Radient Pharmaceuticals Corporation fka RXPC

[GetSeriousOK]

The only thing that matters about CIT:

https://www.sec.gov/Archives/edgar/data/838879/000114420412037312/v316641_10k.htm

Page 11.

"Due to the following conditions at December 31, 2010, we decided to impair the remaining balance of our CIT asset:


· Lack of any potential future revenue;
· Lack of future cash flows;
· High cost of future clinical studies; and
· Limited time remaining on the patent.


Radient, through NuVax, abandoned CIT and licensed Chang's newer tech through the University of Florida:

"In January 2011, NuVax signed four exclusive license agreements with the University of Florida Research Foundation, Inc. (“UFRF”), for the development and marketing of a cancer therapeutic product developed by the UFRF."


But there was trouble in Paradise....

"In July 2011, the UFRF terminated the agreements due to lack of funding.

On August 29, 2011, due to lack of funding and activity, Umesh Batia resigned as CEO and Director of NuVax. As of the date of this report, we have not generated any revenues and incurred license termination fees expenses for NuVax. Until we can complete funding for NuVax, we will continue to have minimal activity in NuVax."


How much did Garza say the NuVax spinoff was going to net? I forget. Was it $50 million? $70 million? Or was it ZERO?


Answer: it was ZERO. NuVax was worth nothing. Radient didn't pay back their loans, and they didn't fund NuVax either. What exactly did Radient do with the money? I mean, other than pay fat salaries and bonuses to the Officers?