Covalon Technologies said today it received $3.5 million as part of a new licensing agreement with an unnamed large global medical company.
Through the agreement, the Ontario-based company said it is providing rights to its patented antimicrobial medical coating technology and some of its devices.
The agreement also includes $5 million in additional license fees as certain tech development milestones are reached, fees paid to Covalon for tech development services and equipment and ongoing royalties on product sales.
“This new license agreement is yet another milestone for Covalon. It is a validation of Covalon’s patented medical coating platform, which helps prevent infections and saves lives in many clinical settings,” CEO Brian Pedlar said in a press release.
Earlier this month, Covalon said that it inked a new $17 million banking credit facility with HSBC bank to help fund acquisitions and operations.