>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> Item 8.01 Other Events
Entry into an Investment Banking agreement
On April 18, 2014, the Registrant entered into an Investment Banking engagement with Spearhead Capital LLC (Spearhead) to assist the Registrant in its fundraising efforts. As disclosed in the Registrant’s Form 10-K for December 31, 2013 as filed with the SEC on March 31, 2014, the Registrant requires additional funding to be able to support its business plan:
“Subject to the availability of sufficient funding, we estimate that we will, in fiscal 2014, be required to expend in excess of $3,000,000 on research and subsequent product development in order to complete the initiatives discussed herein. In addition to the activity in 2014, we will continue our research and development efforts in 2015 and beyond. These expenditures will need to be met from external funding sources. In the past, we have had difficulty raising funds from external sources. Thus, we may not be able to raise the funding required to continue our research and development activities. In the event that these sources are not available or adequate to meet our research needs, we will be unable to pursue our research activities, in which case, our ability to substantiate the accumulated intellectual property with objective clinical support for its characterization, method of action and efficacy will continue to be impeded, thereby severely hindering our ability to generate licensing revenue (or otherwise commercialize our products) and adversely affect our operating results.”
The Registrant’s engagement with Spearhead requires a combination of a monthly retainer and a success fee payment of up to 5% of the amounts raised from investors in the Registrant’s securities. Spearhead will be providing the Registrant with assistance is marketing, offering material preparation, identification and contact of potential sources; negotiation of terms and conditions; and due diligence of terms and financing.
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Looks like a move to address the continued excuses regarding lack of funding.
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