Oxford Gene Technology (OGT) has announced that it has agreed to grant an exclusive option to licence the technology developed by its former Tridend business Unit to MassTag Technologies Ltd. (MassTag), a biotechnology company developing molecular tools for the research and biotechnology market.
The option will convert to an exclusive licence subject to MassTag successfully concluding its current capital raising. Under the terms of the licence, OGT will become a minority shareholder in MassTag.
Mike Evans, CEO at OGT said: “Following a strategic review, OGT decided to focus its efforts in the field of microarrays and sought partners capable of maximising the value from the Tridend business unit products and intellectual property. We are pleased to announce that we have found a partner who, we believe, has the right qualities and expertise to successfully exploit the products.”
John Thornback, CEO and Co-Founder of MassTag stated: "We are excited by the wide range of possible applications of the Tridend technology. The extensive intellectual property package opens up a large number of different product lines and markets. As we are focused on the research and non clinical markets we can bring these products to market quickly and cost effectively."