BIPH had to go through three redrafts of their registration statement before the SEC approved it. Each version included more and more details about the non disclosure agreement with BSX. Here's some of the new details:
On September 25, 2003, we entered into a development agreement with Boston Scientific Corp., a biomedical device company. The purpose of this agreement is to establish a framework to explore the use of our technology to make one of Boston Scientific's products MRI safe and image compatible. The agreement contemplates three phases, to be completed over a period of seven months. The first phase has been completed and we have recorded $75,000 of revenues that we received for our services provided in the first phase. Boston Scientific has the right to elect to proceed with second and third phases. The aggregate development payments relating to the second and third phases if Boston Scientific elects to proceed with them is $225,000. We are discussing with Boston Scientific potential changes to the scope of the second and third phases based on the results from the first phase. We are also discussing initiatives with other divisions of Boston Scientific which are outside the scope of the agreement. If Boston Scientific elects to proceed with additional phases under the agreement and such phases are completed and successful, or if one or more of our other initiatives being discussed with Boston Scientific proceeds, it may lead to a license for one or more of our technologies in the context of one or more product lines. We can make no assurances that we will be able to enter into any such license agreement. As part of this agreement, we have offered Boston Scientific a period of first right of negotiation for the application our technology to their product, extending through May 15, 2004. Because of the limited payments potentially due to us under the agreement with Boston Scientific, the amount of our other resources and the commitment of SBI under the stock purchase agreement, we are not substantially dependent on the Boston Scientific agreement.
"Our houses are such unwieldy property that we are often imprisoned rather than housed in them." - Henry David Thoreau, Walden: Economy, 1854
AI
