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Maybe. Christiansen might also have been brought in simply because none of Mac's other friends would do it.
But, anything is possible in biotech. I hope we see some news soon. I don't mean the Dec 3rd Rosen settlement news -- that is meaningless if Radient had insurance, which certainly seems the case.
I would like to see Radient get their patents. That would possibly cause a little PPS pop. Except someone will need to pay for a PR -- an 8-K won't help much because the kind of people who could cause a PPS pop don't read SEC filings. They just read the news services.
status of WIPO patent application: looks like a new status report dated today, 01.12.2013:
http://patentscope.wipo.int/search/en/detail.jsf?docId=WO2010114514&recNum=1&tab=PCTDocuments&maxRec=1&office=&prevFilter=&sortOption=&queryString=FP%3A%28WO%2F2010%2F114514+%09+%29
However I keep getting "Page not found." Maybe this will work later today, or tomorrow.
Europe patent application withdrawn as of 10/30/2013 because Radient did not pay the annual renewal fee.
If UNI gets the manufacturing processes in place, they can sell in Europe.
https://register.epo.org/application?number=EP09789550
EP2414843 - DETECTION OF FIBRIN AND FIBRINOGEN DEGRADATION PRODUCTS AND ASSOCIATED METHODS OF PRODUCTION AND USE FOR THE DETECTION AND MONITORING OF CANCER [ Right-click to bookmark this link ]
Entry into regional phase
18.10.2011 National basic fee paid
18.10.2011 Designation fee(s) paid
18.10.2011 Examination fee paid
Examination procedure
18.10.2011 Examination requested [2012/06]
18.05.2012 Amendment by applicant (claims and/or description)
10.09.2013 Despatch of a communication from the examining division (Time limit: M04)
30.10.2013 Despatch of communication that the application is deemed to be withdrawn, reason: renewal fee not paid in time
I notice that India (IN) was not covered by Europe Patent App... hard to figure out the status of IN
************88
UNI Agreement cannot go to court.
12.1 Each Party waives, to the fullest extent permitted by applicable law, any right it may have to a trial by a court of competent jurisdiction, including a trial by jury, with respect to any dispute (as defined in Section 12.2).
12.2 With regard to any dispute arising under this Agreement (“Disputes”), the Parties agree to discuss the possibility of binding mediation, and if the Parties fail to agree to binding mediation or if non-binding mediation fails to resolve the dispute within 30 days, the Parties agree to submit disputes for binding arbitration. It is expressly intended by the Parties that disputes shall be submitted to arbitration and not to litigation.
12.3 The arbitration shall be commenced by written demand for arbitration to the other Party with a copy to the American Arbitration Association (“AAA”) in Orange County, California.
If Radient doesn't give UNI the equipment and know-how to manufacture DR-70, UNI is pretty much ripped off. UNI cannot sue Radient, and Arbitration won't get them anywhere -- Radient doesn't pay their bills.
UNI is taking a big chance here. However, the payoff could be significant: if UNI gets the technology, they can terminate the agreement and manufacture/sell DR-70 in Asia.
I don't understand WIPO. The SEC filing says the WIPO patent app is Pending, but the patentscope website makes it look like it's published.
http://patentscope.wipo.int/search/en/detail.jsf?docId=WO2010114514&recNum=1&maxRec=1&office=&prevFilter=&sortOption=&queryString=US2009%2F038833&tab=PCT+Biblio
Looks to me like India hasn't been covered since 2008:
http://patentscope.wipo.int/search/en/nationalphase.jsf
I think it's hard to believe people who claim the UNI agreement is not serious.
It's a legally binding contract. It's also the only source of income Radient has.
"non-enforceable?"
UNI just wants the equipment and know-how to manufacture DR-70. If they don't get that, they have been defrauded. Is that what you think Radient intends?
If they get the equipment and know-how, they can stop paying royalties to Radient, cancel the agreement, and manufacture/sell generic DR-70. It's not currently protected outside of the USA. So is that what you think UNI intends?
Do you think one or both parties is guilty of fraud?
To say that a contract is "just a diversion" is to accuse one or both parties of fraud.
"Never actually be consummated?" If UNI wants it, Radient can't stop it.
Why would this contract not be enforceable? The UNI CEO sounded kind of optimistic in his interview -- sounds like he is going to give DR-70 a shot. I think he'll give up after a year or two because he will fail to sell DR-70 as UNI has failed in the past, but, Radient should get a couple years' worth of royalties, anyway.
if there is no worldwide patent, UNI doesn't need the license agreement.
The US patent means nothing to UNI. If the world patent doesn't get approved, UNI can terminate the license agreement and manufacture DR-70 and sell it in Asia, and Radient won't be able to do anything about it.
It's good to look at the UNI agreement -- we have nothing else to look at.
The important sections in the legal license document, IMO, are:
1.10 “Royalty(ies”) means the royalty license payments due in accordance with Exhibit B.
Exhibit B shows that "Royalties" mean the $100,000 annual payments and nothing else.
There can be mo misinterpreting this. There are no additional royalties for revenues.
FYI, The SEC filing also has a table of "Intellectual Property" in Exhibit A that shows all the patents:
http://yahoo.brand.edgar-online.com/displayfilinginfo.aspx?FilingID=9359439-6848-61976&type=sect&dcn=0001213900-13-003193
Exhibit A shows that DR-70 is not currently protected by patents outside the USA. Once UNI learns how to manufacture DR-70, what is UNI's motivation to keep paying Radient $100,000 per year? Unless the WIPO patent gets approved, of course... but that is almost five years old.... looks like the WIPO patent application has the same problems as the USA patent.
Not that any of this really matters. Nobody is going to make money selling DR-70, IMO. UNI is going to find out soon enough. The only market for DR-70 appears to be clinical use.
Please define steaming.
Do you mean "like a steam cooker" or "like it just dropped out of a tall cow on a cold day?"
I think a stock could not look worse that RXPC. I've listed my reasons, several times. Let's hear your reasons why RXPC is "looking great."
If RXPC is "looking great," why aren't you buying?
That India study failed. They studied whether DR-70 can differentiate maligant from non-malignant, and it could not. Anything else is cherry-picking.
Aims: "The aims of this study were to evaluate the role of DR-70 immunoassay in suspected malignant PE."
Materials and Methods: "Sensitivity and specificity of the test to differentiate malignant and non-malignant PE and also to identify PE with underlying malignancy was analyzed."
Conclusions: "DR-70 assay has high sensitivity in detecting underlying lung cancer, but has no role in differentiating malignant PE from non-malignant PE."
The patients had known lung cancer. DR-70 showed they had lung cancer. Since the study was NOT testing whether DR-70 can differentiate between people who HAVE lung cancer and people who do not, it's cherry picking to say "DR-70 assay has high sensitivity in detecting underlying lung cancer."
then you should buy at .0002
that article is nonsense.
Who wrote this? It's anonymous. It looks like part of SRL's marketing campaign in February.
"One of the recent advances in the field of cancer screening is onko-sure...."
onko-sure was developed in 1970. It is not a "recent advance."
"A single blood test, onko-sure, screens 13 different types of cancers at the earliest stage of the disease.... This novel approach, is a sure shot way, to diagnose cancer in time and help save a lot of lives. "
That is simply fluff. It's about as misleading as anything you're going to see in print about onko-sure. Not even Rudd or Garza would go THAT far. No wonder the author is anonymous.
In your case, the important thing, I think, is: none of that matters since you are in at .0001 -- all you need for a profit is one good piece of hype.
And since all my dire predictions of bankruptcy have been 100% wrong, it seems this company might NEVER file for bankruptcy.
They won't do another reverse split.... so you may have to wait awhile, but you probably won't lose what you have invested.
SRL seems to have stopped selling the test, so the "news" probably won't come from them... but maybe UNI will provide you with the kind of news you need for profit.
Or.... even though GCDx is doomed to fail, Gartner is 72 years old. He might start up his internet sales business knowing it won't last. That could be your "news."
OR, it's possible Radient could find a way to get news out of CIT. I think CIT is dead but biotech pennystock investing is never about actual value -- it's all about potential. You just need some hype about the "potential" of CIT.
Radient does still own a humanized mouse model.
Good luck, Jim. I hope you get your news.
blackpantherz is quoting the UNI CEO, is he not?
You ask some good questions, jimtash.
The GCDx rollout is "behind" because GCDx doesn't have a license agreement with Radient. Even if they did, the main problem with GCDx is FDA regulation.
The 23andMe story is an important story for anyone thinking Gartner can sell onko-sure on the internet without FDA clearance:
http://www.nytimes.com/2010/06/12/health/12genome.html?_r=0
That was from 2010. 23andMe is STILL trying to get FDA clearance. Read the Letter to 23andMe on the front page of the FDA device site (near the bottom of the NEWS section):
http://www.fda.gov/MedicalDevices/ProductsandMedicalProcedures/InVitrODiagnOstics/default.htm
23andMe is backed by big money (Google) and was in place before the FDA caught them, so they were allowed to continue selling the DNA tests on a limited basis, but the FDA is not going to allow little GCDX to sell DR-70 while they go through the 510(k) process.
And Gartner faces an imposing obstacle: he wants to sell DR-70 as a SCREENER, and the FDA is never going to clear DR-70 as a screener.
That makes GCDx a poor business plan, and is probably the reason Gartner has had trouble getting funding. He thought he had funding in 2012 from one "Midwestern investor" (see the 8-K) but that investor bailed out. Since then, Gartner tried pitching his plan at AZBio in the spring and then tried Fundable in the summer. If he had funding, he would not have tried either of those seemingly desperate attempts to get money. I am surprised they allowed a sales pitch like that at AZ Bio -- it seems to cheapen the event.
Regarding a takeover group remaining hidden -- there is no takeover group. That was just a message-board rumor created in 2011 when the company's finances and outlook seemed brighter.
Regarding the patent -- how will the new patent "secure revenues?" Do you think customers are waiting for the patent to be approved before they buy? I think that patent is far under the radar of everyone except RXPC shareholders.
That patent is being reviewed by the same examiner who rejected it the first time. I think that examiner is not excited about reviewing DR-70 again. Small-Howard re-submitted the application on the last day possible -- it does not look like a priority for her either.
In summary: GCDx is a business plan doomed to fail, there is no takeover group, and the patent is not a high priority for anyone other than RXPC shareholders.
Agree 100% with you, jimtash.
DR-70 was built in 1970.
That's what the 70 in "DR-70" stands for.
You are correct: This company was not built in a day. It was built in the mid-90's by marketing men, not by doctors -- a doctor has never been a CEO.
MacLellan is the third CEO. Before MacLellan, this company reported a profit because of Jade, and never borrowed money - they did private equity placements instead. MacLellan took over in 2008 and under his command, the company borrowed money and proceeded to defaulted on every loan, and they allowed Jade to commit mutiny in China.
No, this company was not built in a day. It was not destroyed in a day either. IMO, it was systematically destroyed between 2008 and 2011. In January 2012, the destructino was complete.
The "longs" clamoring for a buyout should be careful what they wish for. In the REMOTE chance that some entity acquires this company, the acquisition will involve the filing of a Chapter 7 restructuring to get rid of the current shares and shareholders. There is no other way this company gets merged with, taken over, or bought out.
But that's all just conjecture -- no entity is going to acquire this company when they can license the intellectual property and manufacturing "secrets" for an annual fee of $100,000, as per the UNI agreement. That is Radient's business plan now, according to their last 8-K: sell licenses.
"Begin to pay down?"
the last time they disclosed their debt, it totalled about $14 million. Penalty/default/annual interest continues to accrue.
I think it's too late to "Begin to pay down" the debt. I doubt they can keep up with the interest.
UNI has had "exclusive rights to sell it" for years, as disclosed in the 10-K filings. The difference now, Jim, is: UNI is paying for full rights to the intellectual property (patents) and rights to manufacture the test.
Look at the distribution agreements in any 10-K since MacLellan took over -- For example, see page 7 of the 2011 10-K:
http://yahoo.brand.edgar-online.com/displayfilinginfo.aspx?FilingID=8697129-1048-659364&type=sect&TabIndex=2&companyid=4985&ppu=%252fdefault.aspx%253fcik%253d838879
"An exclusive five-year distribution agreement with Uni-Pharma Taiwan (“Uni-Pharma”). This distribution agreement allows Uni-Pharma to market and sell Onko-Sure® in Taiwan, Singapore, and Hong Kong/Macau."
DR-70 is idle because the global medical community won't prescribe or use it.
The buyout rumor started in April 2011. If the "buyout" is going to solve Radient's capitalization and corporate problems, why is the buyout still just a rumor, 2.5 years later?
If there really is some kind of buyout, the buying Entity lost a LOT of money when the loans went into default and started accruing default/penalty interest. That makes no sense. Money is money and Business is Business, in biotech and everywhere else.
On every message board of every zombie biotech, somebody is trying to keep a Buyout Rumor alive.
"Used DR-70 in a patent?" How?
He's a cardio guy. How did he use DR-70? Post a link.
Radient should be rated D then.
Radient is currently in payment default on every financial commitment we know about, including ALL loans and $900,000 worth of operational expenses from December 2011. They shut down in January 2012.
We don't know if they ever paid Mayo. When they shut down, they tried to keep the officers active, but they couldn't pay insurance premiums in 2012 so all but MacLellan and Boswell quit.
Please post some facts from this S&P report.
Why did they think Radient deserves a rating other than the lowest possible rating? I'd love to see their "evidence."
And I'm sure it was worth every penny of "free."
I challenge you to find a company in worse financial shape.
Timeframe for a buyout?
How about March 2011 through August 2011, when the true value of Radient was revealed and any hope of a buyout disappeared in smoke?
Many questions face the stock-market newbie.
Why do you think S&P Capital IQ offered that "report" for sale?
Why did Garza insist this stock was a Strong Buy?
Before Garza, why did Lauren Rudd insist this stock was a Strong Buy?
Why do pennystock newsletters urge you to buy certain stocks but not others?
You paid money for a "report" on Radient?
No ethical legitimate rating agency would rate this company anything higher than the lowest possible rating.
Seriously. There is no disclosure -- nobody knows how much debt there is and nobody knows whether there is a successful replacement for the test ingredient they're running out of. How can you rate a company like that?
Post ONE piece of evidence that proves there will be a buyout of Radient.
Of course you cannot. So post one piece of evidence that SUGGESTS there will be a buyout of Radient.
Other than the Yahoo message board rumors started in 2011 and persist even though the company has changed drastically for the worse since 2011.
Any entity wanting to manufacture, develop, and/or sell the Test could license it for $100,000 per year. there is therefore no chance of an entity buying the company and assuming the debt.
Also, there is no evidence that anyone has found a sustitute for the horseradish ingredient. You do not know whether the Test will require a new 510(k) application with accompanying testing. Nobody knows. UNI is going to find out, I guess.
Radient never owned that facility -- they were leasing it.
Radient hasn't paid rent on that facility since December 2011.
That facility is currently up for lease. YOU could rent it. Would you then have an "FDA approved manufacturing facility?"
No, you would not.
There really are no assets, IMO.
They could possibly sell CIT and the DR-70 patent, but they'd get such a pittance, and all the creditors would want something.....
I find it amusing that when MacLellan was threatened with the personal lawsuits, he threatened bankruptcy, and the lenders removed their lawsuits. The lenders apparently thought at that time they'd get less if Radient went bankrupt.... I wonder if they still feel that way.
I would love to see the "buyout theorists" provide one legitimate piece of evidence supporting their theories. So far, I've seen (a) Gartner's house sale offered up as evidence, and (b) the fact that the O/S rose to 4.5 billion -- neither of which indicates a buyout of Radient as much as (a) people sell houses and (b) anyone wanting to take over Radient could do so with ease.
The SEC filings say DR-70 and CIT are failures.
DR-70: marketed since 1996, revenues have always been poor. There is no reason to think they will ever be anything else.
CIT: In their last 10-K, Radient declared CIT to have zero value and said it was not worth developing. They took a full write-off.
How would Radient "pare down" the existing debt? Interest has been accruing at 24% since Radient defaulted on the loans in early 2011. In addition, Radient disclosed in December 2011 that they were $900,000 behind in operational bills, and would have to cease operations, which they did in January 2012.
Radient did not have money to maintain FDA approval of onko-sure. They did not have enough money to pay insurance for the officers, who left. Even Boswell left. They haven't paid for a PR in how long?
Please provide your evidence that there are "interested parties." Thanks in advance.
Yes it would appear so.
The question is... what now? No FDA clearance, no facilities, no employees, no resolution of debt.... I don't understand why this company doesn't file for bankruptcy.
Even in the very REMOTE chance that some entity wants to take over this dead company, that entity would file for bankruptcy in the takeover to resolve/restructure the debt and get rid of the current shareholders.
So why put it off? what does MacLellan gain, or avoid, by letting this company continue in its non-operational state?
The patent isn't worth the delay. Even if it's approved, its value does not equal the accruing loan interest, let alone the loan balance.
Agreed, the trial results will not trigger bankruptcy.
I believe that if Radient had to foot the bill, they would not have settled - they COULD NOT settle because they have no money.
I didn't think Radient had insurance so I thought they would file for bankruptcy before the trial, since they would not have been able to afford lawyers. I've been predicting bankruptcy all year and I was wrong.
I've been predicting bankruptcy since April 2010, for that matter. I've seen better companies than this in far better financial shape go bankrupt.
I do not believe there is even the slightest chance of a buyout, merger, or takeover. But apparently there's not going to be bankruptcy either.
Very strange. Radient didn't maintain FDA clearance for onko-sure, they lost their lease, they certainly don't have insurance NOW, and there is far too much debt to ever repay..... They are nearing the end of the AS if they haven't reached it already, so they can't print shares for money.... I do not see the point of maintaining the charade.
If there is some kind of deductible on the insurance, which I doubt... that would trigger BK.
But otherwise, the settlement won't trigger BK.
If Radient had to pay it, even $50,000 would trigger BK because Radient does not have a dime. The fact that Radient staggers on means they had full insurance.
pay no attention to the yahoo message board. It's a wasteland.
The $$$ amount of the settlement is not public yet. Be patient. When the $$$ amount is final, Rosen will post it on his website, and the Class members will be notified.
Insurance apparently paid the bill anyway. The insurance company settled with Rosen. Radient and MacLellan didn't settle - they can't play with the insurance company's money like that.
Again, you do not want to hear what I think is going to happen to RXPC.
I suggest you do the following, and decide for yourself:
1. Read the SEC filings.
2. Call the transfer agent and ask for the OS.
3. Look up their FDA clearance status.
4. Look at their patent status and the history of the current patent application.
5. Find out whether SRL is selling the test.
6. Contact GCDx and ask them about their plans and the status of their company.
you do not want my advice.
Court case settled. Link below.
Radient knew the results on 10/28/2013, so all the great things that are supposed to happen after the trial -- the buyout, GCDx selling the test, etc -- may commence.
AND IF THESE THINGS DON'T COMMENCE, is that proof that there is no buyout and GCDx is not operational? I believe so. But I guess the proponents of those rumors can now say "we're waiting for the PATENT now." That should buy them another 6-12 months of avoidance.
http://www.plainsite.org/flashlight/case.html?id=1504670
Filed: 10/28/2013, Entered: None
NOTICE of Settlement of All Claims and Request to Adjourn Final Pretrial Conference and Trial filed by Lead Plaintiffs Reydel Quintana. (Rosen, Laurence) (Entered: 10/28/2013)
PACER 120 Filed: 10/31/2013, Entered: None Court Filing
MINUTE ORDER IN CHAMBERS by Judge David O. Carter: ORDER CONTINUING TRIAL AND PRETRIAL CONFERENCE: re: Notice of Settlement 119 . Accordingly, the Court CONTINUES the pretrial conference and trial date currently set for November 12, 2013, at 8:30 a.m. to December 3, 2013, at 8:30 a.m. The Court will consider a further continuance upon receipt of the Preliminary ApprovalPapers.( Final Pretrial Conference and Jury Trial CONTINUED TO 11/12/2013 08:30 AM before Judge David O. Carter.) (twdb) (Entered: 10/31/2013)