Unregistered Sale of Equity Securities
Item 3.02. Unregistered Sales of Equity Securities
As of August 24, 2010, registrant issued 544,000 shares of common stock to Sun Pharma Global, Inc. ("Sun Global") as a result of the conversion by Sun Global of 544,000 shares of Series B Preferred Stock. 544,000 shares of Series B Preferred Stock were originally issued to Sun Global on August 13, 2007 in connection with the transfer of one product on such date pursuant to registrant's products agreement with Sun Global dated November 21, 2002.
The Series B Preferred Stock may be converted into common stock on a one-for-one basis after three years from the date of issuance or following a person (other than Sun Pharmaceutical Industries Limited and its affiliates) acquiring control of registrant.
The common stock was issued pursuant to an exemption from registration under
Section 4(2) of the Securities Act of 1933.
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