European patent (validated in France, Germany, Great Britain, and Switzerland/Liechtenstein), one Canadian patent pending, and one Patent Cooperation Treaty (“PCT”) patent pending.SCP will pay royalties to Tufts based on net sales of licensed products and technologies. Royalties will be calculated at a rate of 1.5% or 3%, depending on the type of product or technology developed.SCP will pay Tufts a minimum annual royalty of $50,000 on January 1 of the year following the first anniversary of the first commercial sale of the licensed products or technologies. SCP will pay Tufts a $100,000 minimum annual royalty on January 1 of each subsequent year during the royalty term specified in the exclusive license agreement. About Sanara MedTech Inc. Sanara MedTech Inc. is a medical technology company focused on developing and commercializing transformative technologies to improve clinical outcomes and reduce healthcare expenditures in the surgical, chronic wound and skincare markets. The Company markets, distributes and develops surgical, wound and sk...