Other research and development charges amounted to nil for the current quarter and nine-month period, compared to $1,127,000 for the quarter and nine-month period ended September 30, 2006. In 2006, the Quebec taxation authorities confirmed their position in the application of the tax credit program that denied tax credits on research and development taxable benefits relating to stock options for 2005 and prior years. Accordingly, management determined at that time that the criteria for recognition of these credits were no longer met and recorded a provision for these research tax credits.
General and administrative expenses totaled $2,559,000 for the current quarter ($9,184,000 for the nine-month period), compared to $2,723,000 for the same quarter in the previous year ($8,703,000 for the nine-month period). These costs are incurred to support the overall activities of the Company.
Arbitral award amounted to nil for the current quarter and nine-month
period compared to nil for the quarter ended September 30, 2006 and
$1,835,000 for the nine-month period ended September 30, 2006. This expense
related to the dispute with Immtech Pharmaceuticals, Inc. (formerly known
as Immtech International, Inc. (Immtech)), which came to a conclusion in
January 2007 when Immtech, the University of North Carolina at Chapel Hill
(UNC), and Georgia State University Research Foundation, Inc. filed with
the Federal District Court for the Southern District of New York, U.S.A. a
Notice of Voluntary Dismissal. The plaintiffs voluntarily dismissed their
complaint against Neurochem in the Federal District Court without any
payment, license, business agreement, conces
|SOURCE NEUROCHEM INC.|
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