Scientific Industries Inc. (OTCBB:SCND), announced today that it has acquired a non-exclusive world sublicense from Fluorometrix Corporation of Stow, Massachusetts to develop, produce and market a line of bioreactor vessels, including culture bags with integral sensors for pH and oxygen, in volumes of 250 milliliters up to 5 liters, for laboratory incubator systems. The sublicense relates to technology subject to patents held by the University of Maryland Baltimore County and UMBC's related know-how and licensed exclusively to Fluorometrix. The sublicense is subject to an exclusive sublicense with respect to the technology and know-how granted by Fluorometrix to Sartorius A/G, a German company engaged in the manufacture of biotechnology products.
Ms. Helena R. Santos, Chief Executive Officer of the Company, stated that the Company intends to develop and market under its sublicense a line of products, complementing its present line of laboratory equipment, incorporating the disposable sensors to allow for the detection of multiple parameters, including oxygen and pH, in a variety of vessels such as bags and flasks.
The Company has paid under the sublicense, which is terminable at the option of the Company on sixty days prior notice, a license fee of $20,000 and a prepaid royalty fee of $20,000 to be credited to the royalty obligation of 6% of proceeds from sales in countries where the technology is patented.
No representation can be made that the Company's proposed development of the licensed technology will be successfully completed or that the resulting products, if any, will produce material revenues.
About Scientific Industries
Scientific Industries manufactures and markets laboratory equipment, including the world-renowned Vortex-Genie(r) 2 Mixer. Scientific Industries' products are used by research laboratories, clinics, pharmaceutical manufacturers, medical device manufacturers, and other industries.
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"Statements made in this press release that relate to future events, performance or financial results of the Company are forward-looking statements which involve uncertainties that could cause actual events, performance or results to materially differ. The Company undertakes no obligation to update any of these statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as to the date hereof. Accordingly, any forward-looking statement should be read in conjunction with the additional information about risks and uncertainties set forth in the Company's Securities and Exchange Commission reports, including our annual report on Form 10-KSB."
CONTACT: Scientific Industries, Inc.
Fax: (631) 567-5896