International. FendX Technologies signed a Collaborative Research Agreement (CRA) with McMaster University detailing the research and development plan for a spray coating formulation.
Dr. Carolyn Myers, President and CEO of FendX, stated, "The development of the aerosol formulation is an important addition to our nanotechnology product portfolio, as an aerosol product has the potential to be easier to apply on high-touch surfaces and will allow us to expand our potential market opportunities once commercialized."
"The development of the aerosol formulation will also strengthen our overall intellectual property portfolio. We are pleased to collaborate with the principal investigators and McMaster, who have a wealth of experience and will be instrumental in working with us on the development of the spray coating formula," added Dr. Myers.
The CRA outlines the research and development work to be carried out by McMaster on behalf of FendX, as well as a payment schedule for the maximum research funding requirements for 2023 and 2024 that were set out in the amended License Agreement. The term of the CRA is 18 months from the effective date of July 1, unless terminated in accordance with the provisions of the CRA.
FendX also announces that it entered into an amendment to the Spray License Agreement dated July 20 this year, whereupon the maximum research funding for McMaster for spray coating formulation work was modified to $85,169 by 2023 and $168,468 by 2024.
