BTG grants QRSciences option on NQR patents
BTG, a UK-based medical innovations company, says that it has signed an option agreement with Australia's QRSciences Pty, a wholly-owned subsidiary of QRSciences Holdings, for the latter to acquire all rights to BTG's portfolio of NQR explosives and drug detection patents.
Under the agreement, QRS will make an immediate payment to BTG of $500,000 and, if the option is exercised, deferred payments payable in installments over the next 14 years plus contingent payments based on product sales.
Louise Makin, BTG's chief executive, commented: "we are pleased to sell these patents to QRS, which we believe is in the best position to maximize revenues from these assets over the longer term by developing and selling products and licensing third parties. This agreement is in keeping with our strategy to focus on medical innovations, while realising value from our legacy physical sciences portfolio."
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