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:8/31/2014)... Available spectra is similar for ... and cultivation of a wide range of plants. ... with proven patented and pending wide spectrum technology. ... in critical applications in contrast to growth spectra ... customers have a large variety of differently sized ...
(Date:8/29/2014)... Electronic circuits are based on electrons, but one of ... photonic circuits, i.e. circuits based on light (photons) instead ... to create a stream of single photons and control ... sorts of attempts to achieve this control, but now ... creating a steady stream of photons emitted one at ...
(Date:8/29/2014)... Hills, NY (PRWEB) August 29, 2014 ... Burnt Hills Veterinary Hospital are seeking candidates to participate ... dogs with osteoarthritis. The ultimate goal of this ... donor stem cells into one or two arthritically affected ... treated joints. , Candidates for the current investigational ...
(Date:8/28/2014)... USA (PRWEB) August 28, 2014 SPIE ... of Physics and Optical Science and Director of the ... of North Carolina at Charlotte, and co-founder and Chairman ... to serve as the 2015 Vice President of SPIE, ... 2014 President Philip Stahl announced recent election results at ...
Breaking Biology Technology:Breakthrough in light sources for new quantum technology 2Burnt Hills Veterinary Hospital Seeks Candidates for an Investigational Study of Stem Cells for Dogs with Arthritis 2Glenn Boreman, UNC Professor and Plasmonics Co-Founder, Elected to SPIE Presidential Chain 2
... Previous Quarter, NEW YORK, May 15 ... biosensor and microprocessor technologies for,use in portable monitoring ... ended March 31, 2008., Gross revenues for ... quarter 2007 gross revenues. The increase in revenues ...
... YORK, May 15 American Oriental,Bioengineering, Inc. (NYSE: ... health through the development, manufacture and commercialization,of a ... ("OTC") products in,China, today released the following statement ... with the many victims of China,s earthquake and ...
... 15 /Xinhua-PRNewswire-FirstCall/ -- Huifeng Bio-,Pharmaceutical Technology, Inc. ... producer of plant extracts and pharmaceutical raw ... production, today,announced that there was no damage ... the Sichuan Earthquake., Immediately following the ...
Cached Biology Technology:SPO Medical Reports First Quarter 2008 Results 2SPO Medical Reports First Quarter 2008 Results 3American Oriental Bioengineering Comments on Earthquake 2Huifeng Bio-Pharmaceutical (HFGB) Announces No Earthquake Related Damage to Facilities 2
(Date:8/31/2014)... "electronic-nose" for sniffing the highly infectious bacteria C. ... has been developed by a team at the University ... team has demonstrated that it is possible to identify ... would lead to rapid diagnosis of the condition., What ... possible to identify different strains of the disease simply ...
(Date:8/31/2014)... Over the past several decades, malaria diagnosis has changed very ... technician smears the blood across a glass slide, stains it ... the Plasmodium parasite, which causes the disease. This approach gives ... blood an important measure of disease severity but ... , A research team from the Singapore-MIT Alliance for Research ...
(Date:8/29/2014)... University of Texas Medical Branch at Galveston has gone on ... completely protect monkeys against a lethal dose of Ebola virus ... the disease is severe. , Thomas Geisbert, professor of microbiology ... discussing advances in Ebola treatment research. The filoviruses known as ... of pathogens, with fatality rates of up to 90 percent. ...
Breaking Biology News(10 mins):Scientists develop 'electronic nose' for rapid detection of C. diff infection 2A new way to diagnose malaria 2A new way to diagnose malaria 3Leading Ebola researcher at UTMB says there's an effective treatment for Ebola 2
... first experimental evidence that birds can be deceived by camouflage ... today in Nature [3 March 2005]. , The idea that ... rapidly adopted by many armies as long ago as the ... colouration' has long been used to explain how insects such ...
... that radio-tracking could be affecting the animals they ... in the British Ecological Society's Journal of Applied ... with a "dramatic shift" in the sex ratio ... assumption that radio-tracking does not fundamentally affect the ...
... Blackburn is responsible for collecting and storing thousands of ... -- to make sure there's enough genetic material to ... deals with important livestock such as Holstein cattle and ... who is the coordinator of the animal section at ...
Cached Biology News:Radio-tracking associated with 'dramatic shift' in water vole sex ratio 2Making Sure Sacred Sheep Don't Become Extinct 2
BD Primaria 35 mm Cell Culture Dish with Easy-Grip design, surface-modified polystyrene for enhanced cell culture. (20/sp, 200/ca) Packaging: 20 / sleeve, 500 / case ...
... is a software package that provides ... for custom buffer creation, set-up of ... crystallization trials. The software helps crystallographers ... automated protein crystallography: ...
The PROTEAN II slab gel casting stand is a component of the PROTEAN II XL and xi casting apparatus. It is supplied with gaskets....
Mouse monoclonal [H4B4] to LAMP2 - Lysosome Marker (Phycoerythrin) ( Abpromise for all tested applications). entrezGeneID: 3920 SwissProtID: P13473...
Biology Products: