"IPIX thought they had a deal and extended the lease in anticipation of saving an estimated million dollars by doing their own lab work."
Link, please. What drug/indication was involved in that deal?***
The lease was scheduled to expire on September 30th, 2018.
Paragraph 2 of Lease Extension #1 says that there will be automatic 5 year extensions of the lease UNLESS the Lessor or Lessee provides notice between 6 and 12 months prior to the expiration of the current lease period indicating that they DO NOT intend to extend. It ends with this statement: "Time is of the essence". I expect that you know what that means but for those who don't, it means that the 6 to 12 month notice requirement IS a firm date, not just a suggested date.
So IPIX needed to advise Cummings of their intent by March 30, 2018 whether they intended to abandon the property on September 30th.
****From the March 30, 2018 10Q:
"In October 2017, the Company completed, a double-blind Phase 2 clinical trial of Brilacidin-OM for the treatment of oral mucositis (OM)."
"In July 2017, the Company completed an open-label Phase 2 Proof-of-Concept (PoC) trial for the treatment of ulcerative proctitis /proctosigmoiditis (UP/UPS), two types of Inflammatory Bowel Diseases (IBD)."
"In February 2016, the Company submitted a Special Protocol Assessment (SPA) request, along with a final protocol, to the FDA, for a Phase 3 clinical trial of Brilacidin for the treatment of Acute Bacterial Skin and Skin Structure Infection (ABSSSI) caused by Gram-positive bacteria, including methicillin-resistant Staphylococcus aureus (MRSA)."
Kevetrin? "The Company has completed approximately half the Toxicology studies to support progression to oral dosing in humans, but the remainder of this work is on hold until the Company secures additional resources."
"The Company recently completed a randomized, double-blind, parallel-group, placebo-controlled Phase 2b trial of Prurisol for patients with moderate to severe plaque psoriasis. The treatment group arms are Prurisol 300mg, Placebo, Prurisol 400mg (Ratio 3:3:1) with a treatment duration of twelve weeks."
Which one was involved in the "deal"?
"The potential partner was on one end of a buyout and the new leadership stated their plan to focus on their current business. Consequently the potential deal fell apart."
I didn't see that here: http://www.ipharminc.com/press-release
Did I miss it? Or was it communicated some other way?
I guess it's just a tempest in a teapot anyway, right? The storage facility rent isn't that much....only about half of a CEO salary. Do you think they'll be able to recover the full rent in a sublet?