NEMAURA MEDICAL, INC. (OTCMKTS:NMRD) Files An 8-K Entry into a Material Definitive AgreementItem 1.01.Entry into a Material Definitive Agreement.
On May 21, 2018, Nemaura Medical, Inc. (the “Company”) and Dallas Burston Ethitronix (Europe) Limited (“DBEE”) entered into a joint collaboration agreement (the “Agreement”), to which DBEE secured the exclusive license to sell the Company’s sugarBEAT wristwatch-based glucose monitoring system throughout the UK and Europe. The Company and DBEE agreed that they shall share proceeds equally from sales of the Company’s sugarBEAT products. The joint venture intends to seek sub-license rights opportunities to one or more leading companies in the diabetes monitoring space, to leverage their network, infrastructure and resources. DBEE was founded by Dr. Dallas Burston, MBBS, an entrepreneur who has founded and sold several companies specializing in marketing pharmaceuticals.
The initial term of the Agreement is for five years, which may be terminated at the end of such five-year initial term by either party upon at least 12 months’ prior written notice. If such notice of termination is not provided by either party during the initial term, the Agreement shall automatically continue until terminated by either party upon 12 months’ prior written notice. In the event the Agreement is terminated as provided above, the non-terminating party shall receive an exit payment equal to 50% of the open market value of the joint collaboration venture business agreed to by the parties at the time of termination. The parties may also terminate the Agreement if the other party commits a material breach of the terms of the Agreement which is not remedied within 30 days of written notification of such breach, or the other party dissolves or goes bankrupt.
The foregoing description of the Agreement does not purport to be complete and is qualified in its entirety by reference to the complete text of the Agreement filed as Exhibit 10.1 hereto.
Item 1.01. Financial Statement and Exhibits.
† Confidential treatment requested.
Nemaura Medical Inc. ExhibitEX-10.1 2 ex10x1.htm EXHIBIT 10.1 Exhibit 10.1 CONFIDENTIAL TREATMENT REQUESTED. INFORMATION FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN REQUESTED IS OMITTED AND MARKED WITH “****” OR OTHERWISE CLEARLY INDICATED. AN UNREDACTED VERSION OF THIS DOCUMENT HAS ALSO BEEN PROVIDED TO THE SECURITIES AND EXCHANGE COMMISSION. DATED: 21 May 2018 (1) DALLAS BURSTON ETHITRONIX (EUROPE) LIMITED (2) NEMAURA MEDICAL INC JOINT COLLABORATION AGREEMENT CONTENTS 1 DEFINITIONS 2 INTERPRETATION 3 JOINT EXCLUSIVE APPOINTMENT 4 PROTECTION OF THE PATENTS 5 SUB-DISTRIBUTORS 6 MY SUGAR WATCH SERVICES 7 NEMAURA’S UNDERTAKINGS 8 CONSIDERATION 9 PRICES & PAYMENTS 10 LIMITATION OF LIABILITY 11 FREEDOM TO CONTRACT 12 PRODUCT LIABILITY AND INSURANCE 13 CONFIDENTIALITY 14 FORCE MAJEURE 15 DURATION 16 TERMINATION AND RIGHTS UPON TERMINATION 17 NOTICES 18 ASSIGNMENT AND OTHER DEALINGS 19 MODIFICATION AND WAIVER 20 SEVERABILITY 21 ENTIRE AGREEMENT 22 APPLICABLE LAW & VENUE 23 ANTI-BRIBERY COMPLIANCE 24 ADDITIONAL GENERAL TERMS SCHEDULE 1 THE PRODUCTS PART 1 THE SENSOR PATCHES PACK PART 2 THE SENSOR ASSEMBLY DEVICE AND TRANSMITTER (SADT) SCHEDULE 2 TERRITORIES SCHEDULE 3 THE PATENTS SCHEDULE 4 TRADE MARKS SCHEDULE 5 SUB-DISTRIBUTOR (DIABETES) AND SUB-DISTRIBUTOR (SPORTS MEDICINE) CONTRACT TERM SHEET SCHEDULE 6 MY SUGAR WATCH SERVICES AGREEMENT TERM SHEET SCHEDULE 7 SENSOR PATCHES PACK PHOTOGRAPHS THIS AGREEMENT IS MADE THE 21ST DAY OF MAY 2018 THE PARTIES (1) NEMAURA MEDICAL INC incorporated and registered in the state of Nevada CIK number 0001602078 and whose registered office is located at The Advanced Technology Centre,…To view the full exhibit click
About NEMAURA MEDICAL, INC. (OTCMKTS:NMRD)
Nemaura Medical, Inc. is a holding company. The Company owns a diagnostic medical device company specializing in discovering, developing and commercializing specialty medical devices. The Company’s focus is on the development of a continuous glucose monitoring (CGM) device, which consists of a disposable patch containing a sensor, and a non-disposable miniature electronic watch with a re-chargeable power source. CGM through a non-invasive patch can enable early detection of subtle changes in blood glucose levels. The Company, through its operating subsidiaries, performs medical device research and manufacturing of a CGM, named sugarBEAT. The sugarBEAT device is a non-invasive, wireless device for use by persons with Type I and Type II diabetes, and may also be used to screen pre-diabetic patients. The sugarBEAT device extracts analytes, such as glucose, to the surface of the skin in a non-invasive manner where it is measured using sensors and interpreted using an algorithm.