This sounds promising. If Abbott completes phases 1 and 2 of FDA approvals by end of 2010 that is a huge accomplishment.
As part of our License Agreement with Abbott, the Company will receive from Abbott, upon completion of both Phases 1 and 2 described in the FDA Submission Plan, a one-time Phase 1 and 2 Completion Milestone Fee of Two-Hundred-Fifty-Thousand U.S. Dollars ($250,000.00). This milestone payment is non-refundable and non-creditable towards royalties. The Company expects to be eligible for the milestone payment by year-end. Once the test kits are FDA-approved and commercialized by Abbott, Health Discovery Corporation will receive royalties from Abbott on a per test basis.
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