Broncus Medical Inc., (HKG: 2216) a provider of lung disease precision intervention solutions with operations in Shanghai and Hangzhou, China, and San Jose and Seattle, United States, has announced the termination of a licensing agreement between its subsidiary Broncus Medical and Hangzhou Norchant, which was originally signed in September 2021. Under the agreement, Broncus Medical had granted Norchant a non-exclusive license to its intellectual property rights related to navigation, diagnosis, and treatment technologies in the field of robot-assisted medical intervention in specific countries and regions globally. Norchant was obligated to pay Broncus Medical an annual licensing fee of USD 250,000 for a period of 10 years.
Following the cancellation, Broncus Medical is required to pay Norchant a cancellation fee of USD 500,000, based on the paid licensing fees and the research and development expenses incurred.- Flcube.com
