Here is an interesting item from the Inverness license agreement.
"Notwithstanding the foregoing, BioCurex shall not
license or grant the use of the Licensed Materials and Technology in the Field
to any Third Party after the Effective Date on terms with minimum annual
royalties, as described in Section 4.3 below, less than those so described."
The effective date was December 4, 2007 and in fact BioCurex granted Abbott the rights to RECAF with NO MINIMUM ROYALTY in the amended agreement after that date unless they resumed commercializaton. Does Inverness have the obligation to pay minimum royalties now or will they want a similiar deal as Abbott? That would be an interesting question.
If Minimum royalties still apply, then according to the license agreement, they have to be paid by 30 days after they are due or in this case, Jan 3, 2010. It appears that it may be quite a while before it is known if Inverness actually pays the minimum royalty.
Remember, the Miinimum royalty payment for Abbott was past due and payable when the amended agreement specifically relieved Abbott of the requirement to pay the 2008 past due minimum royalty.
From the Abbott amended agreement:
"For the sake of clarification, no annual minimum royalty shall be due or payable by Abbott for the 2008 Calendar Year."
