Benzinga | Oct 28, 2020 08:40AM EDT

Applied UV Reports Exclusive License, Joint Development Deal With Axis Lighting To Commercialize LED-Based Technologies In UV-C Devices To Inactivate Pathogens On Surfaces In Hospital Market, No Terms Disclosed

Applied UV, Inc. (NASDAQ:AUVI) ("Applied UV" or the "Company"), an infection prevention technology company that applies the power of ultra violet C ("UV-C") light utilizing its patented devices to destroy pathogens safely, thoroughly, and automatically, today announced that its subsidiary, SteriLumen, Inc. ("SteriLumen"), and Axis Lighting, Inc. of Quebec, Canada, have entered into an exclusive license and joint development agreement. The companies will collaborate on the development and commercialization of new LED-based technologies and solutions in UV-C products that are designed to neutralize pathogens on physical surfaces in hospitals located in North America.

"Axis Lighting is the ideal partner for SteriLumen in the hospital market," said Q Saeed, CEO of Applied UV. "In addition to their proven commercial product success and go-to-market capabilities, Axis shares SteriLumen's vision for innovation to address better healthcare outcomes and the rising global demand for pathogen control solutions that provide outstanding efficacy and safety. This collaboration leverages the capabilities and strengths of each partner and achieves our objective to retain significant value for Applied UV's shareholders."

"We are delighted to announce this win-win strategic development agreement, paving the way for a growing partnership, said Howard Yaphe, CEO of Axis Lighting. "Axis and SteriLumen share the same passion and vision when it comes to the role the lighting industry can play in addressing the ever-increasing threat posed by Hospital Acquired Infections ("HAIs"). Our combined strengths - Axis Lighting's expertise in performance-focused engineering and its significant manufacturing and marketing capabilities, and SteriLumen's technical expertise and innovation - create a potent opportunity for success. At its core, the partnership will be driven by the shared values of both companies, which are focused on delivering safe, effective and cost-efficient solutions for our customers."

Founded in 1991, Axis Lighting is one of the largest independent architectural lighting companies in North America and operates a manufacturing facility with on-site design, engineering, and marketing staff to deliver high-performance LED luminaires for general, ambient and task lighting in offices, as well as in commercial and institutional spaces.

BalancedCare(tm) by Axis provides healthcare lighting for wellness, offering patent-pending performance lighting for both visual comfort and functionality. BalancedCare(tm) addresses a number of requirements of today's complex healthcare environment, including infection control, and is supported and distributed through 98 Axis agents across North America.

Find out more about BalancedCare(tm) https://youtu.be/1l0M_CilBbE

Under the agreement, SteriLumen will work with Axis Lighting's new dedicated healthcare facilities lighting group, BalancedCare(tm) by Axis, to leverage SteriLumen's Intellectual Property and proprietary know-how in UV-C products to commercialize a range of new LED-based technologies designed for use in the hospital sector. Axis Lighting has agreed to pay royalties to SteriLumen on sales of the commercial products developed through the collaboration. Development of the UV-C products will be governed by a joint development committee.