Anyone know if either CTL and/or Medipharm obtained a profit from Vivatuxin sales ? Been here since 1991 and it is really hard to swallow the idea that one or both of these companies might be profiting from one of our TNT products and currently WE ARE NOT. Maybe somone with better sleuthing skills can come up with an answer. I tried to google-- Cancer Theraputics Labratories 10k --and got nowhere. Is this information part of what the lawsuit is about?
If this lawsuit comes to a favorable PPHM conclusion and if there are Vivatuxin profits generated by Medipharm and if I haven't died of old age waiting for all this to come to pass is it reasonable to expect a money stream for PPHM ?
TERRY,EZ,CJ,KT ???
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During September 1995, we entered into an agreement with Cancer Therapeutics, Inc., a California corporation, whereby we granted to
Cancer Therapeutics Laboratories, Inc. (“CTL”) the exclusive right to sublicense TNT to a major pharmaceutical company solely in the People’s
Republic of China. In addition, we are entitled to receive 50% of the distributed profits received by Cancer Therapeutics, Inc. from the Chinese
pharmaceutical company. Cancer Therapeutics, Inc. has the right to 20% of the distributed profits under the agreement with the Chinese
pharmaceutical company. During March 2001, we extended the exclusive licensing period granted to Cancer Therapeutics, which now expires
on December 31, 2016. In exchange for this extension, Cancer Therapeutics, Inc. agreed to pay us ten percent (10%) of all other consideration
received by Cancer Therapeutics, Inc. from the Chinese pharmaceutical company, excluding research funding. During January 2007, we filed a
lawsuit against CTL alleging various breaches of contract under the agreement. The lawsuit is currently in the discovery phase as further
discussed in Part I, Item 3 under “Legal Proceedings” of this Annual Report. Through fiscal year ended April 30, 2008, we have not received
any amounts under the agreement.
Date:
July 11, 2008
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GOOD LUCK TO US ALL.
