Biosignal chief executive Peter Steinberg told PNN's sister publication BioTechnologyNews.net that the company's intellectual property in anti-corrosives for the oil and gas industry, water treatment and anti-microbials for industrial equipment and infrastructure would be licensed to a new company, pending agreement with Biosignal's current partners.
The technology, which has been supported by Santos and BHP Billiton, underwent several successful trials last year that showed Biosignal's anti-biofilm agents could substantially remove corrosion-causing bacterial biofilms that are a major problem for the oil and gas industry.
At last report, the company said in January that the results from British testing show that its anti-biofilm compounds have substantially outperformed the industry standard product glutaraldehyde in reducing the presence of harmful sulphur-reducing bacteria (SRB) in simulated oil and gas pipeline conditions.
Biosignal will receive up-front payments of $US1 million and $US500,000 respectively for all its licences, as well as a 50% share of any revenue generated, and 50% of the proceeds from the sale of the new companies.
Steinberg said that Biosignal also expected to continue its existing development work on the compounds for industrial uses, but on a contract basis.
