On January 3, 2017 Cannabis Science, Inc. (the “Company”), entered into a Collaborative Research Agreement (the “Agreement”) with Dana-Farber Cancer Institute, Inc., (the “Institute”) a Massachusetts not-for-profit corporation, having its principal offices at 450 Brookline Avenue, Boston, MA 02215.
Pursuant to the Agreement the Institute has developed know-how and expertise in the treatment of cancer and the Company would like to collaborate with the Institute to develop and investigate the use of Cannabinoids to cure various cancers and obtain from the Institute data and certain rights to inventions that are developed during research funded by the Company.
To the degree that the Project is successful, it is contemplated that Research Results shall be expeditiously disseminated to the public through joint publications. Authorship shall be based on contributions to the Project, in accordance with academic standards and customs, and proper acknowledgment for each party’s contribution shall be made in any presentation or publication reporting Research Results.
Each Party has disclosed and shall retain ownership of their respective intellectual property (“IP”). All rights, title and interest in and to any Inventions conceived and reduced to practice jointly by the Company and the Institute hereby (“Joint Inventions”) shall be jointly owned by the Company and the Institute. Patent applications with respect to Joint Inventions shall be filed according to the provisions of the agreement.
The term of the Agreement is for one year. In consideration for this Agreement and performance of the Research, the Company has paid the Institute Two Hundred and One Thousand and Six Hundred and Fifty-Six dollars (US) ($201,656).
Each Party shall have the right to seek additional third party funding for the Research and in the case of the Company, for commercialization of all Inventions derived as a result of the Agreement and both parties shall mutually agree on the terms and conditions (outside of the terms of the Agreement) for any third party research funding.
