Replies to post #104422 on Arrayit Corporation (ARYC)

[123crazyjerry]

Will you let us know when it's time to buy Avant common stock?

[MikeCr]

No new info about OvaDx in the Avant 10Q's other than what we already knew. About the Tamarin Lindenberg lawsuit, Arrayit is not a defendent any more, but Avant is. As you may know when the crook John Howell was Arrayit Diagnostics CEO, since he made no progress raising funds for OvaDx, he promised to transfer OvaDx IP to Tamarin (a cancer survivor) so her new company YARRA (Array spelled backwards) would get Ovadx FDA approved and commercialize OvaDx. Then Howell did not follow through and Tamarin sued. That lawsuit is still active.
https://www.pacermonitor.com/public/case/2719395/LINDENBERG_v_ARRAYIT_CORPORATION_et_al

the YarraDx website http://www.yarradx.com/33-2/

From the Avant 10Qs:

Avant was originally named Arrayit Diagnostics, Inc. which was formed as a majority owned subsidiary of Arrayit Corporation (“Arrayit”) through a technology transfer in July 2009. In January 2013, the Company effected a name change to Avant Diagnostics, Inc.

On January 13, 2014, Plaintiff Tamarin Lindenberg sued Arrayit, the Company, John Howell, Steven Scott and Gregg Linn in Civil Action No. L7698-13. Plaintiff alleged violations of the New Jersey Conscientious Employee Protection Act NJSA 34:19-1 to NJSA 34:19-8 (“CEPA”), breach of contract, breach of covenant of good faith and fair dealing, economic duress and intentional infliction of emotional distress. On August 6, 2014, the District Court dismissed Plaintiff’s complaint against Arrayit for failure to state a claim upon which relief may be granted and against John Howell for lack of jurisdiction. The Company and its officers remain as defendants in the action. The Company and its officers have mounted a vigorous defense against these claims and believe they are without legal merit. As of the date of this filing, a range of potential loss is not estimable.

The Company’s product OvaDx®, a noninvasive proteomics diagnostic screening test for the early detection of ovarian cancer. The Company believes this test will be approved by the U.S. Food and Drug Administration (“FDA”) as the first pre-symptomatic screening test for ovarian cancer in the United States, (although there can be no assurance that approval will be obtained), detecting all types and all stages of ovarian cancer with high sensitivity and specificity. The Company’s primary activities since inception has been focused preparing sample specimens in order for OvaDx to obtain FDA approval. The Company has generated minimum revenues since inception.

The Company’s intangible assets consists of the following:

Intellectual property for the technology transfer agreement and licensing payments for use of various patent for its worldwide exclusive licensed rights to OvaDx, a diagnostic screening test for the early detection of ovarian cancer. As of March 31, 2017 the Company has not yet received FDA approval with respect to the clinical use of these intangible assets. The carrying value of March 31, 2017 and September 30, 2016 was $1,417,000 and $1,483,000, respectively.