Here are five points:
1. Under the agreement, Misonix licensed certain manufacturing and distribution rights for its SonaStar product line in The People’s Republic of China, Hong Kong and Macau.
2. The licensing agreement was in exchange for payment of a minimum of $11 million.
3. Specifically, the agreement outlines:
• $5 million worth of upfront technology license fees and stocking orders
• Minimum royalty payments from SonaStar products sale of $2 million per calendar year in 2019, 2020 and 2021
• Additional royalty payments based on product sales through August 2027
4. Additionally, Misonix will supply SonaStar products to Hunan Xing Hang Rui Kang Bio-Technologies Co. at agreed prices during the transition.
5. Misonix develops therapeutic ultrasonic medical devices.
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