Navigation Links
Proteonomix Settles Litigation
Date:4/1/2013

PARAMUS, N.J., April 1, 2013 /PRNewswire/ -- Proteonomix, Inc. (OTC: PROT), a biotechnology company focused on developing therapeutics based upon the use of human cells and their derivatives, today announced that it has settled investor litigation upon the following terms and conditions:

1)  The Company will pay to the Investors, a group of ten funds, $200,000, the first $50,000 in cash due and payable today, with the remaining $150,000 to be paid through the issuance of common stock. That stock will total 300,000 shares and will be released in 50,000 shares traunches commencing today and equal traunches will be released every five trading days until the 300,000 share total is released.  All shares issued pursuant to this Agreement will be free trading.

2)  If the liquidation of the above mentioned shares does not equal $150,000, then the Company may either execute a sixty day note for the balance, or issue additional shares until the $150,000 sum has been reached.

3)  If the above mentioned shares are not delivered in a timely fashion then the Investors shall be entitled to 125% of the assumed value of the shares as liquidated damages.

4)  441 shares of Series E Preferred Stock held by the Investors will be converted into 358,537 free trading common stock at the conversion price of $1.23.

5)  An additional 1,540 shares of free trading stock will be issued to one investor to rectify a prior issuance error.

6)  A swap of 151,647 free trading shares will be made with four investors holding restricted shares.

7)  The Company shall issue new Series A and Series B Warrants to the investors.  The only changes to these warrants are the exercise price and term. All of these warrants shall have a five year term and are exercisable at $0.75 an $1.50, respectively. Upon issuance of these new warrants, th
'/>"/>

SOURCE Proteonomix, Inc.
Copyright©2012 PR Newswire.
All rights reserved

Page: 1 2

Related biology technology :

1. Proteonomix Announces a Private Placement of $3.8 Million
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:7/23/2014)... LOS ANGELES , July 23, 2014 /PRNewswire-iReach/ -- ... enhance cognitive performance for the long term. They are ... competitive edge of sustained energy as an alternative to ... launch Think Drinks on Indiegogo on July 29, 2014, ... the 30-day campaign. Photo - http://photos.prnewswire.com/prnh/20140723/129697 ...
(Date:7/23/2014)... Last year, Formedix celebrated its ... provider of data management solutions for clinical trials. The ... for electronic data capture (EDC) and clinical data management. ... execution tools added TrialMaster to its Transform for EDC ... Transform for TrialMaster, is being released this week, in ...
(Date:7/23/2014)... July 23, 2014 StemGenex® , ... in the US aimed at improving the lives of ... clinical study for Parkinson’s disease. StemGenex believes that ... cell therapy are paramount when providing care to patients ... makes stem cell therapy accessible to the millions of ...
(Date:7/23/2014)... - BioAmber Inc. (NYSE: BIOA ), ... that the underwriters of its common stock offering ... additional 420,000 shares of common stock at the ... underwriting discounts and commissions, in connection with its ... of common stock, bringing the expected net proceeds ...
Breaking Biology Technology:truBrain Neuroscientists To Launch More Effective, Healthier Alternative To Energy Drinks On Indiegogo 2Formedix and OmniComm Systems® Partnership Strengthened with the Release of Enhanced TrialMaster® Integration for EDC Build 2Formedix and OmniComm Systems® Partnership Strengthened with the Release of Enhanced TrialMaster® Integration for EDC Build 3StemGenex® Gives Hope to Parkinson’s Patients through New Stem Cell Clinical Study 2StemGenex® Gives Hope to Parkinson’s Patients through New Stem Cell Clinical Study 3BioAmber announces exercise in full of underwriters' option in connection with previously priced follow-on offering 2BioAmber announces exercise in full of underwriters' option in connection with previously priced follow-on offering 3
... Calif., March 20, 2012 Cepheid (NASDAQ: ... of Medicine and Dentistry of New Jersey (UMDNJ), it ... Health to develop sample processing and amplification methods for ... reaction (PCR) on the GeneXpert® System. The $1.3 million ...
... March 20, 2012 Heptares Therapeutics, the ... company of Shire PLC (LSE: SHP, NASDAQ: ... its exclusive option to license a novel adenosine A ... in preclinical development. Adenosine A 2A is a ...
... 19, 2012  MiMedx Group, Inc. (OTCBB: MDXG), an ... regenerative biomaterials and bioimplants processed from human amniotic ... distribution agreement with Systagenix, whereby Systagenix will co-market ... specifically processed from amniotic tissue, EpiFix® offers a ...
Cached Biology Technology:Cepheid Receives Grant to Develop Sample Processing and Amplification Methods for Detection of Bloodstream Bacteria 2Cepheid Receives Grant to Develop Sample Processing and Amplification Methods for Detection of Bloodstream Bacteria 3Cepheid Receives Grant to Develop Sample Processing and Amplification Methods for Detection of Bloodstream Bacteria 4Heptares Grants Shire an Exclusive Worldwide Licence to Develop and Commercialise Novel Drug Candidate for CNS Disorders 2Heptares Grants Shire an Exclusive Worldwide Licence to Develop and Commercialise Novel Drug Candidate for CNS Disorders 3MiMedx Signs Agreement with Systagenix for Global Distribution of EpiFix® 2MiMedx Signs Agreement with Systagenix for Global Distribution of EpiFix® 3
(Date:7/23/2014)... strength, but it also holds the promise of a ... to convert sunlight into a clean, efficient alternative fuel. ... group using spinach to study the proteins involved in ... energy into carbohydrates used to power cellular processes. , ... efficient system ever built, capable of converting the energy ...
(Date:7/23/2014)... Migratory songbirds are disappearing, and though conservationists are examining ... habitat, acid rain and light pollution, a key piece ... birds go once they leave their breeding sites, and ... , To answer this question, a team of researchers ... migratory connectivity map produced for a songbird, using tracking ...
(Date:7/23/2014)... planet,s soil releases about 60 billion tons of carbon ... than that released by burning fossil fuels. This happens ... of carbon is balanced by carbon coming into the ... as well as by the underground activities of plant ... rising temperatures increase the rate of soil respiration. As ...
Breaking Biology News(10 mins):Spinach could lead to alternative energy more powerful than Popeye 2York University researchers use bird 'backpacks' to put wood thrushes migration on the map 2Climate change and the soil 2
... 2012) Aeras and the Infectious Disease Research Institute ... trial of IDRI,s novel tuberculosis vaccine candidate, ID93 + ... safety, tolerability and immunogenicity of the vaccine candidate in ... by Johnson County Clin-Trials in Lenexa, Kansas, in close ...
... has on pregnancy, are urging men to get ... development. Reproductive experts from the University of ... father,s obesity negatively impacts sperm, resulting in smaller ... While the health risks surrounding obesity ...
... Venture has developed a framework to evaluate the risk ... A paper based on this work: A framework for ... has been published in the Malaria Journal ... anti-infective drug, so it is important when developing new ...
Cached Biology News:As TB grows more difficult to control, vaccine candidate to prevent disease enters clinical testing 2Thinking about kids? Man, you gotta shed the kilos 2MMV develops framework to assess risk of resistance for antimalarial compounds 2