Medisafe 1 Technologies, a developer of patented technologies that physically prevent unauthorised administration of prescription medications, to transfer rights for the full commercialisation, marketing and distribution of its patented medicinal locking mechanism and bar-code matching system to an undisclosed party. Terms of the sale include a one-time payment of US$7 million. The perpetual, non-exclusive licence agreement is anticipated to be signed within 60 days, subject to the results of a due diligence study by the intended buyer.
The patented technology physically prevents medication administration errors in hospitals. The device includes a syringe locking mechanism that works in concert with a bar-code reader and database system. It electronically confirms whether the syringe held by a medical practitioner contains the correct medication and dosage that has been prescribed to a particular patient, before allowing that medication to be physically administered.