WoundZipper Licensing Program FAQ's
The intellectual property associated with the WoundZipper is currently available for licensing. Below are the most common questions a potential licensee or purchaser is likely to ask before negotiating the terms of a license or sale:
WHAT IS BEING LICENSED?
The license will include: (1) the U.S. Patents for the WoundZipper; (2) the Chinese patent; (3) the European patent; (4) The trademark rights to the WoundZipper and its distinctive logo; and, (5) the general technology and know-how relating to the WoundZipper.
The global patents for the WoundZipper include:
(1) Three U.S. Patents for the WoundZipper;
(2) The Chinese Patent; and,
(3) The European Patent covering the United Kingdom, France, Germany, Spain, and Italy.
IS THE WOUNDZIPPER AND ITS INTELLETUAL PROPERTY FOR SALE?
Yes, if a company were interested in purchasing, rather than licensing the patents, trademark, and know-how, then a sale could be negotiated for the right price.
WHAT ARE THE PATENT NUMBERS FOR THE WOUNDZIPPER?
United States Patent No. 9,486,217 issued on November 8, 2016.
United States Patent No. 9,693,776 issued on July 4, 2017.
United States Patent No. 10,729,439 issued on August 4, 2020.
Chinese Patent No. Patent No. CN108201456B issued on June 28, 2019.
The Europe Patent Office has granted a European Patent, which is projected to become effective by December, 2020 in the United Kingdom, France, Germany, Spain, and Italy.
WHAT DO THE WOUNDZIPPER PATENTS COVER?
The patents broadly cover the essential features of the WoundZipper. At a general level, the patent covers the use of flexible magnetic strips of opposite polarity secured to each side of a wound. After proper positioning of each magnetic strip, the magnets are permitted to attract each other thereby closing the wound. The WoundZipper is an elegant solution, which replaces time consuming, scar prone, and fear inducing devices such as sutures and staples, and replaces other less effective wound closure devices such as Steri-Strips that fail to close the wound uniformly along its entire length.
WHEN WILL THE PATENT RIGHTS EXPIRE?
The earliest patent does not expire until February 24, 2035. Other patents expire on December 16, 2036 and beyond.
ARE THERE INTERNATIONAL PATENT RIGHTS FOR THE WOUNDZIPPER?
Yes, in addition to the United States, there are patents in China and Europe.
WHAT IS THE STATUS OF THE TRADEMARK RIGHTS?
The United States Trademark Office has issued United States Trademark Registration No. 5,266,212 for WoundZipper.
ARE THERE INTERNATIONAL TRADEMARK RIGHTS FOR THE WOUNDZIPPER?
The trademark rights will be reserved overseas after the licensor and licensee agree upon the essential foreign markets in which the trademark should be reserved.
WHAT IS THE SIZE OF THE MARKET FOR THE WOUNDZIPPER?
There are many applications for the WoundZipper in a variety of contexts such as doctor’s offices, surgical wards, home use, and in emergency rooms. There are a total of approximately 90 million skin-suturing procedures performed each year for emergency, non-emergency, and elective incision procedures. If one conservatively limits the market for discussion purposes to the emergency room setting, then it is instructive to note that 12.2 million wounds are managed each year in emergency rooms in the United States. If market penetration were only 5%, a licensee would still generate a gross profit of over $2.3 million per year after royalties are paid based upon the emergency room market alone and the assumptions described in the discussion of ROYALTY RATE below. If 5% market penetration was achieved in the greater market of 90 million procedures, then a licensee would generate an estimated gross profit of $17 million per year after royalties are paid.
WILL THE LICENSE BE EXCLUSIVE OR NON-EXCLUSIVE?
We are currently seeking an exclusive licensee with minimum annual sales, which will be negotiated. Alternatively, we seek a non-exclusive licensee without minimum sales requirements.
WHAT WILL BE THE TERM OF THE LICENSE?
The initial term is expected to be 3 to 5 years with a right to renew if minimum sales targets are met.
WHAT WILL BE THE LICENSED TERRITORY?
It will be commensurate with the marketing and distribution reach of the licensee.