Applicable Technology fields:
The license is designed for medical device+ technologies which can be used for all Cornell campuses.
FastTrack for Medical Device and Selected Life Science Technology
INCLUDED:
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.
NOT INCLUDED:
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 |
| Upfront Payment | $0 | ||
| 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 |
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| Milestone Payment | $75K, regulatory clearance or certification (if applicable) $150K, sales of $30 M cumulative |
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| Annual Fee
(Creditable against royalties within the same year) |
1-4 years: $0
5-6 years: $25K/year Annual after: $60K/year |
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| 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.) |
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* 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
