Intellect Neurosciences Inc. (fka ILNS)

[Barney Vissur]

I checked today because I saw there was a lot of confusion. It's a Notice of Entry that was filed.

The Judge denied PFE's motion to dismiss. Since the Judge denied PFE's motion, the winning party (ILNS) has to serve a notice of entry on the court and on the opposing party to start the tolling of the 60 day statute of limitations within which PFE has to file an appeal to the NYS Appellate Division (AD) (highest court in NY is the Court of Appeals - it goes Supreme, AD and then Ct of Appeals) or PFE loses their right to appeal. If ILNS does not file that Notice of Entry, the statute of limitations does not start to run against PFE for filing an appeal. A few things can happen at this point - 1) PFE may seek to re-argue the motion to the Judge and hope the Judge changes his mind (fat chance he will change his mind, but they may seek to re-argue) 2) PFE may go to the AD, but that may mean opening up EVERYTHING to that court to look at, not just the motion for dismissal (possible, but not likely they will go this route - risky) or 3) settlement in the interim (most likely scenario).