January 15-16, 2004
ITEM 122-2015-R0104 Approval of University System/Employee Joint Venture; Montana State University-Bozeman
THAT: In accordance with Montana University System Policy 407, the Board of Regents of Higher Education authorizes Montana State University-Bozeman to enter into a licensing arrangement and other contractual arrangements with SensoPath Technologies for intellectual property developed by University employees Brenda Spangler and Charles Spangler, each of whom has a significant financial interest in SensoPath Technologies.
EXPLANATION: Brenda Spangler and Charles Spangler have and are developing technologies to detect disease pathogens. These technologies are protected by a University-owned patent.
Montana State University wishes to grant a license to SensoPath Technologies so that it may exploit these technologies commercially. Granting these licenses or other contemplated relationships between Montana State University and SensoPath Technologies will not interfere with any contractual obligations the University holds, but it will provide a business opportunity for a Montana-based company
This license will cover the United States, as well as other parts of the world, and will contain provisions for Montana State University to receive an up-front licensing fee, reimbursement of all patenting costs and a percentage of adjusted gross revenues generated by SensoPath Technologies using technologies owned by Montana State University.
Granting this license and creating the other arrangements with SensoPath Technologies will encourage these University scientists to develop the company as a new, profitable Montana venture and will set an example for other entrepreneurs from the University looking for opportunities for commercial use of their innovations and creations. The University will incur no cost for this agreement, and although expectations of large financial returns exist, they may be many years in coming. This agreement will assist in the formation and growth of a new small business for Montana and will establish goodwill with University employees.