On Friday 29 july,2011 Bioheart, Inc. (OTC:BHRT) announced its consent to the terms of the license agreement entered into with Airspeed Equity.The concerned agreement relates to four separate Bioheart patents.The prospective license agreement is expected to be beneficial to both the companies.It will extend exclusive authority to Airspeed Equity over the patents and the products associated with the patents.Subsequently Airspeed will be required to make milestone payments to Bioheart Incorporation as well as pay royalties out of sales of the competent products.
Mike Thomas,CEO and president of Bioheart Incorporation expressed that currently the main focus of the Incorporation is on the core technology of muscle stem cells for congestive heart failure patients.He heartily reconized the opportunity to partner with Airspeed and is overwhelmed to stream its potential products to the market through this venture.
Alan Remen,managing director,Airspeed Equity acknowledged that they are glad to be selected by Bioheart incorporation to trade such products which they prophesize will be beneficial for people’s life.Bioheart’s patents perfectly moulds in the medical industry strategy of the company.
The patent comprises of methods of electrical stimulation and biological pacing which are commercialized under the Myostim™ product line.In the words of Howard Leonhardt,Bioheart’s Co-founder and Chief Technology Officer “With the discovery of low voltage electrical stimulation of the heart both regeneration of damaged heart tissue and replacement of high voltage implantable defibrillatorsarrhythmia fibrillation recovery will facillitate a change in the course of life for more than 30 million people who suffer from heart failure across the globe.
Shares of BHRT climbed 10.50% to $0.137 on Friday on solid volume.
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