$1200?!
Thats a little low. Perhaps 1/10th the price you should ask for. But then again, maybe $12k is a little high to ask.
It depends on a lot of things. The important thing is to take all of those things into consideration.
This is a company you’re selling to. Their ultimate goal is to sell products, and make profit.
You are providing them with a design that will make them profits. Do they sell 100 units per year, do they sell 100,000 units per year? How much will they be pulling in on this deal? If it’s anywhere over $100,000 worth of profit, you need to seriously re-evaluate your rate.