Amarillo Biosciences (OTCMKTS:AMAR) Enters into Third Addendum Agreement with Taiwan Carbon Nano Technology Corporation to Develop Medical Applications

Amarillo Biosciences (OTCMKTS:AMAR) recently disclosed in a Form 8-K filing with the Securities and Exchange Commission that on October 16, 2024, the company entered into a significant agreement. This agreement is the third addendum to the existing product development agreement with Taiwan Carbon Nano Technology Corporation (TCNT), focusing on the co-development, exclusive sales rights, and patent authorization for specific nitrogen-oxygen separation machines tailored for medical applications.

The new agreement, referred to as the “Third Addendum Agreement,” entails TCNT providing exclusive use of patents to Amarillo Biosciences for these medical applications. This exclusive usage arrangement requires Amarillo Biosciences to pay a monthly fee of $50,000, plus a 5% sales tax, for a duration of one year commencing on October 16, 2024. The terms further stipulate that subsequent payment arrangements and licensing methods can be negotiated between the parties following this initial period.

Under the overarching Product Development Agreement, initially established on August 1, 2021, and subsequently amended on January 9, 2024, and July 8, 2024, Amarillo Biosciences and TCNT have collaborated on various pharmaceutical, medical device, and related product developments. TCNT’s significant interest in Amarillo Biosciences through Ainos Inc., a Cayman Islands corporation, as well as the majority control over the company, solidifies the strategic partnership between the two entities. As of October 17, 2024, Ainos KY, which controls approximately 62.9% of the voting power of Amarillo Biosciences, is a key shareholder with direct ties to TCNT.

The specifics of the Third Addendum Agreement are documented in an English translation, filed as Exhibit 10.1 with the Form 8-K report, providing a detailed account of the terms agreed upon between Amarillo Biosciences and TCNT.

This development not only showcases the continuing collaboration between Amarillo Biosciences and TCNT but also highlights the company’s strategic efforts to advance its offerings in the medical field through innovative partnerships and agreements. The exclusive access to patents for nitrogen-oxygen separation machines designed for medical applications signifies a significant step forward for Amarillo Biosciences in expanding its product portfolio.

The financial implications and operational impact of this agreement are anticipated to unfold as the partnership progresses, subject to negotiation and subsequent licensing discussions between the involved parties in the future.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Amarillo Biosciences’s 8K filing here.

About Amarillo Biosciences

Amarillo Biosciences, Inc, a healthcare company, engages in the discovery and development of pharmaceutical and biotech products in the United States and Asia. The company operates in three divisions: Pharmaceutical, Medical, and Consumer. The Pharmaceutical division offers low-dose non-injectable interferon (IFN) for the treatment of neoplastic, viral, and fibrotic diseases.