Agreement Creates Foundation for Commercial Development and Patent Protection of Early-Stage Medical Technologies
WATERTOWN, Mass.--(BUSINESS WIRE)--May 24, 2012-- Dynasil Corporation of America (NASDAQ: DYSL) today announced that it has entered into a technology collaboration agreement with Mayo Clinic, a not-for-profit worldwide leader in medical care, research and education for people from all walks of life. The first project under the collaborative agreement will focus on the development of a therapeutic hypothermia core cooling technology designed to protect the brain during cardiac arrest and traumatic brain injury. Separately, Dynasil and Mayo Clinic are working together on a blood storage technology designed to extend the shelf life of blood products.
The collaboration agreement addresses issues such as reimbursement for development costs as well as the role each party will play in patent protection and commercialization. It broadens a relationship that began in 2011, when Dynasil acquired a biomedical technology portfolio from hematologist Dr. Daniel Ericson. The portfolio included several discoveries owned jointly by Dr. Ericson and Mayo Clinic.
"This agreement establishes the intellectual property and commercialization framework through which Dynasil and Mayo Clinic will advance early-stage innovations to patented products for therapeutic applications," said Steven Ruggieri, president and chief executive officer of Dynasil. "As one of the world's leading not-for-profit medical care and research institutions, Mayo Clinic is a wellspring of inventions and discoveries that have the potential to transform healthcare. Dynasil uniquely complements Mayo Clinic's initiatives with unsurpassed research, development and manufacturing expertise, coupled with a unique ability to assess and prioritize discoveries for commercialization. We are excited about this collaboration and we believe it provides significant growth potential for our Company." About Dynasil Dynasil Corporation of America (NASDAQ: DYSL) develops and manufactures detection and analysis technology, precision instruments and optical components for the homeland security, medical and industrial markets. Combining world-class technology with expertise in research and materials science, Dynasil is commercializing products including dual-mode radiation detection solutions for Homeland Security and commercial applications, probes for medical imaging and sensors for non-destructive testing. Dynasil has an impressive and growing portfolio of issued and pending U.S. patents. The Company is based in Watertown, Massachusetts, with additional operations in Mass., Minn., NY, NJ and the United Kingdom. More information about the Company is available at www.dynasil.com.
About Mayo Clinic Mayo Clinic is a not-for-profit worldwide leader in medical care, research and education for people from all walks of life. For more information, visit MayoClinic.com or MayoClinic.org/news.
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CONTACT: Dynasil Corporation of America Patty Kehe Corporate Secretary 617-668-6855 email@example.com or Sharon Merrill David Calusdian Executive Vice President and Partner 617-542-5300 DYSL@InvestorRelations.com KEYWORD: UNITED STATES NORTH AMERICA MASSACHUSETTS INDUSTRY KEYWORD: TECHNOLOGY OTHER TECHNOLOGY HEALTH BIOTECHNOLOGY MEDICAL DEVICES MANUFACTURING OTHER MANUFACTURING RESEARCH MEDICAL SUPPLIES SCIENCE SOURCE: Dynasil Corporation of America Copyright Business Wire 2012 PUB: 05/24/2012 10:22 AM/DISC: 05/24/2012 10:22 AM http://www.businesswire.com/news/home/20120524005838/