Navigation Links
Viral Genetics Settles Litigation and Reacquires African Rights for HIV/AIDS Products
Date:1/28/2011

SAN MARINO, Calif., Jan. 28, 2011 /PRNewswire/ -- Viral Genetics, Inc., (Pinksheets: VRAL) and its President, Haig Keledjian, have entered into a binding Release and Settlement Agreement with Timothy and Thomas LLC ("T&T") and its principals (the "Settlement") that was approved by the court. The Settlement ends the almost 5-year-old lawsuit between the parties that was before the United States District Court for the Northern District of Illinois, originally initiated in March 2006, dismissing all claims without admission of liability by any party. Separately, the Company has also paid or settled all legal fees incurred as a result of this litigation during the last several years.

"We are pleased to put this arduous and time-consuming process behind us as we are now completely free to focus on the development of our drug candidates and our new VG Energy subsidiary," said Haig Keledjian, President. "Reacquiring the development and marketing rights to Africa for our HIV/AIDS products is an important result of this settlement given the size of the HIV epidemic in that region and our past level of development there."  

As part of the Settlement the Company terminated the Distribution Management Agreement (the "DMA") with T&T that was the subject of the lawsuit, effectively reacquiring the rights to develop and market HIV/AIDS products in Africa that had previously been granted to T&T for a period of twenty years. In consideration for the DMA's termination, the Company agreed to pay to T&T over the course of three years and pursuant to a Convertible Debenture (the "Debenture") a total of $1,900,000 as follows: $1,000,000 by November 1, 2011; $450,000 by November 1, 2012; and $450,000 by November 1, 2013.

Under the Debenture and subject to certain terms and conditions, at the Company's option it can elect to make these installment payments in cash or in shares of common stock. The conversion price for a payment in shares is equ
'/>"/>

SOURCE Viral Genetics, Inc.
Copyright©2010 PR Newswire.
All rights reserved

Page: 1 2 3

Related biology technology :

1. A mix of tiny gold and viral particles -- and the DNA ties that bind them
2. Cellectis Meganuclease Technology Used to Efficiently Prevent Viral Infection
3. Nanotrope, Inc. Receives Patent on New Diagnostic Test for Influenza and Other Viral Infections
4. Roche Diabetes Care Forms Human Blue Circle, Supports Viral Video for World Diabetes Day
5. NVHR: Stop Liver Cancer Dead in Its Tracks By Closing Funding Gap for Viral Hepatitis Education, Screening Programs
6. Peregrine Pharmaceuticals Presents Promising Antiviral Data at 2009 Chemical and Biological Defense Science & Technology Conference
7. FLAVORx Helps Families Fight Pandemic H1N1 Influenza Virus By Making Antiviral Medicine Taste Better
8. Viral Genetics Lead Scientist Dr. M. Karen Newell Will Present at 11th Annual SoCalBio Investor and Partnership Conference
9. Adamas Pharmaceuticals to Present Data on Triple Combination Antiviral Drug Therapy for Drug-Resistant Influenza at 2009 ICAAC Annual Meeting
10. Viral Genetics Responds to Rumors of Imminent FDA Filing and Third Party Press Releases
11. NexBio(R) Demonstrates DAS181 (Fludase(R)*), a Broad-Spectrum Drug Candidate, Inhibits Influenza Viral Infection in Human Lung Tissue
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:10/1/2014)... San Francisco, California (PRWEB) October 01, 2014 ... grant from the National Science Foundation to expand their ... approaches to build and modify DNA. The Small Business ... help commercialize the “j5” technology under exclusive license from ... the Joint BioEnergy Institute , an LBNL laboratory ...
(Date:10/1/2014)... , October 1, 2014 ... to software invited to engage around the theme, ,Commercial ...     Elsevier , ... products and services, will host a gathering of some ... issues and trends impacting healthcare today and in the ...
(Date:9/30/2014)... German . , ... demonstrated a new kind of building block for digital ... could be based on three-dimensional arrangements of nanometer-scale magnets ... the semiconductor industry CMOS fabrication of silicon chips ... at the University of Notre Dame are exploring "magnetic ...
(Date:9/30/2014)... Report Details Biosimilar drugs – ... Do you want to find sales potentials of ... for those biological drugs from 2014, helping you ... data, R&D trends, opportunities and selling prospects. In ... 2024 at overall world market, therapeutic class, molecule ...
Breaking Biology Technology:TeselaGen Receives $750k NSF SBIR Phase II Award 2TeselaGen Receives $750k NSF SBIR Phase II Award 3Elsevier Healthcare and Pharmaceutical Economics Conference 2014 To Convene Industry Leaders to Discuss Top Healthcare Business Issues 2Elsevier Healthcare and Pharmaceutical Economics Conference 2014 To Convene Industry Leaders to Discuss Top Healthcare Business Issues 3A new dimension for integrated circuits: 3-D nanomagnetic logic 2A new dimension for integrated circuits: 3-D nanomagnetic logic 3Biosimilars and Follow-On Biologics: World Industry and Market Prospects 2014-2024 2Biosimilars and Follow-On Biologics: World Industry and Market Prospects 2014-2024 3Biosimilars and Follow-On Biologics: World Industry and Market Prospects 2014-2024 4Biosimilars and Follow-On Biologics: World Industry and Market Prospects 2014-2024 5
... (Nasdaq: DNDN ) today announced significant ... of PROVENGE® (sipuleucel-T), the first autologous cellular immunotherapy ... metastatic castrate resistant (hormone refractory) prostate cancer (mCRPC). ... and Drug Administration (FDA) approved the Los Angeles ...
... JERICHO, N.Y., June 30, 2011 ( HCCS ) ... online healthcare compliance and competency training, today announced the ... Management System , SimPL - The Simple ... management features to the existing online training and eLearning ...
... The National Parkinson Foundation (NPF) has awarded more ... Through NPF,s individual investigators awards program, NPF is supporting work ... an advanced biomarker study, 2) a clinical trial to treat ... a treatment for sleep apnea in PD. "Each ...
Cached Biology Technology:Dendreon Announces Increased Capacity and Significant Reimbursement Decisions Supporting Broad Availability of PROVENGE 2Dendreon Announces Increased Capacity and Significant Reimbursement Decisions Supporting Broad Availability of PROVENGE 3Dendreon Announces Increased Capacity and Significant Reimbursement Decisions Supporting Broad Availability of PROVENGE 4HCCS Releases Classroom Management Features for Low Cost Learning Management System 2National Parkinson Foundation Awards More Than $1 Million for Research 2National Parkinson Foundation Awards More Than $1 Million for Research 3
(Date:9/30/2014)... MILFORD, Mass. , Sept. 30, 2014 ... process control solutions for the biotech and ... of its new RECONN Bioprocess Manager, an ... reporting solution geared towards bioprocess development laboratories. ... facilities have disparate bioreactor and analyzer systems. ...
(Date:9/30/2014)... HONG KONG , Sept. 30, 2014 Winners of ... The Economist Events, Innovation Summit scheduled to take place at the ... At the summit, the award winners will share their experiences and ... people who have made a proven innovation over the past decade, ... the night before the summit. It will be the ...
(Date:9/29/2014)... Plants have a symbiotic relationship with certain bacteria. ... and defend against invaders an important step ... Now, scientist have discovered that plants may package ... that sprouting plants are colonized from the beginning. ... presented their findings today at the 5th ASM ...
Breaking Biology News(10 mins):Spectra Automation Introduces RECONN Bioprocess Manager 2Hear from The Economist's 2014 Innovation Award Winners at Innovation Summit on October 10th in Hong Kong 2Hear from The Economist's 2014 Innovation Award Winners at Innovation Summit on October 10th in Hong Kong 3Hear from The Economist's 2014 Innovation Award Winners at Innovation Summit on October 10th in Hong Kong 4Hear from The Economist's 2014 Innovation Award Winners at Innovation Summit on October 10th in Hong Kong 5Hear from The Economist's 2014 Innovation Award Winners at Innovation Summit on October 10th in Hong Kong 6Hear from The Economist's 2014 Innovation Award Winners at Innovation Summit on October 10th in Hong Kong 7Plants prepackage beneficial microbes in their seeds 2
... to put a price tag on the natural world? A ... rise of a new concept ecosystem services to ... Nature. Academic Dr Marion Potschin, of the University,s Centre ... who have been investigating the ethical considerations of this new ...
... . , Biopesticides containing beneficial fungi are ... Department of Agriculture (USDA) scientists have shown a liquid ... "liquid culture fermentation," offers several benefits, including lower material ... fungi, including Isaria or Metarhizium , ...
... CALGARY Researchers in Calgary have launched the first gene therapy ... enzyme deficiency that can shorten the lifespan of people who have ... first remove a quantity of stem cells from a Fabry patient,s ... inserted into the stem cells using a specially engineered virus. During ...
Cached Biology News:Valuing nature is not enough 2New, cost-cutting approach to formulating pest-killing fungi 2Canada launches first gene therapy trial for Fabry disease 2Canada launches first gene therapy trial for Fabry disease 3
... developed for use with immunohistochemical (IHC) ... background staining due to endogenous peroxidase. ... with hydrogen peroxide. This reagent ... additional novel components to further quench ...
Rabbit polyclonal to Wilms Tumor Protein ( Abpromise for all tested applications). entrezGeneID: 7490 SwissProtID: P19544...
Ku80 Antibody Shipping Temperature: HOT Storage Temperature: -20C...
Request Info...
Biology Products: