Intellect Neurosciences Inc. (fka ILNS)

[James salmon]

The first couple of lines of this page pretty much spells it out;

MR. KHAWAJA: There has to be an allegation that we are doing what is covered by the patent.
THE COURT: Not according to the way this contract, at least the arguments I heard. Maybe I misunderstood the contract, but that when you don't have -- when its still pending and later on it gets issued, okay, that its not so much that you're actually using the compound or the Ponezumab that you were actually have covered here, its the potential. It just doesn't matter -- the way I read this argument or read the complaint or the contract here is that once you get an issued patent that's enough at this point to get the milestone triggered. That's at least what I think the Plaintiff is arguing. That it doesn't matter whether or not you use it at all but once I get a patent for it, guess what, if its covered in this schedule, Ponezumab is covered, guess what, whether you use it or not based on the argument or based on the way the contract is written their position, I'm not saying it's a valid position, their position in the complaint is guess what, the milestone has been triggered. You owe us money for it.