Richmond Hill, Ontario--(Newsfile Corp. - March 15, 2022) - Notox Technologies Corp. (OTC: NTOX) ("Notox" or the "Company") is pleased to announce that the Company has entered into an amendment with the Cleveland Clinic Foundation (the "Clinic") and Notox Bioscience Inc., the Company's wholly owned subsidiary ("NBI"), regarding the exclusive license agreement between the parties (the "License Agreement").
The License Agreement, as amended, grants NBI the exclusive license to certain patented intellectual property of the Clinic relating to the treatment of a neuromuscular defect developed by Dr. Frank Papay, and in particular, the ability to produce, sell, improve and modernize products that incorporate such intellectual property in the fields of aesthetics, drug free pain management, body contouring and perspiration control.
The material terms of the amendment, which follows previous amendments dated effective July 30, 2013 and July 1, 2016, extend the deadline for NBI to achieve the first commercial milestone (the submission of regulatory filings to applicable authorities) to December 31, 2023, and require NBI to begin completing partial reimbursements of the Clinic's approximately US$215,000 in accrued patenting costs as of February 2, 2022 at the rate of US$25,000 per calendar quarter.
The License Agreement is valid until the expiration of the last to expire of certain patents. Pursuant to the License Agreement, we are required to pay the Clinic a royalty based on the sale of certain products, a milestone payment upon the first commercial sale of the first such product and a percentage of any sublicensing revenues.
"I am extremely proud of Notox's progress during the past 24 months in the face of numerous COVID-19 restrictions and related limitations," commented Zoran Konević, the Chairman and CEO of Notox. "This amendment indicates that our primary partnerships are stronger than ever and it has also been comforting to receive such fantastic support. In particular, I would like to thank David Weinrauch for his leadership and loyalty, as well as all our key shareholders."
In addition, Notox is pleased to announce that, further to its news release dated December 15, 2021, the Company has appointed the first two members of its new Medical Advisory Board, Dr. Frank Papay and Dr. Tyler Kendall.
Dr. Frank Papay, MD
Dr. Papay is a biomedical engineer and surgeon who holds dozens of U.S. patents and has received more than 50 industry honors-including the Medal of Merit from Ohio University, the WebMD Health Hero Award in Science and the George and Grace Crile Surgical Award. Currently, Dr. Papay is professor of surgery at the Lerner College of Medicine at Case Western Reserve University and Chairman of the Dermatology and Plastic Surgery Institute at the Cleveland Clinic.
Throughout his career, Dr, Papay has made many important contributions to invention and innovation in surgery and medicine. His patents have been licensed to many prominent biotech companies, he is a co-founder of several Cleveland Clinic startups, and he has published more than 215 peer-reviewed pieces and currently serves on the editorial review boards of several medical journals. He has served in several executive positions for the American Society of Maxillofacial Surgeons, American Association of Plastic Surgeons, American Plastic and Reconstructive Surgery Society, Fellow American College of Surgeons and Fellow American Academy of Pediatrics. Most recently, he was inducted as a fellow in the National Academy of Inventors.
Dr. Tyler Kendall, MD
Dr. Kendall is a neurologist who specializes in cellular and molecular biology. He has demonstrated strong leadership throughout his career and has received a number of memberships, nominations, recognitions and awards from the American Society of Anesthesiology, the American Academy of Neurology, and other organizations. Dr. Kendall is currently a neurology resident at the Memorial Healthcare System in Hollywood, Florida.
"Dr. Papay brings decades of experience and creativity to Notox, as well as his stellar reputation and connections, all of which we expect will benefit the Company and its shareholders," stated Mr. Konević. "We are also eager to leverage Dr. Kendall's knowledge and perspective in order to ensure Notox's success. To date, we have established a strong team of talented experts and gained access to over 1,000 engineers, PhD's, scientists, designers and administrators through our relationship with Ximedica, a Veranex company, and we look forward to making Notox a better company in the coming months."
About Notox Technologies Corp.
Notox Technologies Corp. (OTC: NTOX) is in the business of developing and commercializing innovative technologies primarily through its wholly owned Nevada subsidiary, Notox Bioscience Inc. The Company is seeking to build its distribution capabilities for medical and aesthetic products around the world, and to market a credible, non-toxic alternative to Botox and subsequently develop other features of its Notox technology such as drug-free pain management, body countering, skin tightening and anti-perspiration.
Safe Harbor Statement and Forward-Looking Statements
This news release may contain forward-looking statements that involve known and unknown risks, uncertainties and other factors which may cause the Company's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Forward-looking statements reflect the Company's current views with respect to future events and are based on assumptions and subject to risks and uncertainties. Given these uncertainties, investors should not place undue reliance on these forward-looking statements. Such statements may include, but are not limited to, information related to: anticipated operating results; relationships with customers and strategic partners; consumer demand; financial resources and condition; the ability to list any securities for trading on a recognized exchange; changes in revenues; changes in profitability; changes in accounting treatment; changes in management; cost of sales; selling, general and administrative expenses; interest expense; the ability to produce the liquidity or enter into agreements to acquire the capital necessary to continue operations and take advantage of opportunities; and legal proceedings and claims. Except as required by law, the Company assumes no obligation to update any forward-looking statements publicly, or to update the reasons actual results could differ materially from those anticipated in any forward-looking statements, even if new information becomes available in the future.
