(MENAFN- ProactiveInvestors - Australia) Medigard (ASX: MGZ) has inked an exclusive licence agreement with Shanghai Sol-Millennium Medical Products Co for the global manufacture and distribution of Medigard's Blood Collection Device and Blood Flash Needle.
Sales of the Blood Collection Device are expected in the second half of 2013, which will generate royalties based on the sales price of the products for Medigard.
Under the Heads of Agreement, Sol Millennium Medical will complete any further regulatory requirements for both products.
The agreement also provides Sol Millennium Medical with the option to consider the commercialisation of Medigard's other products.
Sol Millennium Medical has carried out extensive market testing of the Blood Collection Device and made some minor adjustments to the product based on feedback from the positive market testing.
The company will immediately begin the construction of 24 cavity mold production and assembly tooling for the Blood Collection Device.
The Blood Flash Needle requires further regulatory approvals and production should follow soon after the Blood Collection Device.
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