Replies to post #29075 on Radient Pharmaceuticals Corporation fka RXPC

[dcspka]

I wonder if CIT will be spun off to India since it is not a crucial part of Provista's core business plan?

It would keep my freezer stuffed with frozen twinkies for some time to come.

[GetSeriousOK]

You have this wrong. CIT was never at the University of Florida. Let me help you understand what happened to CIT.

Here is what happened, and here is the 10K to back it up (read pages 10 and 11):

https://www.sec.gov/Archives/edgar/data/838879/000114420412037312/v316641_10k.htm

1. "In 2001, [Radient] acquired the CIT technology, which forms the basis for a proprietary cancer vaccine." Radient bought CIT from Dr. Chang, its inventor.

2. Nobody worked on CIT between the year 2000 and the year 2010. Yes there were lawsuits but Radient didn't develop CIT during this period.

3. "On April 1, 2010 [Radient] entered into an exclusive 5-year collaboration agreement with Jaiva Technologies, Inc. (“JTI”). JTI’s CEO is Dr. Umesh Bhatia. Under the terms of the agreement, JTI will collaborate with clinical laboratories, hospitals and physicians in India to conduct clinical trials for our CIT technology. "

4. "In December 2010, [Radient] formed NuVax Therapeutics, Inc. (“NuVax”) with Javia’s CEO Dr. Umesh Bhatia by creating a platform to expand the planned collaboration to include significantly expanded clinical trials in multiple international locations and in the U.S." NuVax hired Dr. Chang to develop CIT.

5. "Due to the following conditions at December 31, 2010, [Radient] decided to impair the remaining balance of our CIT asset: Lack of any potential future revenue; Lack of future cash flows; High cost of future clinical studies; and Limited time remaining on the patent."

6. "In January 2011, NuVax signed four exclusive license agreements with the University of Florida Research Foundation, Inc. (“UFRF”), for the development and marketing of a cancer therapeutic product developed by the UFRF. In July 2011, the UFRF terminated the agreements due to lack of funding."

7. On August 29, 2011, due to lack of funding and activity, Umesh Batia resigned as CEO and Director of NuVax. As of the date of this report, we have not generated any revenues and incurred license termination fees expenses for NuVax. Until we can complete funding for NuVax, we will continue to have minimal activity in NuVax."

Let me summarize: (1) CIT is really old and (2) Radient never bothered to develop it until after they had lost Jade, (3) They finally decided to develop CIT in 2010, (4) they formed NuVax and hired CIT's inventor, Chang, to work on it, (5) after less than a month Dr. Chang stopped working on CIT and Radient declared it worthless, (6) Radient licensed Chang's newer work at the Univ. of Florida, and (7) Radient ran out of money by August 2011.

THAT IS WHAT HAPPENED TO CIT. IT IS WORTHLESS AND IT IS DEAD.

If anyone wants to claim that CIT is being developed in India or CIT is being developed anywhere else in the world or CIT is not worthless, cite the proof. Just saying it does not make it true. See how I cited the evidence? I'm not making claims I cannot support.