DELRAY BEACH, Fla., Oct. 9, 2014 (GLOBE NEWSWIRE) -- VeriTeQ Corporation ("VeriTeQ" or "Company") (OTC Markets:VTEQ), a provider of implantable medical device identification and radiation dose measurement technologies, announced today that it has entered an agreement providing an exclusive license of multiple patents from North Carolina State University ("NCSU"). VeriTeQ will license 24 patents, which are the foundation for its FDA cleared Q Inside SmartMarker and OneDose products for radiation dosimetry.
Q Inside SmartMarker (formerly known as DVS SmartMarker) is an implantable radiation sensor for use in breast and prostate cancer patients undergoing photon external beam treatments. It is implanted in, or adjacent to, solid-mass tumors and gathers data on the actual dose of radiation being delivered to the tumor and surrounding normal tissue. Q Inside SmartMarker is intended to be used in the balancing between delivering maximum dose to the tumor while minimizing the impact to healthy tissue. The sensor can confirm the treatment is conforming to the physician's plan, as even a small deviation from the planned dose can have a significant impact on patient survival rates.
VeriTeQ's OneDose external radiation sensing system is FDA cleared for use in patients being treated with external beam radiation. OneDose is a proprietary, wearable, single-use system that is used to verify radiation oncology doses quickly and conveniently. The OneDose system is comprised of disposable sensors that attach to the patient's skin using a basic adhesive and a scanner that reads the sensor. VeriTeQ believes OneDose is the only wireless, pre-calibrated, disposable, skin surface sensor that provides instant dose delivery data, which could be fed into patient radiology reports and health records.
"Expanding our relationship with NCSU not only helps strengthen our intellectual property portfolio, but, we believe, also better positions us to commercialize these important radiation measurement products through the benefit of a direct relationship with the source of the core science," said Scott R. Silverman, VeriTeQ's Chairman and Chief Executive Officer. "Our team is highly focused on returning to market Q Inside SmartMarker and One Dose, which were previously used in numerous hospitals in the U.S. to help prevent radiation overdose."
The patents in questions were previously being made available to VeriTeQ through a sublicense agreement. The new, direct agreement with NCSU is effective immediately.
VeriTeQ develops innovative, proprietary RFID technologies for implantable medical device identification, and dosimeter technologies for use in radiation therapy treatment. VeriTeQ offers the world's first FDA cleared RFID microchip technology that can be used to identify implantable medical devices, in vivo, on demand, at the point of care. VeriTeQ's dosimeters provide patient safety mechanisms while measuring and recording the dose of radiation delivered to a patient in real time. For more information on VeriTeQ, please visit www.veriteqcorp.com.
Statements in this press release about our future expectations, including the likelihood that expanding the Company's relationship with NCSU better positions us to commercialize these important radiation measurement products through the benefit of a direct relationship with the source of the core science; constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Litigation Reform Act of 1995. Such forward-looking statements involve risks and uncertainties and are subject to change at any time, and our actual results could differ materially from expected results. These risks and uncertainties include, without limitation, VeriTeQ's ability to raise capital; as well as other risks. Additional information about these and other factors may be described in VeriTeQ's Form 10-K, filed on April 15, 2014, and Forms 10-Q, filed on August 20, 2014, May 14, 2014, and November 14, 2013, and future filings with the Securities and Exchange Commission The Company undertakes no obligation to update or release any revisions to these forward-looking statements to reflect events or circumstances after the date of this statement or to reflect the occurrence of unanticipated events, except as required by law.
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