Form 8-K for DNAPRINT GENOMICS INC
8-Sep-2005
Entry into Material Agreement, Financial Obligation Matter
Item 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT
Amendment to Consulting Agreement with Dr. Arthur Sytkowski
As reported on June 7, 2005, the Registrant entered into a Consulting Agreement (the "Agreement") with Dr. Arthur Sytkowski, the Director of the Beth Israel Deaconess Medical Center, a Massachusetts nonprofit corporation ("Beth Israel") to consult on the development of a new, more potent and longer acting form of the anemia drug Erythropoietin ("EPO"). As reported on April 8, 2005, Beth Israel has granted the Registrant an exclusive license to United States and foreign patents related to certain forms of EPO. The Registrant has the right to develop, use, market and sell products derived from the licensed patents.
On September 1, 2005, the Registrant and Dr. Sytkowski entered into a new Consulting Agreement ("Agreement") amending and restating the June 7, 2005 Consulting Agreement. Under the Agreement, the term has been extended from six
(6) months to one year (August 1, 2005 through July 31, 2006), and the resulting payments from the Registrant to Dr. Sytkowski have increased from a total of $60,000 for six months to a total of $120,000 for one year. The time required to provide notice of cancellation of the Agreement has also been extended from thirty (30) days to ninety (90) days. The Schedule of Activities to be performed by Dr. Sytkowski has also been modified to include additional tasks relating to the development of EPO. The remaining terms of the Agreement are unchanged from the original Consulting Agreement.
Item 2.03 CREATION OF A DIRECT FINANCIAL OBLIGATION OR AN OBLIGATION UNDER AN OFF-BALANCE SHEET ARRANGEMENT OF A REGISTRANT.
See Item 1.01 above.
