The Center for Technology Licensing (CTL) is Cornell University's technology transfer office. We manage technology for Cornell's Ithaca campus, Weill Cornell Medicine, Cornell Tech, and Cornell AgriTech in Geneva.
FastTrack for Medical Device and Selected Life Science Technology
Applicable Technology fields:
The license is designed for medical device+ technologies which can be used for all Cornell campuses.
Weill Cornell Medicine: Applicable technologies include any class I and class II medical devices including drug-device combinations (to the extent the drug is not the inventive part). Class III medical devices and digital health and imaging technologies that do not have a device component will be decided on a case-by-case basis.
Ithaca and Cornell Tech: The license can be used for all life science inventions except for therapeutic technologies. Examples include technologies in the field of medical devices (including drug-device combinations to the extent the drug is not the inventive part), diagnostics, biotech tools, etc.
This license is NOT applicable for therapeutic technologies which require much more tailored financial milestones and non-financial development plans.
Key financial terms for the Exclusive License
|Equity||4% non-dilutable through subsequent equity financing aggregating $4 million||OR||1% non-dilutable until Change of Control|
|Royalty||2.5% of Net Sales* without Anti-Stacking term||OR||4% of Net Sales with anti-stacking or combination product term (potentially down to 2%)|
|Sublicensing||Pass thru Royalty**
For other sublicense income: 25% before clearance, approval, certification; 15% after such event milestone
|Milestone Payment||$75K, regulatory clearance or certification (if applicable)
$150K, sales of $30 M cumulative
(Creditable against royalties within the same year)
|1-4 years: $0
5-6 years: $25K/year
Annual after: $60K/year
|Patent Expenses||Reimbursement of all past Patent Expenses, plus the first $5,000 in future patent expenses, will be deferred up to 2 years or until $2 M equity financing.
(For any startup companies that elect to locate their principal operations in Tompkins County, NY, Cornell will increase the $5,000 to $20,000 and extend the 2 years to 3 years.)
* For products based on licensed Cornell technologies
** Pass Through Royalty means the sublicensee applies the same royalty rate to its Net Sales as the licensee
- FastTrack Startup License Agreement for Medical Device+ Technologies
- FastTrack Stock Purchase Agreement
- FastTrack Option Agreement