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Biotech / Medical : Paracelsian Inc (PRLN)
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To: John H. Farro who wrote (4255)8/13/1999 4:45:00 PM
From: Jonathan Schonsheck  Read Replies (1) of 4342
 
The Company signed a letter of intent with Kubota Corporation on May 25, 1999
calling for the signing of a development agreement to further develop
Paracelsian's patented Ah Immunoassay(TM) for use in the monitoring of municipal
waste incinerators in Japan. The development agreement was signed on July 20,
1999 and provided for payments to the Company in the amount of $257,000, with
$157,000 due by the end of August 1999. The letter of intent further called for
10
the signing of a license agreement with Kubota and this agreement is currently
being negotiated, and the Company expects to sign an agreement by the end of
August 1999. This agreement will provide both license fees and guaranteed
royalties, although the royalties may not begin for up to three years while the
Ah Immunoassay(TM) is being validated for its intended use in Japan.
In addition to its agreements and discussions with Kubota in Japan, the Company
is also actively involved in discussions with private businesses in Belgium,
Korea and with Ministry of Health and other government agencies in the Peoples
Republic of China regarding development and implementation of the Ah
Immunoassay(TM) to monitor food, water and soil, in addition to municipal waste
incinerators. The Company expects these discussions to be fruitful and result in
further applications for its technology with associated revenues some time in
the year 2000.
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