(Alliance News) - Ulisse Biomed Spa announced Monday that it has signed, through its subsidiary Hyris, a partnership agreement with Generon Spa for the use of some Hyris proprietary solutions.

Generon is a biotechnology company, active in Italy in the development, production and marketing of instrumentation and reagents for the control-quality of agri-food products.

The agreement is for the proprietary Hyris System platform, consisting of a molecular testing device and cloud software for results management through proprietary algorithms, and has a duration of five years, renewable for an additional five.

The partnership provides for Generon's use of the platform through a subscription model or, for some specific cases, a traditional purchase model and a minimum number of active subscriptions over its duration, with a corresponding minimum guaranteed revenue of EUR243,000 in total for the first five years and an additional EUR450,000 in total for the next five years, if renewed.

In addition to the platform access subscription or purchase, the contract also includes a "pay-as-you-go" remuneration model for the platform for each Generon test performed on it as well as providing for additional service packages related to predictive remote maintenance of the instrumentation.

Ulysses Biomed trades up 1.6 percent at EUR1.56 per share.

By Chiara Bruschi, Alliance News reporter

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