Visible Genetics, University of Pittsburgh deal

VGINF signed a letter of intent with the university's medical center to create Genetic Foundry Inc., a joint venture to develop DNA-based molecular diagnostics. The parties agreed to provide undisclosed financing for a minimum of three years. VGINF receives right of first refusal to worldwide rights to all intellectual property produced by the Foundry, as well as first right of refusal to manufacture, market and sell products generated by the venture. The university and the medical center gain rights of first use for all products produced by the Foundry, and will remain a preferred distributor for all products. ...