Optical instrument designer and manufacturer Precision Optics has entered into a production and technology licensing agreement with a global medical company.
The two companies have had a joint product development initiative for the last four years, according to a Feb. 13 news release from Precision Optics. The new agreement grants the device company, which was not named in the release, exclusive rights to certain Precision Optics intellectual property.
Precision has received $600,000 up front for rights to its technology. The companies are set to start initial production of the product in late 2023.