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Sunday, July 12, 2020 8:44:35 PM
For the three months ended November 30, 2019 and 2018
Dated January 28, 2020
Product Development
FAIMS Technology
On November 13, 2019, due to slower than expected progress on the development of a working prototype device, the Company and the University of Florida mutually terminated the research and development agreement with no additional cost on either party. As a result of limited capital for ongoing research and based on the potential of its lead drug development candidates, the Company has now suspended any further research on the FAIMS breathalyzer device.
University of Florida Research Foundation
On June 18, 2016, the Company signed a license agreement with the University of Florida Research Foundation, a non-profit Florida corporation (“UFRF”) with respect to an exclusive royalty-bearing license to certain UFRF patent rights and a non-exclusive royalty bearing license to certain UFRF know-how to enable commercial advancements in the field of infections detection (the “License – UFRF”).
In concert with the Company’s new focus on advancing its lead compounds for NASH, CKD, IBD, IPF and chronic cough, the Company suspended any further research on the breathalyzer device with UFRF and terminated the research and development agreement with UF (note 12). Accordingly, indicators of impairment existed leading to an assessment of the recoverable amount of the License - UFRF. The Company wrote-down the carrying value of the license agreement with UFRF to $nil and recognized an impairment loss of $48,689. A value in use calculation is not applicable, as the Company does not have any expected cash flows from using the license. In estimating the fair value less costs of disposal, management did not have observable or unobservable inputs to estimate a recoverable amount greater than $nil. As this valuation technique requires management’s judgment and estimates of the recoverable amount, it is classified within Level 3 of the fair value hierarchy.
Subsequent to the period ended November 30, 2019, the Company made a formal request to UFRF to terminate the license agreement. Pursuant to the terms of the license agreement, the License - UFRF will terminate on March 7, 2020. Any charges incurred up through the date of termination will be payable by the Company.
Owlstone Medical Appoints Dr Richard A Yost to Scientific Advisory Board
Published on 10 Oct 18, under Press releases
Cambridge, UK, Oct 10 2018: Owlstone Medical (or the “Company”), a global diagnostics company developing a breathalyzer for applications in early disease detection and precision medicine, today announces the appointment of Dr. Richard A Yost to its Scientific Advisory Board.
Dr. Yost, Professor and Head of Analytical Chemistry at the University of Florida, is an internationally recognized leader in the field of analytical chemistry. He has particular expertise in tandem mass spectrometry and is the co-inventor of the triple quadrupole mass spectrometer, which today represents over $1 billion in sales each year.
The YOST (FAIMS) patent is owned by the University of Florida. It is/was licensed out to both sister companies for their targeted markets (controlled substances and human diseases).
Both companies shared the expense of pushing the technology forward based on management's written words.
The difference being, Breathtec Biomedical (BTHCF) never in its history produced a device for shareholders to see with their own two eyes. Not even a black box. Nada! What shareholders were shown was a bogus device from Israel known as NA-NOSE. We paid through the nose wasting time with a device that had already circled the globe in an attempt to prove it worked. Somehow management decided it was of value and attempted to push the device forward without success. When you look at the date Dr. Yost was appointed to Owlstone Medical you can't help but conclude management already had plans to dump the device a year in advance of shareholders catching wind of it. So now we are beyond the wholesale surrender of the FAIMS agreement and how I interpret the latest patent filed by Cannabix is it's all encompassing.
...it has filed a provisional patent application with the United States Patent and Trademark Office (USPTO) entitled, “Apparatus and Methods for Detection of Molecules”.
Cannabix - Detection of Marijuana.
First Responder - Detection of Weapons.
Growmax - Invested in Detection of Weapons, Marijuana Sales.
former Breathtec - Detection of Human Diseases.
The outlier is Micron Waste.
So what is the Hail Mary to keep Micron Waste afloat?
A play for a COVID-19 angle.
The COVID-19 Boom.
King Flipper missed the MJ Boom with a "so-called" marijuana breathalyzer.
Contrary to years of claiming a 2 to 3 hour window of detection for marijuana, they have dumbed down the device/tech/message by now claiming a 90 minute window of detection.
The Company reported results of field testing earlier this year such that its FAIMS device is capable of selectively isolating and detecting THC from human breath up to 90 min after subjects consumed both marijuana and nicotine. Further improvements have been made since then and engineers are well into the next iteration of design.
Just 1 opinion,
/////AMG
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