NEW YORK, Aug. 26, 1999 (PRIMEZONE) -- IMSCO has issued a license for its unique proprietary electrostatic separation technology to BIOELECTRIC SEPARATION, INC., (BSI) a New York Corporation and wholly owned subsidiary of WALDMAN SCIENTIFIC, INC., Oceanside, NY (WSI). The worldwide license allows BSI to research, develop, license, manufacture and market medical products and devices incorporating IMSCO's separation technology.
BSI will build upon IMSCO's initial trials, conducted at Massachusetts General Hospital and The Mayo Clinic, which substantiated the technology by binding and removing hepatitis B virus from human plasma. WALDMAN SCIENTIFIC is a privately held, technology development company that focuses on the use of novel binding and attachment platform technologies to improve diagnosis and treatment of human disease.
BSI's initial product lines, which are based on IMSCO's patented electrostatic technology, will be diagnostics and devices intended to increase the safety and quality of blood and blood products by improving the detection and removal of contaminating viruses and bacteria. WSI President and CEO, Alan A. Waldman, Ph.D., formerly the technical director of the New York Blood Center, stated the IMSCO technology offers an innovative approach that can have a major impact on the multibillion dollar blood testing and processing market.
The twenty-year license to BSI calls for a licensing fee of $350,000 and minimum annual royalties of $250,000. As part of the licensing Agreement, IMSCO will be issued 30 percent of the shares in BioElectric Separation, Inc., a newly formed WSI subsidiary.
IMSCO Technologies, Inc., a separation technology company based in North Andover, Massachusetts, has developed a patented proprietary process that decaffeinates brewed coffee on demand. In addition to decaffeination and separation of contaminants from blood products, the process has the potential to be applied to water purification and desalination, purification of essence in the perfume industry and flavors in the flavor industry, as well as selective isolation of many different materials.