Enemem, I updated the I-Box info area last year to reflect the merger with Pier, and updated the info on Ampakines and added info on Dronabinol. The main developments since then have been the change in management and the loss of AMPA and Dronabinol licenses. Temporarily signing up as board moderator will allow anyone to make additional changes to the I-Box info.
Prior to his removal, Varney was reportedly exploring the option of Chapter 7 (see below), so the big question now is whether the new management team can somehow raise new capital, or be forced to close up shop? Hopefully the new team will locate some new funding, or find a pharma with interest in Ampakines and/or Dronabiniol.
>>> The Company is currently, and has been for some time, under significant financial distress. It has limited cash resources and current assets, and has no ongoing source of revenue. Since late 2012, the Company's business activities have been reduced to minimal levels, and the prior management of the Company, which was removed on March 22, 2013, had retained bankruptcy counsel to assist it in considering whether to file for Chapter 7 liquidation. New management, appointed during March and April 2013, is currently in the process of evaluating the status of numerous aspects of the Company's existing business and obligations, including, without limitation, debt obligations, financial requirements, intellectual property, licensing agreements, legal and patent matters and regulatory compliance. This initial assessment may take several weeks.
New management has determined that the Company has accounts payable and accrued liabilities in excess of $2 million that are delinquent, as well as a note payable to Samyang Optics Co., Ltd. ("Samyang") in the principal amount of approximately $400,000. The Company is exploring whether one or both parties to the Samyang note are in default of their respective obligations under the note. In addition, as a part of assessing its strategic needs, the Company had discussed terminating its license agreement with the Regents of the University of California. The Company does not believe this license agreement is material or necessary for its drug development plan. The license fees owed by the Company under the agreement were not paid and the license was terminated by the University on April 15, 2013. The Company is currently in discussions with the University regarding the amount of the fees owed by the Company under the license agreement and a possible settlement of that amount. The Company does not expect to be able to pay its liabilities and fund its business activities going forward without raising additional capital. As a result of the Company's current financial situation, the Company believes that is has very limited access to external sources of debt and equity financing. Accordingly, there can be no assurances that the Company will be able to secure the additional financing required to fund its operating and debt service requirements. If the Company is unable to access sufficient cash resources, the Company may be forced to discontinue its operations entirely and liquidate. <<<
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