NIR Diagnostics Inc. (TSXV: NID), an Ontario-based medical test developer, says it is scrapping licence deal with Shaklee Corp. over a payment dispute under the agreement.
NIR said Monday it had exercised its right to terminate the August, 2006 licence deal with U.S.-based Shaklee “arising from its failure to pay amounts to NIR Diagnostics when due.”“As previously disclosed, Shaklee disputes that it has breached the licence agreement,” NIR said in a release.
NIR makes handheld testing devices that can be used to test foods and other products.
“With sales in the global nutraceuticals industry projected to reach $187 billion by 2010, and with only expensive and time consuming laboratory testing available to monitor the impact of these products, this market is an ideal application of our non-invasive technology,” said Duncan MacIntyre, president and CEO of NIR Diagnostics.
NIR develops near-infrared, spectroscopic medical diagnostics and has a portfolio of optical, electronic and algorithm related patents for use in blood analysis.
Shaklee Corp., based in Pleasanton, Calif., is a maker of nutritional and weight loss products as well as environmentally friendly cleaning supplies for the home.
Logo from Shaklee.
Pearlcium on September 9th, 2008 at 6:39 am
Very interesting, that deal has been going on for a while.