Friday, July 15, 2005
Magnetic RAM developer Micromem Technologies Inc. said Thursday (July 14) it has signed an agreement with the University of Toronto giving the company exclusive world wide rights to all MRAM technology developed at the university and funded on its behalf. The agreement covers proprietary technology initially discovered and developed under collaborative research projects led by Professor Harry Ruda of the University of Toronto and co-funded by Micromem (Toronto) and two divisions of the Ontario Center of Excellence which include the Materials Manufacturing division of Ontario (MMO), and the Communications and Information Technology division of Ontario (CITO), Micromem said.
The deal gives Micromem full control over the last three years of technological innovation including the development of the single bit memory prototype announced last February. The company now has worldwide exclusivity on all prior, current, and future patent applications relating to this form of MRAM technology, the company claimed. In addition, the agreement allows Micromem to explore industrial partnerships to accelerate the development and availability of commercial MRAM products.
The agreement supersedes previous co-funded arrangements with MMO, CITO and UT. Under terms of the deal, Micromem has the option buy out the balance of the company's financial obligation to the university for a fixed fee for any patents and technology that Micromem has licensed. "Our collaboration with MMO and CITO over the last few years has proven that partnerships between government and industry can result in significant economic development benefiting everyone," said Joe Fuda, chief executive officer of Micromem, in a statement.
"The quality of our intellectual property ensures that we are a stable, secure business entity that can do business with others. We are well positioned to go after industrial partnerships and take our technology to the next level of commercial development," said Cynthia Kuper, chief technical officer of Micromem, in the same statement.
By: DocMemory
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