A former Cincinnati startup darling that called it quits in 2020 is auctioning off its intellectual property portfolio in a sale where the highest bidder takes all.
Eccrine Systems, which was developing technology to analyze sweat for use in medicine, industry and sport, will be selling its patent portfolio in a sealed-bid auction conducted by the Patent Exchange, a California-based brokerage and patent recycling marketplace.
There will be no minimum bid, Patent Exchange said. The deadline for submission is 8 p.m. EST Feb. 16.
The sale comes several months after the company folded quietly following a seven-year run. Eccrine’s patent portfolio focused on the innovation and development of advanced sweat sensing technologies and biosensors. Its original idea was based on the fact that sweat carries the same biomarkers collected from blood, urine and saliva but is less invasive — no needles, cups or swabs needed.
Former CEO Gavi Begtrup, during an interview with the Courier leading up to his 2021 Cincinnati mayoral campaign, said the company was a victim of the pandemic, which limited access to venture capital.
Eccrine grew aggressively, employing as many as 50, and consistently ranked as one of the top local startups to watch. Uptown-based CincyTech was among its lead investors. The startup also received several contracts from the U.S. Air Force.
“We ran out of room to maneuver,” Begtrup said. “We were trying to hit a home run.”
The sale will consist of all Eccrine's intellectual property interests inclusive of its international portfolio of granted patents, patent applications and trademarks. A portion of the portfolio is co-owned with the University of Cincinnati, and Eccrine will be selling its share of those co-owned patents.
The successful buyer will also receive a disk of Eccrine's non-public proprietary data underlying its patents, Patent Exchange said.
Eccrine Systems previously said it owns or exclusively controls more than 100 issued and filed patents
“While blood, saliva and other fluid biosensor patents are commonplace, sweat biosensing patents are uncommon, and the acquisition of this portfolio will give the buyer a strong presence in this promising but underdeveloped market segment," Doug Berman, Patent Exchange's managing director, said in a release.
“This auction will allow prospective bidders to establish the exact price they are willing to pay,” he said.
