BioSante Pharmaceuticals, Inc. today announced that it has signed an exclusive option and license agreement with Medical Aesthetics Technology Corporation ("MATC") for the use of BioSante's calcium phosphate nanotechnology (CaP) in the field of aesthetic medicine. Under the terms of the option and license agreement, MATC will use BioSante's CaP technology to develop products for commercialization in the field of aesthetic medicine, specifically, the improvement and/or maintenance of the external appearance of the head, face, neck and body.
Within the first 12 months MATC has the exclusive right to exercise an option to secure a license to this technology in the field of aesthetic medicine upon payment to BioSante of a license fee. BioSante has the right to receive additional milestone payments upon approval by the U.S. Food and Drug Administration or first commercial sale of each product containing CaP, a royalty on net sales of any such products, and a share of any milestones and license fees from third party sublicenses.
Stephen M. Simes, BioSante's president and chief executive officer, stated, "The area of aesthetic medicine is growing both in prescription and non-prescription products. We are pleased to be working with MATC in this potential new use for our CaP technology in this growing market. This new CaP Option and License Agreement is another step in our strategic effort to maximize the value of CaP to our stockholders."
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