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iMedicor Files Suit Against Access Pharma for Non-Payment and Breach of Contract
April 11, 2011 12:56 PM ET
iMedicor (OTCBB: VMCI) today announced the filing of a Multi-Million Dollar lawsuit against Access Pharma. The lawsuit was initiated by iMedicor because of Access Pharma's refusal to compensate iMedicor over the past 18 months for its role in marketing MuGard, Access' FDA-approved, muco-adhesive oral wound rinse for the management of oral mucositis, a debilitating side effect of radiation and/or chemotherapy.
iMedicor said the lawsuit had also been filed in response to Access Pharma's breach of the contract between the two parties. According to the contract, five percent of the revenue generated by MuGard in North America would be paid to/shared with iMedicor; with the market for the treatment of oral mucositis estimated to be in excess of $1 billion worldwide (http://biomedreports.com/200907232389/access-pharma-otcaccp-mugard-poised-for-blockbuster-sales.html.)
Despite weekly planning meetings, adjusted timelines, revised marketing and contractual agreements between the two companies leading up to the "very successful North American launch of MuGard" in the second half of 2010, iMedicor said that Access Pharma has recently taken the position that no contract exists between the two parties except the original agreement, which included a former network partner, NaviNet.
According to iMedicor, its CEO, Fred Zolla, met with Access Pharma shortly after iMedicor dissolved its relationship with NaviNet in the fall of 2009. During that meeting, Mr. Zolla disclosed changes in the program that would affect the original agreement. He also noted that iMedicor, in its effort to focus on the oncology market, had contracted with Direct Medical Solutions, representing over 140 field sales representatives, as well as MedTrust and Cancer Network, two online Oncology-based Internet sites. These disclosures were not then and have not ever been challenged or disputed in any manner, until pressure was placed on Access to finally pay the invoices that were overdue. iMedicor promptly submitted a revised agreement to Mr. Jeff Davis, CEO of Access Pharma (December, 2009) indicating the changes and upgrades in the marketing plan from the original agreement. iMedicor and Access Pharma continued planning and execution of the MuGard launch throughout 2010.
During the first quarter of 2010, weekly meetings were scheduled between the sales, marketing and online services departments of both companies. Ongoing marketing plans were created, adjusted and then executed. The initial plan was to provide pre-launch sampling of MuGard up to, including and beyond the launch date, scheduled for September 8, 2010.
"The results of the pre-launch sampling program," said Mr. Zolla, "produced more activity than projected including the opening of several major cancer centers throughout the United States. The volume of activity caused Access to go back into production to fulfill the demand created by iMedicor's activity on their behalf. All of this was accomplished through the efforts of iMedicor and its network of field partners."
According to the contract, iMedicor was to be paid an administrative fee of $50,000 spread over 5 equal monthly payments, and Access Pharma agreed to pay $20.00 per sample. In addition, iMedicor was to receive five percent of the revenue collected by Access Pharma through prescription sales in North America. The parties estimated that the five percent participation would generate millions of dollars in payments to iMedicor -- based on Access Pharma's projections released to the public market.
"The launch of MuGard was finally achieved following an entire year of planning," said Mr. Zolla. "MuGard represented a blockbuster product that could significantly improve the quality of life for patients undergoing certain cancer treatments. iMedicor's ability to deliver essential information from a trusted source to specific physician audiences significantly increased Access Pharma's education and marketing campaign.
"Unfortunately, as we built the momentum, Access Pharma did not honor its obligation to pay for services rendered. The monthly billings were never disputed. Access Pharma did not return phone calls from our accounting department and the office of the CFO."
Mr. Zolla attempted on several occasions in 2011 to remedy the situation until recently, when he was informed by Mr. Davis that Access Pharma would not compensate iMedicor for any of its 18 months of service. The reason given for this decision was that "no contract beyond the original agreement existed, regardless of activity, meetings, understandings, execution and results." In essence, Access Pharma allowed iMedicor to underwrite its launch of MuGard with no intention to pay the fees agreed upon by both parties.
"iMedicor's position is simple and straightforward," concluded Mr. Zolla. "We created a collaborative marketing plan blending direct sales and on-line marketing with the approval of Access Pharma executives. We executed the plan and exceeded projections. We began to create the momentum that would have rewarded us for our efforts based on the five percent revenue share of the prescriptions, a key item in the contractual relationship between both companies. Yet, after all the time, financial resources, intellectual property, in-field representation, and online marketing efforts we (iMedicor) invested into the MuGard launch -- over an 18-month period -- to make it a resounding success, Access has decided that no real contract exists and, therefore, it is not obligated to pay iMedicor the fees it deserves."
The lawsuit was filed on March 28, 2011 in Superior Court, New City New York.
iMedicor is the only HIPAA-compliant solution for interoperable health information transfer that is offered to physicians, healthcare providers and patients. The iMedicor portal enables disparate EMR (electronic medical record) systems to communicate, collaborate and exchange records in real time. iMedicor's ClearLobby service allows pharmaceutical companies and Medical Device Companies to deliver customized educational marketing programs to the majority of their targeted audience. The ability of iMedicor's ClearLobby to reach the targeted, profiled audience for Pharma companies nationwide represents a highly targeted, cost-effective and non-intrusive manner to migrate to effective on-line marketing. More information on iMedicor is available at www.imedicor.com.
This press release contains certain statements that are forward-looking within the meaning of Section 27a of the Securities Act of 1933, as amended, and that involve risks and uncertainties.
Contact: Craig Stout 1(845) 356-5211
Major Pharmaceutical Company to Utilize Vemics iMedicor Medical Communications Portal
NANUET, N.Y.--(BUSINESS WIRE)--Vemics, Inc. (OTCBB: VMCI - News) today announced that its iMedicor HIPAA compliant medical communications portal will be utilized by a major pharmaceutical company in a specialized marketing program to commence June 1.
In return for use of iMedicor, Vemics will receive a start-up fee plus recurring fees for the transactions listed above.
The iMedicor program is expected to significantly reduce the need for live visits by pharmaceutical sales reps to physicians' offices, and broaden the scope and quality of communications between pharmaceutical companies and physicians. In addition, iMedicor estimates its system will slash the cost of in-person marketing by as much as 80 percent per encounter and create a higher return on investment for the pharma.
The program's messages will be created and managed by pharmaceutical marketing firm Franklyn Ideas, which currently serves some of the world's largest pharmas and which has engineered marketing programs for hundreds of brands.
Vemics chief executive, Fred Zolla, said, "Today's announcement marks a milestone in our drive to provide pharmaceutical companies with state-of-the art technology delivering targeted marketing messages proven to elicit the highest rate of response among healthcare providers.
"With the pharmaceutical marketing expertise of Franklyn Ideas, we anticipate making this program an unqualified success-and one that could encourage other pharmas to follow suit."
Vemics' iMedicor portal enables pharmaceutical companies to deliver customized marketing messages, in a highly targeted, cost-effective and non-intrusive manner, to more than 700,000 healthcare providers nationwide. iMedicor also allows doctors, administrators and other qualified healthcare workers to send and receive HIPAA-compliant medical records, files and images as well as permitting various EMR (electronic medical record) systems to communicate, collaborate and exchange records in real time. Additionally, the portal can deliver the highest quality CME (continuing medical education) programs sponsored by medical societies, pharmaceutical companies, medical device companies and the US Military. iMedicor is based in Austin, Texas. Vemics' corporate offices are located in Nanuet, New York. www.vemics.com, www.imedicor.com.
The statements contained herein, other than historical information, are or may be deemed to be forward-looking statements and involve factors, risks, and uncertainties that may cause actual results in future periods to differ materially from such statements. These factors, risks, and uncertainties include market acceptance of Vemics' products and services; the nonexclusive and terminable-at-will nature of certain of the company's partnerships and agreements; rapid technological change affecting demand for our products and services; competition from companies providing similar products and services, availability of sufficient financial resources to enable us to expand our operations, as well as other risks detailed from time to time in our filings with the Securities and Exchange Commission.
Vemics Imedicor Acquires Clear Lobby Pharmacutical Communications Platform
Last update: 10:47 a.m. EDT Sept. 18, 2008
AUSTIN, Texas, Sep 18, 2008 (BUSINESS WIRE) -- Vemics, Inc. (Pink Sheets: VMCI) today announced it has acquired all rights to the ClearLobby pharmaceutical communications platform that will lead to the first online service creating a secure bi-directional online link between pharmaceutical companies and thousands of doctors offices around the world.
ClearLobby, upon integration into Vemics' HIPAA-compliant iMedicor portal during the fourth quarter, will enable pharmaceutical companies and their representatives to more efficiently communicate and interact with physicians. Specifically, ClearLobby will allow pharmaceutical companies to distribute timely product-specific educational resources, peer reviewed journals, white papers, clinical research studies, webinars and audio programs in an easy-to-use, portal-based service.
In addition to reducing the need for live visits by pharmaceutical salespersons to physicians' offices, ClearLobby will markedly increase the number of physicians that pharmaceutical companies can market to -- as well as slash the cost of in-person marketing by as much as 80 percent per encounter, while increasing the quality of the transfer of knowledge between the parties.
ClearLobby also will allow the physician, on his or her own timetable, to instantly access updated information on new and existing products, order samples, access real-time technical assistance from a live, qualified pharmaceutical company representative, and make specific appointments with pharmaceutical sales representatives.
Vemics iMedicor CEO Fred Zolla said he believed ClearLobby would receive "strong interest" from a wide variety of pharmaceutical and medical supply companies.
"We're thrilled to have acquired this vital technology," added Mr. Zolla. "As pharmaceutical companies across the globe continue to downsize their sales forces, there is now an unprecedented need to engage physicians in a productive virtual environment capable of strengthening communications and improving sales results, while adhering to the privacy regulations (HIPAA).
"ClearLobby accomplishes this objective."
Vemics, Inc. is a leading provider of hosted, HIPAA compliant real-time medical health information exchange and professional networking portals. The Vemics iMedicor portal gives physicians, healthcare professionals, insurance companies and patients an affordable means to exchange personal health information with one another and communicate electronically. Many of iMedicor's services are free to users. IMedicor also delivers a suite of clinical solutions including the NuScribe voice driven documentation system and the "CCR Jet" Free Continuity of Care Record Exchange. Vemics is based in Austin, Texas with offices in Massachusetts, and New York. www.vemics.com, www.imedicor.com.
This release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements regarding our expected future financial position, results of operations, cash flows, financing plans, business strategy, integration of the ClearLobby technology into ours, products and services, competitive positions, growth opportunities, plans and objectives of management for future operations, as well as statements that include words such as "anticipate," "if," "believe," "plan," "estimate," "expect," "intend," "may," "could," "should," "will," and other similar expressions are forward-looking statements. All forward-looking statements involve risks, uncertainties and contingencies, many of which are beyond our control, which may cause actual results, performance, or achievements to differ materially from anticipated results, performance, or achievements. Factors that may cause actual results to differ materially from those in the forward-looking statements include those set forth in our filings with the SEC. We are under no obligation to (and expressly disclaim any such obligation to) update or alter our forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE: Vemics, Inc.
Craig Stout, 202-716-5211
Chief Operating Officer
Rick Eisenberg, 212-496-6828
iMedicor Announces Agreement with Microsoft HealthVault
Thursday February 28, 8:00 am ET
AUSTIN, Texas--(BUSINESS WIRE)--Vemics, Inc (VMCI-PK), a leading provider of hosted, real-time learning and productivity portals, announced today that the Company and Microsoft Corp. (NASDAQ:MSFT - News) have formalized their relationship through the execution of the Microsoft HealthVault Solution Provider agreement. Launched in October, 2007, HealthVault is the recently announced software and services platform aimed at helping people manage and collect their personal health information. Through this agreement, Vemics' iMedicor HIPAA compliant EHRT (Electronic Health Record Transport) portal will give HealthVault subscribers a user-friendly conduit for patient-physician communication as well as expedited access to their medical records and images.
"We, at iMedicor, are very excited to be collaborating with Microsoft HealthVault," said Tom Dorsett, President of Healthcare Solutions for iMedicor. "From the chronically or serious ill to those needing second opinions or emergency procedures, this strategic relationship can help facilitate a better quality of medical care by enhancing the level of communication between patients and their doctors."
"Improved communications between physicians and their patients is a critical step in empowering consumers to better manage their health and wellness," said Peter Neupert, corporate vice president for the Health Solutions Group at Microsoft Corp. "Using Microsoft HealthVault, iMedicor will provide a central place for people and their caregivers to privately collect and share medical information, leading to better outcomes through a more collaborative and informed approach to health."
Benefits of the new Microsoft HealthVault-iMedicor relationship include:
HealthVault users will be able to open up an iMedicor account through which they can communicate securely and electronically directly with their physicians.
Physicians with HealthVault user permission will be able to access information from the patient's HealthVault account to upload test results, x-rays, MRIs, and other images in order to communicate and collaborate on treatment.
iMedicor will be listed in HealthVault's provider page as a partner.
iMedicor users will also be able to open up a HealthVault account to deposit or extract personal health information.
The iMedicor portal, which went live on October 10th, is the health industry's first free, HIPAA-compliant online personal health data exchange and secure messaging portal for physician collaboration, community and referrals. MedGadget, the influential online journal of emerging medical technologies, recently praised the portal's simple interface and usability of the system (http://www.medgadget.com). The portal's proprietary HIPAA-compliant technology and ability to enable health providers to exchange medical record data, documentation, images, etc. are what distinguishes it from the chat-room-style portals for doctors currently in existence. Physicians, healthcare professionals and patients are all permitted to access the free site at www.iMedicor.com. For more information or to schedule an interview, contact Laura Grock (email@example.com) at Martin E. Janis & Company, Inc., 312-943-1106.
Founded in 1975, Microsoft (NASDAQ: MSFT - News) is the worldwide leader in software, services and solutions that help people and businesses realize their full potential.
About Vemics, Inc.
Vemics, Inc. (VMCI.PK) is a leading provider of hosted, real-time learning and productivity portals. Vemics portals combine proprietary and licensed technology platforms with industry specific content, consulting expertise and deep customer support enabling organizations large and small to work, collaborate and learn, face-to-face, online from anywhere in the world with little or no capital investment. Vemics is based in New York with offices in Massachusetts, Pennsylvania, Moscow, St. Petersburg (Russia), Toronto (Canada) and Austin, Texas. www.vemics.com , www.imedicor.com , www.vemicseducation.com
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Beverly L. Jedynak
Martin E. Janis & Company, Inc.
Phone: (312) 943-1100 ext. 12
Chief Operating Officer
Phone: (202) 716-5211