A Medical Device Daily
Q-Med (Stockholm, Sweden) and Medy-Tox (Seoul, South Korea), a pharmaceuticals company, have decided to terminate their collaboration agreement that was entered into in 2007 (Medical Device Daily, Feb. 12, 2007).
The collaboration comprised the development and commercialization of new products based on botulium toxin and potential for Q-Med to distribute Medy-Tox's existing botulinum toxin type A product.
The parties have both signed a separation agreement, amongst other things, where they agree to a financial settlement which entails Medy-Tox repaying the majority of the loan that Q-Med has given the company up until the present date. Further details concerning the repayment will not be made public, however.
The parties' original agreement included Q-Med giving Medy-Tox a loan of up to $3 million for the adaptation of facilities and manufacturing processes, and paying up to $8 million on condition that certain commercial objectives were achieved.
Q-Med said it still aims to continue work on the development and commercialization of products within the botulinum toxin area.
In other agreements/contracts news:
• Zotec Partners (Indianapolis), a provider of medical billing, practice management and radiology information systems software, reported that New Jersey-based Atlantic Medical Imaging (AMI) has licensed the company's Electronic Billing Center suite, which includes the RIS, EZ Med Portal and Decision Support tools. Zotec said its software suite will enable the AMI to accomplish better patient care while enhancing workflow management.
AMI is a full service, outpatient imaging practice operating seven offices throughout New Jersey and providing professional services to three area hospitals.
• Instrumentation Laboratory (IL; Lexington, Massachusetts) reported that it has been awarded a three-year contract for its critical care portfolio with Premier Purchasing Partners (San Diego), the group purchasing unit of the Premier healthcare network. This is the fifth contract Premier has awarded IL since 1998.
"Our relationship with IL enables Premier members to access high-quality, cost-effective blood gas products and services. We look forward to offering those benefits for another three years," said Barbara Maillet, Sr. Director of Laboratory Services for Premier's Group Purchasing Services.
The contract covers IL's portfolio of critical care analyzers, reagents, consumables and service, including IL's flagship product, the GEM Premier 4000 analyzer for blood gas, electrolyte and metabolite and integrated CO-Oximetry testing.