Item 8.01 Other Events
On January 5, 2021, GBS, Inc. (the "Company") entered into a certain Research
Collaboration Agreement with Harvard College for the purposes of facilitating
mutual collaboration in scientific research in connection with the Company's
non-exclusive royalty free license to combat COVID-19 coronavirus. The
contemplated collaboration includes research teams from the Company and Harvard
and will include, among others, exchange of materials and research data, to now
progress with the milestone of integrating the Harvard technology with the
Company's biosensor with applications for SARS-Cov-2 antibody test for COVID-19.
The Company agreed to pay Harvard a total amount of $609,375 payable in 3
instalments, with $304,687.50 payable upon receipt of the initial invoice, and
two additional payments of $152,343.75 each, upon 90 and 180 day anniversary
following the date of the agreement. The Company and Harvard will retain all
right, title and interest in and to their respective inventions, and will own
joint rights to joint inventions. With respect to each invention, subject to
third party rights and any limitation imposed by law or by terms of any grant,
contract, or cooperative agreement, Harvard granted to the Company an option to
negotiate in good faith with Harvard for a non-exclusive or an exclusive, at
Company's discretion, royalty-bearing, worldwide license, with the right to
sublicense (with respect to an exclusive license), under Harvard's interest in
the Harvard patent rights and the joint patent rights to develop and make
products on terms that are commercially reasonable to the industry. The term of
this collaboration is nine months from the effective date of this Agreement. The
Agreement contains certain other terms and provisions customary for agreements
of this nature.
© Edgar Online, source Glimpses
