China Medical Technologies Inc. has entered into a 10-year collaboration agreement with the Biomed-X Center of Peking University.
China Medical Technologies and Biomed-X Center will establish a new research laboratory that is expected to be used as a platform for the research and development of medical devices that complement China Medical's existing products.
The goal of this initiative is to strengthen China Medical's research capabilities, further enhance the functionality of existing products, expedite the development of new products, and expand the company's product range.
Under the terms of the agreement, China Medical will be responsible for all of the development costs and in return will retain the intellectual property rights relating to any products that will be developed. China Medical expects to fund the laboratory on a project basis over the 10-year period.
China Medical and the Biomed-X Center will each inject san initial investment to establish the research laboratory. China Medical will also provide annual funding for the laboratory to use towards general operating expenses, rent, and the hiring of research personnel. The company together with the Biomed-X Center will thoroughly and cautiously assess the potential, feasibility and budget of each project.
The Biomed-X Center focuses on research related to human biological systems. In association with other academic and industrial groups, the Center attempts to develop new and innovative technologies and products through a multi-disciplinary exchange of scientific research in fields such as medicine, pharmacology, applied science, sociology, information technology, physics, and engineering.