Partnership with Planet Innovation
Melbourne, Sep 15, 2016 AEST (ABN Newswire) - Bluechiip Limited (
ASX:BCT), a leader in the development of sample tracking technology for harsh environments, today announced the signing of two agreements with Planet Innovation (PI), winner of BRW Australia's Most Innovative Company for the last two years.
Key points:
- Non-exclusive License and Supply agreement
- Master Services Agreement
Mr Andrew McLellan, Bluechiip's Managing Director & CEO, said: "Today's announcement crystallizes a relationship that has grown over the last year.
BCT now has an Australian innovation leader that works with international partners taking a position in our company on multiple fronts. This will allow BCT and its technology to be more rapidly adapted both for our growing pipeline of opportunities and for the partners we already have in place."
Under the Agreements, the parties will jointly pursue projects where PI's development and commercialization capabilities will be used to create innovative solutions that integrate Bluechiip's patented, wireless tracking technology. BCT also gains access to PI's extensive customer network in the medical devices market.
The addressable market for BCT's and PI's combined capabilities address biomedical and other markets that have a broad and rapidly growing need to track, monitor and store samples in cryogenic conditions at temperatures down to -196°C.
Principal terms of the agreements:
License Agreement
- Bluechiip grants a non-exclusive license to Planet Innovation to develop products that integrate Bluechiip's technology in the field of systems and devices for the handling, storage or monitoring of medical or biological products or samples. This excludes the field of assisted reproductive technologies (ART) where BCT already has an agreement with Genea Biomedx.
- Bluechiip's sells its technology to Planet Innovation including tags, readers and software.
- Planet Innovation commits to minimum annual development expenditure, alternatively to minimum annual purchasing obligations.
Master Service Agreement
- Bluechiip grants a non-exclusive license to Planet Innovation to develop products that integrate Bluechiip's technology and to sell those newly developed products
- A mutual right for each party to engage the other to develop technology for and on behalf of the other
- Bluechiip retains all rights in its core technology and intellectual property
The agreement with PI is non-exclusive, in line with BCT's previously announced agreements with the Chinese CDC and its trial agreement in the USA auto ID and Data Capture industry.
BCT's only exclusive agreement is with Genea Biomedx in the Assisted Reproductive Technology (ART) market.
About Planet Innovation:
Planet Innovation exists to develop and commercialize products that have a positive impact on the world. It provides technology innovation, product development and commercialization expertise to companies around the world and focusses on the biomedical and hi-tech industries. Formed in 2009 by Stuart Elliott, Managing Director, and three other globally experienced biomedical executives, PI believes that a commercial focus is the key to successful product development. These 'commercially-focussed' principles have been the cornerstone of PI's rapid growth and success.
Based in Melbourne, Australia, PI employs over 180 dedicated professionals and was rated Australia's Most Innovative Company by the Australian Financial Review in 2016, 2015 and 2013. PI works with both start-ups and multi-national companies including many of the world's largest diagnostic companies.
Further information is available at:
http://www.planetinnovation.com.au
About Bluechiip Limited
Bluechiip Ltd (ASX:BCT) understands that every sample - stem cells, blood, eggs, sperm and other biospecimens - is critical, so our objective is to manage each one with optimal quality in the most efficient way. Bluechiip's advanced management solution is the only one that provides sample temperature with ID in cryogenic environments to. Most importantly, this delivers confidence in every sample.
Bluechiip's unique patented technology is a MEMS-based wireless tracking solution that contains no electronics. It represents a generational change from current tracking methods such as labels (hand-written and pre-printed), barcodes (linear and 2D), and Radio Frequency Identification. Bluechiip tags are either embedded or manufactured into storage products such as vials or bags. Each product can be easily identified, and critical information such as sample temperature, is detected by readers and stored in the Bluechiip software. In addition to functioning in extreme temperatures, the Bluechiip(R) Advanced Sample management solution can survive autoclaving, gamma irradiation sterilization, humidification, centrifuging, cryogenic storage and frosting.
Bluechiip's technology has applications in healthcare, including in cryogenic storage facilities (biobanks and biorepositories), pathology, clinical trials and forensics. Other key markets include cold-chain logistics/supply chain, security/defence, industrial/manufacturing and aerospace/aviation.
Bluechiip: Delivering confidence in every sample.
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