Ortivus Signs Agreements With Agilent Technologies Worth At Least USD 32 Million
STOCKHOLM, Sweden--(BUSINESS WIRE)--Nov. 1, 2000--Ortivus has now signed two five-year agreements with Agilent Technologies, one for an extension of the existing marketing agreement, and one for new broad industrial cooperation.
The marketing agreement gives Agilent exclusive right to utilize and sell Ortivus' MIDA technology for cardiac monitoring. The industrial cooperation is aimed at integrating Ortivus' technology into Agilent's other products, and for joint development of new products and systems solutions. The agreements give Ortivus guaranteed licensing income of at least USD 32 million over a five-year period.
The extension of the marketing agreement means that Ortivus already in the short term gets an improved revenue potential for existing products. The industrial cooperation is aimed, in part, at integrating Ortivus' technology and systems into several of Agilent's other products, and in part at jointly developing new products and systems solutions. This spells a great potential for Ortivus' future. By cooperating with a global company, it will be possible to incorporate Ortivus' technology and systems solutions into a wider variety of products and into products with larger volumes. The agreements contain provisions for guaranteed licensing fees of at least USD 32 million, which is significantly higher than under the prior five-year agreement.
Agilent Technologies, which is one of the world's largest manufacturers of medical/technical equipment, has four divisions in the medical/technical sector. Previously, the cooperation between Ortivus and Agilent Technologies has applied solely to the patient monitoring division. The new cooperation agreement now also embraces the other divisions.
The signing of the agreements means that Ortivus will withdraw its summons application against Agilent Technologies.
Ortivus AB combines IT and telecommunications in medical/technical applications. The Company develops, manufactures and markets systems and components that save lives and monitor patients' health during ambulance transport, at hospitals and in the home. Important areas of activity are patient informatics and decision-support in connection with acute heart disease, pre-hospital care and support in connection with investigations of sleep disturbances, epilepsy and other neurological conditions. Ortivus AB was established in 1985 in Sweden. Aside for subsidiary Biosys, subsidiaries have been established in the United Kingdom and the United States. 1999 sales were MSEK 73, compared to MSEK 42 for the year before. The number of employees is about 60.
Since January 1997, Ortivus AB is listed on the O-list of the OM Stockholm Stock Exchange.
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CONTACT:
Akbar Seddigh, Executive Vice Chairman
46 8 446 45 00
or
Claes Stenlander, President and CEO
46 8 446 45 00
www.ortivus.com
KEYWORD: SWEDEN INTERNATIONAL EUROPE
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