Maxim, Thanks. Here's some additional info on MOUs from Wikipedia (see below). Nice to see at least a little interest out there, though I guess we'll have to see what the terms of the deal are if/when it happens.
One question would be how much of a negative this 'balkanization' of territorial rights might be seen by other Pharmas. If Samyang can start running clinical trials on their own with these Cortex compounds, that would presumably be a negative to other prospective pharmas, since any problems encountered in Samyang's trials would reflect negatively upon the compounds.
In any event, Samyang now owns close to 20% of Cortex (25% if they exercise the outstanding warrants), and are showing some interest in a regional Asian license/partnership.
>>> A memorandum of understanding (MOU) is a document describing a bilateral or multilateral agreement between parties. It expresses a convergence of will between the parties, indicating an intended common line of action. It is often used in cases where parties either do not imply a legal commitment or in situations where the parties cannot create a legally enforceable agreement. It is a more formal alternative to a gentlemen's agreement.
In some cases depending on the exact wording, MOUs can have the binding power of a contract; as a matter of law, contracts do not need to be labeled as such to be legally binding.[citation needed] Whether or not a document constitutes a binding contract depends only on the presence or absence of well-defined legal elements in the text proper of the document (the so-called "four corners"). This can include express disclaimers of legal effect, or failure of the MOU to fulfill the elements required for a valid contract (such as lack of consideration in common law jurisdictions). <<<
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