PP: from 8K today:
On July 3, 2007, the Registrant entered into an exclusive license agreement with David A. Newsome, M.D. and David J. Tate, Jr., M.D. (Dr. Newsome and Dr. Tate, together, the “Inventors”) pursuant to which the Registrant licensed the rights for the manufacture, distribution and marketing of products based on patented zinc-monocysteine complexes (“Z-monocys”). Z-monocys is initially being developed as an oral treatment for dry age-related macular degeneration. The license is to remain in effect until the expiration of the last-to-expire patent licensed under the license agreement.
The Registrant has agreed to pay the Inventors a royalty of 3% of the Net Sales from the sale of Licensed Product or the performance of Licensed Methods, all as defined in the license agreement.
The Registrant paid the Inventors $65,000 upon signing the license agreement and has agreed to make milestone payments to the Inventors totaling $1,400,000 upon certain developmental and commercial milestones as described in the license agreement. These milestone payments are payable in shares of the Registrant’s common stock or cash.
There are no material relationships between the Registrant or its affiliates and either David A. Newsome, M.D. or David J. Tate, Jr., M.S. other than the license agreement described herein.
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