Exhibit 10.21
Contract Between Biophan Technologies, Inc. (BTI),
Xxxxxx Xxxx and Nanoset, LLC
Concerning Nanomagnetic Materials Patent Applications
The patent applications(s) will be assigned to Nanoset, LLC, with the
following understandings..
a) Biophan Technologies, Inc. will pay Xxxxxx Xxxxxxxxx for his time
involving this patent application(s); and will pay Xx. Xxxx. Directly, a
one-time licensing fee of S10,008 now and $5,000 more when the patent
application(s) issues in exchange for a paid-up royalty fee, exclusive
license for medical application(s) for the life of any patent or patents
(US and/or foreign) issuing on such patent application(s). Medical uses
shall include uses in shielding pacemakers and other medical devices,
formulations, pharmaceuticals, composites, prosthetics, etc. used for
treating humans or animals in any fashion. Implantable or invasive or
external. BTI rights shall include rights of enforcement and sub-
licensing in the medical field. BTI shall consult with Xxxxxx Xxxxxxxxx
on enforcement strategies and potential downstream prosecution.
b) BTI will negotiate an R&D contract for consulting services to demonstrate
the effectiveness of the technology In an MRI field. Xx. Xxxx will
determine who shall assist him in the project, including use of
facilities and students at Xxxxxx. etc. Xx. Xxxx will xxxx BTI for his
time on this project.
c} In the event that the shielding shall prove effective for shielding a
metal pacemaker lead from MR. energies adequately to enable pacemaker
shielding that can be commercially applied, BTI will grant Xx. Xxxx an
option to acquire 25,000 shares of BTI stock at $1 per share.
d) Rights for use in other non-medical devices (or applications) shall
remain with Nanoset (see b).
Xxxxxxx Xxxxxx 2/07/02
CEO Date
Biophan Technologies, Inc.
Xxxxxx Xxxx 2/7/02
Individual Date
Xxxxxx Xxxxxxxxx, Esq. 2/7/02
Date
Managing Partner
Nanoset, LLC
