Verisante Technology announced that it has re-negotiated the terms of a letter of intent with an undisclosed Chinese company. Under the new terms, the company will sublicense worldwide rights to develop and commercialize the Core Raman technology with the ClearVu endoscopic camera system for the detection of lung cancer, along with China marketing rights for other Core series products into a jointly owned company. Verisante will have a 30% interest in the joint venture, which will be an LLC listed in the Chinese OTC market.

Other terms include a $2.15 million equity investment in Verisante by the Chinese partner, the LLC funding the development and commercialization of the Core device, and the LLC paying Verisante a $1 million development fee upon regulatory approval and sale of the LLC's first Core product.