March 20, 2001
"for Impedance Cardiography Intellectual Property"
Agreement Signed for Impedance Cardiography Intellectual Property
A license agreement and a sponsored research contract were signed between Drexel University and Wantagh Inc, Bristol PA on February 9, 2001 regarding the Impedance Cardiography and Heart Monitoring Device (IQ) developed by Dr. Xiang Wang and Dr. Hun H. Sun (US patents 5,309,917, 5,423,326 and 5,443,073 in 1995). The intellectual property for this device will now be assigned by Drexel University to Wantagh Inc with the exclusive rights for the manufacturing and marketing of the IQ System.
The IQ System is a new non-invasive hemodynamic monitoring system which can measure upto 12 cardiac parameters including cardiac output (CO), cardiac index (CI), stroke volume (SV). This safe and affordable technology will replace the current invasive technique, namely the dye dilution method that is now used in hospitals around the world.
The agreement includes an initial license fee of $150,000 and an additional $800,000 for sponsored research over four years and royalties of up to $3,000,000 for units sold by Wantagh Inc. This amounts to an estimated total IP agreement of $4,000,000. Wantagh plans to incorporate the technology developed under this research program into future versions of their FDA approved medical device, the IQ System. The contract was negotiated by Victor Korsun, Associate Vice President for Technology Commercialization of Drexel/MCPHU and James Gunnerson, President of Wantagh Inc.
Dr Wang received his Ph.D. in 1991 under Dr Sun's supervision and is now a practicing attorney in Washington DC. Dr Sun joined Drexel faculty in 1953, retired in 1995, and since then has led several research projects at Drexel as a research Professor in the School of Biomedical Engineering, Science and Health Systems and Electrical and Computer Engineering Department.
Jointly with Dr Ata Akin, Research Assistant Professor of Biomedical and Engineering and Electrical Engineering, Dr Sun will serve as the Principal Investigator for this research contract, assisted by Dr Han C. Ryoo, post-doctoral fellow, and two graduate students in the Biomedical Information Technology (BIT) laboratory.
Please join me in extending our best wishes for success to the Drexel-Wantagh team and our special thanks to Mr. Korsun for ably leading the negotiations. We hope that this project will set an example for future successful intellectual property licenses that will further Drexel's intellectual property portfolio.