Innovation Pharmaceuticals Inc (IPIX)

[eddiebali]

Who owns KARD??????

As of September 28, 2007 the Company engaged KARD to conduct specified pre-clinical studies necessary for the Company to prepare an IND submission to the FDA. The Company does not have an exclusive arrangement with KARD. All work performed by KARD must have prior approval by the executive officers of the Company, and the Company retains all intellectual property resulting from the services by KARD. For the three months ended September 30, 2012 and 2011 and the period June 20, 2007 (date of inception) through September 30, 2012, the Company incurred $0, $9,990, and $2,601,110 of research and development expenses conducted by KARD, respectively. At September 30, 2012 and June 30, 2012 the Company has included a total of $1,685,515 and $1,685,515 in accounts payable to Kard respectively.