Mediscience Technology, Sarnoff to Develop Optically-based Diagnostic Products
CHERRY HILL, N.J., Sept. 13 -- Mediscience Technology Corp. and Sarnoff Corp., of Cherry Hill and Princeton, N.J., respectively, have formed an alliance in the hopes of developing and marketing optical technology products for a variety of diagnostic applications.
The products will incorporate a new approach for the early detection of cancer and physiological functional diagnostics methods. Possible uses include cancer screening for organs such as the cervix, the aerodigestive system, the GI tract and the lungs, where the tissue surface can be optically examined either directly or through the use of fiber optics, said Mediscience Technology. The products will be based on noninvasive photonics-fluorescence technology currently being developed by Mediscience Technology.
Sarnoff will take an initial equity position in Mediscience, with possible increases in the equity share during the development and commercialization process. Sarnoff will provide exclusive licenses to its intellectual property, plus related engineering expertise.
It is estimated that the potential US market for this technology is in excess of $1 billion, and the world market in excess of $2.5 billion, said Frank S. Castellana, president and CEO of Mediscience. We expect our joint effort with Sarnoff to yield the commitments necessary to fund design and product platform development, clinical trials, and operating overhead. This agreement will also help accelerate product commercialization by building upon proprietary intellectual property from both companies.
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