Replies to post #380772 on Innovation Pharmaceuticals Inc (IPIX)

[centillion]

Re: Rdunn88 post# 211140
https://seekingalpha.com/filing/1717409

In a personal dispute between Dr. Krishna Menon and a party named Aruda, Aruda claimed that although he had participated in the invention relating to the compounds and therapeutic uses disclosed and claimed in US Patent No. 8,338,454 ("454" Patent") he was inadvertently omitted as an inventor from "454 Patent" and applications related thereto. On August 28, 2014, a settlement took place between Dr. Menon and Aruda which resulted in the following: Menon acquired all of the rights Aruda claimed in the Kevetrin patents in return for (i) the transfer to Aruda and designees an aggregate of 16,000,000 shares of stock in Cellceutix over a period of 16 months, currently owned by the Menon Trust and (ii) and assigned a portion of the royalty revenues that may be payable to Menon, to Aruda and designees, as further detailed in the Agreement titled"Amendment to Menon-Cellceutix Agreement Without Changing the Total Royalties Payable Under the Terms of the Prior Agreement". Menon then transferred all Kevetrin patent rights to Cellceutix. The aforementioned share transfer was strictly between the personal holdings of Mr. Krishna Menon, the Menon Trust, and Aruda. No shares or royalty payments were issued by the Company.

Don't spin it please by trying to connect Leo in some way, he was not a participant prior to CTIX recieveing the patent rights!

[BonelessCat]

We’ve discussed this at length last time it came up. The patent was written and filed under the previous CEO. Leo had nothing to do with it. Even IPIX (CTIX) was not held liable by Aruda. All the shares paid to Aruda came from Menon’s shares.