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:6/29/2015)... 2015  MiMedx Group, Inc. (NASDAQ: MDXG ), ... and patent-protected processes to develop and market advanced products ... Sports Medicine, Ophthalmic and Dental sectors of healthcare, announced ... has been awarded the Lifetime Achievement Award in the ... The Entrepreneur Of The Year Program, now ...
(Date:6/29/2015)... SOUTH SAN FRANCISCO, Calif. , June 29, 2015 ... a molecular diagnostics company pioneering the field of molecular ... the Bay Area News Group,s prestigious Top Workplaces list ... group selects Top Workplace winners based solely on an ... "We are humbled and honored that the degree to ...
(Date:6/26/2015)... Kan. , June 26, 2015 /PRNewswire/ ... PETX ), a pet therapeutics company focused ... innovative biopharmaceutical products for companion animals, today ... effectiveness study of capromorelin (AT-002), the company,s ... Capromorelin is a small molecule that mimics ...
(Date:6/26/2015)... MUMBAI, India , June 26, 2015 /PRNewswire/ ... leading global IT services, consulting and business solutions organization, ... in Worldwide Life Sciences R&D Risk-Based Monitoring by global ... Worldwide Life Science R&D Risk-Based Monitoring 2015 Vendor Assessment," ... report evaluated eight leading IT services vendors with significant ...
Breaking Biology Technology:EY Entrepreneur Of The Year Program Recognizes Pete Petit, The Chairman & CEO of MiMedx 2Veracyte Named a 2015 "Top Workplace" in the San Francisco Bay Area 2Veracyte Named a 2015 "Top Workplace" in the San Francisco Bay Area 3Aratana Therapeutics Announces Positive Pivotal Results for AT-002 2Aratana Therapeutics Announces Positive Pivotal Results for AT-002 3Aratana Therapeutics Announces Positive Pivotal Results for AT-002 4Aratana Therapeutics Announces Positive Pivotal Results for AT-002 5TCS Recognized as a Leader in Life Sciences R&D Risk-Based Monitoring by IDC MarketScape 2TCS Recognized as a Leader in Life Sciences R&D Risk-Based Monitoring by IDC MarketScape 3TCS Recognized as a Leader in Life Sciences R&D Risk-Based Monitoring by IDC MarketScape 4
... Calif., July 27, 2011 Sangamo BioSciences, Inc. (Nasdaq: ... and accomplishments. For the second quarter ended ... $10.3 million, or $0.20 per share, compared to a net ... same period in 2010. As of June 30, 2011, the ...
... Corporation , a leading global provider of microwave laboratory ... microwave peptide synthesis products . In FY2011 year-to-date, the ... in its automated peptide synthesizer instrument sales and is ... systems. Additionally, CEM,s products were well received at the ...
... 2011 Linden LLC, a Chicago-based healthcare private ... an investment in Strata Pathology Services, Inc., a ... Headquartered in Lexington, Massachusetts, Strata offers ... oral pathology, gastroenterology and gynecology segments. Since 1984, ...
Cached Biology Technology:Sangamo BioSciences Reports Second Quarter 2011 Financial Results 2Sangamo BioSciences Reports Second Quarter 2011 Financial Results 3Sangamo BioSciences Reports Second Quarter 2011 Financial Results 4Sangamo BioSciences Reports Second Quarter 2011 Financial Results 5Sangamo BioSciences Reports Second Quarter 2011 Financial Results 6Sangamo BioSciences Reports Second Quarter 2011 Financial Results 7Record Year for CEM's Peptide Synthesis Business 2Record Year for CEM's Peptide Synthesis Business 3Linden Enters Anatomic Pathology Sector Through Investment in Strata Pathology Services, Inc. 2
(Date:6/25/2015)... , June 25, 2015  TAKE Solutions Ltd., ... patent by the United States Patent and Trademark Office ... This process leverages TAKE Solutions, Clinical Accelerators to reduce ... 50% (when compared to standardization without the accelerators), thus ... At the heart of the ...
(Date:6/24/2015)... Biometry authentication provider KeyLemon today announced ... one face in. Logo - ... in, entering the expanding biometric authentication market in ... answer to the password problem. With advanced face ... KeyLemon, one face in allows users to securely ...
(Date:6/18/2015)... , June 18, 2015 This report ... Million by the following Product Segments, which includes Immunoassay ... Chemiluminescence Immunoassay Systems, Radio Immunoassay Systems, and Nephelometric Immunoassay ... US, Canada , Japan ... Asia-Pacific , Latin America , ...
Breaking Biology News(10 mins):TAKE Solutions Awarded Patent By USPTO 2KeyLemon Announces Partnership With Biometric Password Solution onefacein 2Global Immunoassay Systems Market 2Global Immunoassay Systems Market 3Global Immunoassay Systems Market 4Global Immunoassay Systems Market 5Global Immunoassay Systems Market 6Global Immunoassay Systems Market 7Global Immunoassay Systems Market 8Global Immunoassay Systems Market 9Global Immunoassay Systems Market 10Global Immunoassay Systems Market 11Global Immunoassay Systems Market 12Global Immunoassay Systems Market 13Global Immunoassay Systems Market 14Global Immunoassay Systems Market 15Global Immunoassay Systems Market 16Global Immunoassay Systems Market 17Global Immunoassay Systems Market 18Global Immunoassay Systems Market 19Global Immunoassay Systems Market 20Global Immunoassay Systems Market 21Global Immunoassay Systems Market 22Global Immunoassay Systems Market 23Global Immunoassay Systems Market 24Global Immunoassay Systems Market 25Global Immunoassay Systems Market 26Global Immunoassay Systems Market 27Global Immunoassay Systems Market 28Global Immunoassay Systems Market 29
... Madison, WI, February 24, 2009 | Tiny sediment grains ... minerals in an open fabric that results in a ... grains. Scientists at the U.S. Geological Survey (USGS) are ... composition of these coatings on sediment grains in the ...
... with the tiny fruit fly and then moving into mice and ... of the same gene suppresses cancer in all three organisms. Reciprocally, ... in mammals leads to cancer. The authors show there is ... with a drug. They report their findings in two papers in ...
... today (Monday) to advise the country on how it ... The biotechonology experts from the Belfast-based University are ... cost the world economy around $200 billion in lost ... year. A delegation led by Dr Gerry Brennan ...
Cached Biology News:Ultra-fine coatings on sediment grains influence nitrate and sulfate storage in soil 2Suppressing cancer with a master control gene 2Reduction in parasite infections ahead for India 2