ViaDerma Inc (VDRM)

[SchlumpyStock-Picker]

Your argument is based on Keough's argument which was dismissed by the Federal court. Looks like another win for Otiko.

Dr. Otiko and Thru Pharma entered into an “Independent Contractor Agreement,” which engaged Dr. Otiko to act as a medical advisor for Thru Pharma. (Doc. 57-4, ). Under the Independent Contractor Agreement, Keough was obligated to pay Dr. Otkio a one-time fee of $50,000 and $10,000 monthly installments. Dr. Phillips signed this Agreement specifically as it relates to paragraph 2(c), which entitled Dr. Otiko to thirty-percent of the royalty the Phillips Companies earned.

Thru Pharma’s efforts to sell Diabecline were short-lived. The Diabecline product that Drs. Phillips and Otiko developed was administered by a simple dropper bottle. But Keough changed the application method to medication stored in individual packets that was then soaked in a cotton swab. (Id.). Because the medication was unstable in this form, it was shelved.

Keough therefore did not perform under his contract,
and Dr. Phillips voided it. Dr. Phillips instructed Dr. Otiko to find another buyer for Diabecline.

Dr. Otiko, not having received any payment from Keough, also terminated their contractual relationship.