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:7/24/2014)... most natural and synthetic processes prefer to settle ... or energyit is within the realm of non-equilibrium ... constant changes in energy and phases, such as ... conditions allow humans to regulate their body temperature, ... with seismic activity. , But even though ...
(Date:7/24/2014)... 24, 2014 SRI International has been awarded ... Institute of Allergy and Infectious Diseases (NIAID), part of ... of potential therapies for HIV infection and AIDS. The ... and AIDS and the complications and opportunistic infections associated ... sexual transmission of HIV. According to ...
(Date:7/24/2014)... 24, 2014  Neogen Corporation (Nasdaq: NEOG ... its potential revenue from new rodenticide research are premature. ... analysts on July 22, 2014, Neogen,s CEO commented about ... research. "It was my intent Tuesday at ... of a new type of rodenticide, but certainly not ...
(Date:7/24/2014)... Draper University, a top program ... announce that for 6 weeks this summer, 39 ... on the Draper University campus in the heart ... focused on entrepreneurship, building real-world skills, and “learning ... its sixth cohort, continues to refresh its curriculum ...
Breaking Biology Technology:New approach to form non-equilibrium structures 2National Institute of Allergy and Infectious Diseases Awards SRI International Contract to Study New Therapies for HIV and AIDS 2National Institute of Allergy and Infectious Diseases Awards SRI International Contract to Study New Therapies for HIV and AIDS 3Neogen comments on SenesTech 2Summer Entrepreneurship Program Kicked Off by Draper University in Silicon Valley 2Summer Entrepreneurship Program Kicked Off by Draper University in Silicon Valley 3
... SHANGHAI, Aug. 10 /PRNewswire-Asia-FirstCall/ ... ("China-Biotics," "the Company"), a leading Chinese firm,specializing ... of probiotics products, today announced that the ... has been,awarded the High-Technology Enterprise Certificate (the ...
... /PRNewswire-FirstCall/ - OncoGenex Pharmaceuticals, Inc. (NASDAQ: ... Patent and Trademark Office (PTO) has issued United ... Cancer by Antisense TRPM-2 Oligodeoxynucleotides," on the method ... to treat certain cancers. The patent, licensed from ...
... ... launched its revolutionary Trusted LASIK Surgeons directory service and website at ... improve their vision and find a highly qualified eye surgeon who can ... directory apart is a unique screening process ensuring that only those who ...
Cached Biology Technology:China-Biotics, Inc. Receives High-Technology Enterprise Certification to Qualify for Preferential Income Tax Rate 2China-Biotics, Inc. Receives High-Technology Enterprise Certification to Qualify for Preferential Income Tax Rate 3OncoGenex Pharmaceuticals Announces Issuance of Key Patent for OGX-011 2OncoGenex Pharmaceuticals Announces Issuance of Key Patent for OGX-011 3Trusted LASIK Surgeons Welcomes Fort Lauderdale Vision Correction Surgery Expert Raymond P. Gailitis, M.D., F.A.C.S. 2Trusted LASIK Surgeons Welcomes Fort Lauderdale Vision Correction Surgery Expert Raymond P. Gailitis, M.D., F.A.C.S. 3Trusted LASIK Surgeons Welcomes Fort Lauderdale Vision Correction Surgery Expert Raymond P. Gailitis, M.D., F.A.C.S. 4Trusted LASIK Surgeons Welcomes Fort Lauderdale Vision Correction Surgery Expert Raymond P. Gailitis, M.D., F.A.C.S. 5Trusted LASIK Surgeons Welcomes Fort Lauderdale Vision Correction Surgery Expert Raymond P. Gailitis, M.D., F.A.C.S. 6Trusted LASIK Surgeons Welcomes Fort Lauderdale Vision Correction Surgery Expert Raymond P. Gailitis, M.D., F.A.C.S. 7Trusted LASIK Surgeons Welcomes Fort Lauderdale Vision Correction Surgery Expert Raymond P. Gailitis, M.D., F.A.C.S. 8
(Date:7/25/2014)... girls reach puberty is influenced by ,imprinted genes,a subset of ... gene. This is the first evidence that imprinted genes ... of this study were published today in the journal ... menarche, is a marker for the timing of puberty in ... varies between girls, is an inherited trait, and is linked ...
(Date:7/25/2014)... of a molecular testing panel developed at UPMC ... initial surgery for patients with thyroid nodules and ... Cancer Institute (UPCI), partner with UPMC CancerCenter., The ... and other diagnostic testing agencies, improved the chances ... 30 percent, according to the study published this ...
(Date:7/25/2014)... CORAL SPRINGS, Florida , July 25, 2014 /PRNewswire/ ... influential as more consumers are turning to digital technology ... NXT-ID, Inc. (OTCBB: NXTD), Google Inc. (NASDAQ: ... Visa Inc. (NYSE: V ), Apple Inc. ... FTNT) NXT-ID, Inc., (OTCQB: NXTD) a biometric ...
Breaking Biology News(10 mins):Could age of first period influence development of diseases in older women? 2Test increases odds of correct surgery for thyroid cancer patients 2Test increases odds of correct surgery for thyroid cancer patients 3Consumer Needs for Identity Theft Security Grows with Popularity of Latest Smart Technology Products - Biometrically Secure Digital Wallet to Replace Credit Card Dependency 2Consumer Needs for Identity Theft Security Grows with Popularity of Latest Smart Technology Products - Biometrically Secure Digital Wallet to Replace Credit Card Dependency 3Consumer Needs for Identity Theft Security Grows with Popularity of Latest Smart Technology Products - Biometrically Secure Digital Wallet to Replace Credit Card Dependency 4Consumer Needs for Identity Theft Security Grows with Popularity of Latest Smart Technology Products - Biometrically Secure Digital Wallet to Replace Credit Card Dependency 5Consumer Needs for Identity Theft Security Grows with Popularity of Latest Smart Technology Products - Biometrically Secure Digital Wallet to Replace Credit Card Dependency 6
... Down syndrome (DS) is the most common genetic disorder ... a chromosomal abnormality. It occurs as a result of ... usual two. It causes substantial physical and behavioral abnormalities, ... to severe but which further deteriorates as individuals with ...
... Tropical Research Institute and University of Costa Rica asked ... webs. Repeating old, widely quoted but poorly documented studies ... legs are protected by a covering of branching hairs ... published online in the journal, Naturwissenschaften . , ...
... in size over time, they haven,t necessarily grown in ... according to a recently published study appearing in the ... scientists from the USDA Forest Service and the University ... of wildfires on four national forestsKlamath, Mendocino, Shasta-Trinity and ...
Cached Biology News:Understanding and treating the cognitive dysfunction of Down syndrome and Alzheimer's disease 2Study of wildfire trends in Northwestern California shows no increase in severity over time 2
... increasing age, the autofluorescent pigment lipofuscin ... cell types, including neurons. The presence ... use of fluorescence microscopy in the ... broad excitation and emission spectra, which ...
One unit is equal to 10Kb (insert DNA + vector). The final cost will increase or decrease according to the final assembled genome size. The price does not include genome annotation....
... to the family of calcium binding proteins such ... composed of an alpha and beta chain whereas ... S100 protein is also expressed in the antigen ... skin and interdigitating reticulum cells in the paracortex ...
Polyclonal Antibody to Golgin-67...
Biology Products: