ITI Life Sciences and Cognia Signs Technology Licensing Agreement
News Mar 20, 2007
ITI Life Sciences has announced the signing of a commercialisation licence with Cognia EU Ltd. The licence will enable Cognia to develop a new database product that will streamline researchers’ access to essential scientific information.
Initially the licence permits Cognia to build a single information database around a key subject of interest to drug discovery professionals. Both parties anticipate executing a permanent agreement later this year that will enable Cognia to construct human curated database.
Cognia, as a participant in the ITI Life Sciences Text Mining research programme, has the rights to license the intellectual property (IP) for Life Science applications.
The technology being licensed was developed as part of a three-year ITI Life Sciences R&D programme, involving the University of Edinburgh’s School of Informatics and Cognia, which began in March 2005.
ITI Life Sciences will receive royalties on sales of the product produced using this technology, which will be re-invested in this and other programmes. Financial terms were not disclosed.
Deputy First Minister Nicol Stephen said: “This latest announcement is excellent news for the Scottish economy. ITI Life Sciences’ fifth licence agreement further demonstrates the success of the three ITIs. The revenue generated from these licence agreements is invested straight back into the Scottish economy. It will help to stimulate growth and create new jobs, giving Scottish companies the opportunity to benefit from cutting edge technologies.
“This programme has also highlighted the high level of skills and knowledge in the workplace that is available to international companies locating in Scotland.”