Here’s what I’ve pieced together.
I’m no expert, but this is what it looks like to me at this point based on the February filing in Tryn’s post #2571 and the recent 10Q’s. Any comments/corrections are welcome.
1. HDC received the initial $100,000 in February.
10Q: “In February 2009, Abbott paid to us a one-time initial signing fee of $100,000.”
2. Phase 1 and 2 testing was done by a third party.
February filing: “Abbott and HDC agree to have the experimental testing of Phase 1 and 2 performed at *, with *, as the principal investigator. HDC already has a experimental testing agreement in place with * that will cover the performance of Phase 1 and 2. HDC warrants that it has the right under the agreement with * to transfer the data resulting from Phase 1 and 2 testing to Abbott and that Abbott has the royalty-free right to use the data in any regulatory submission. Abbott shall be responsible for payment to HDC of *’s actual costs for performance of the Phase 1 and 2 experimental testing, up to a maximum of One-Hundred-Thousand Dollars ($100,000.00). HDC shall be responsible for payment to * of all costs in excess of the One-Hundred-Thousand Dollars ($100,000.00). Abbott shall make the payments to HDC within thirty (30) days of receipt of invoice from HDC, and HDC shall make the payment to * for any excess costs within thirty (30) days of receipt of notice from Abbott."
3. HDC received $100,000 in August. This appears to be what was due from Abbott for HDC to pay the company identified as * in the February agreement, the company doing the Phase I and 2 testing. This probably means that the Phase 1 and 2 testing was completed in mid-summer.
10Q: “On August 7, 2009, Abbott reimbursed us $100,000 in development costs as required by the license agreement.”
This is reasonably within the timeline of 1-1/2 months for Phase 1 and 2 months for Phase 2.
WE APPEAR TO BE HERE
4. So it appears that since August Abbott has been evaluating the Phase 1 and 2 results. (Tryn, maybe your timeline needed to include extra time for evaluation.)
February filing: “The successful completion of Phase I will be the demonstration of “Feasibility” for the assay, and will be determined by Abbott in its sole discretion.” “The successful completion of Phase 2 will be determined by Abbott in its sole discretion…”
5. When Abbott is satisfied they will pay $250,000 to HDC.
10Q: “In addition, with respect to the products subject to the license (the “Products”), Abbott will pay milestone payments to us upon achievement of the following events: $250,000 upon completion of Phases 1 and 2 as described in the FDA Submission Plan;
6. Then Abbott and another third party will design and carry out Phase 3 and 4.
February filing: “Phase 3 and 4 studies (below) will be initiated only upon the review and acceptance of Phase 1 & 2 as meeting the Result Completion Standards. “
February filing: “Abbott at its sole discretion shall select the institution to perform the Phase 3 and 4 testing. Abbott shall be responsible for negotiating and signing the test performance agreement with the institution selected. Abbott shall be responsible for the costs of the selected institution for the performance of Phase 3 and 4.”
7. When Abbott is satisfied about Phases 3 and 4, they will pay another $250,000 to HDC.
10Q: “In addition, with respect to the products subject to the license (the “Products”), Abbott will pay milestone payments to us upon achievement of the following events: ….; $250,000 upon completion of Phases 3 and 4 as described in the FDA Submission Plan;”
8. Then the 510(k) procedures will commence
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