NIR Diagnostics, Shaklee Finalize Strategic Alliance Agreement

NIR Diagnostics, Shaklee Finalize Strategic Alliance Agreement
NIR Diagnostics Inc., Campbellville, ON, Canada, has finalized a strategic alliance transaction with Shaklee Corp., Pleasanton, CA, and received the initial payment of $2 million due under the agreement from Shaklee. Under terms of the agreement, NIR Diagnostics will utilize its non-invasive light-based technology to develop a prototype device for use in Shaklee’s food supplement business, for which it will receive an industry standard royalty, as well as a $1 million milestone payment if delivered within one year.