Lurker stated: "Are you refering to the amended agreement where Abbott turned over the distribution rights to GE?"
There were two amended agreements with Abbott. The first one was tranferring the license to GE along with Moro getting the rights for unlimited manual tests.
The second one was the important one that ended the minimum royalties and stated that Abbott no longer had any obligation to work on RECAF WHATSOEVER. In the S1, Moro states the following:
"Since this agreement was amended, Abbott has not conducted any research and development regarding RECAF technology or, to our knowledge, taken any other steps toward commercializing our technology."
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SECOND AMENDMENT TO SEMI EXCLUSIVE LICENSE AGREEMENT
THIS SECOND AMENDMENT TO SEMI-EXCLUSIVE LICENSE AGREEMENT, effective as of
March 31st, 2008 (hereinafter, the "Second Amendment Date"), is made by and
between Abbott Laboratories, a corporation of the State of Illinois, having its
principal place of business at 100 Abbott Park Road, Abbott Park, IL 60064-3500
(hereinafter, "Abbott") and Biocurex Inc., a corporation of the State of Texas,
having its principal place of business at 215 7080 River Road, Richmond, BC,
Canada, V6X 1X5 (hereinafter "BioCurex").
WHEREAS, the parties hereto entered into a Semi-Exclusive License
Agreement, effective as of April 1, 2005, first amended effective June 1, 2007
(collectively, the "Agreement"), and desire to further amend the Agreement as
set for herein:
1. Notwithstanding anything to the contrary in the Agreement, Abbott
shall have no further due diligence obligations whatsoever to
commercialize or perform any further Research and Development on any
Product as of the Second Amendment Date.
2. The words "Commencing with the 2007 Calendar Year" in Section 4.3
shall be deleted and replaced with the words "Commencing in the
Calendar Year subsequent to the Calendar Year in which Abbott makes
its first Commercial Sale" as of the Second Amendment Date. For the
sake of clarification, no annual minimum royalty shall be due or
payable by Abbott for the 2008 Calendar Year.
3. Every reference of "*" in Section 4.4 shall be deleted and replaced
with "*" as of the Second Amendment Date.
4. BioCurex hereby releases Abbott and its Affiliates, and its and their
customers from any liability arising from any activities or the lack
thereof that occurred prior to the Second Amendment Date.
5. Section 6.3 shall be deleted in its entirety and replaced as follows:
"Early Termination by BioCurex". BioCurex may terminate this Agreement
if (a) Abbott fails to cure any undisputed non-payment of royalties due
and owing to BioCurex under this Agreement within sixty (60) days of
Abbott's receipt of written notice from BioCurex of such default of
payment, or (b) Abbott and BioCurex fail to mutually agree to new due
diligence obligations for the commercialization of a Product within
ninety (90) days of Abbott's receipt of written notice from BioCurex of
its intention to terminate, provided, however, that (i) such new due
diligence terms are no more stringent than previously agreed, and (ii)
BioCurex has previously provided to Abbott on or prior to such written
termination notice that most recent RECAF performance data available
for Abbott to make such a determination in a reasonable good faith
manner."
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