As of June 30, 1999, we expended the following amounts for research
and development in connection with the following ongoing studies which are being
conducted abroad:
o $50,000 has been advanced to DCT in connection with a study being
conducted in Argentina by DCT on 65 patients to compare the results
of treatment of AIDS patients using a three-drug cocktail and
Reticulose versus AIDS patients taking a three-drug cocktail and a
placebo, pursuant to an agreement entered in February 1998.
o $85,000 has been advanced to DCT to cover the costs of a controlled
study in 30 patients to determine the effectiveness of Reticulose
for the treatment of rheumatoid arthritis in humans, pursuant to an
agreement entered in May 1998.
o $50,000 has been advanced to DCT to study the effects of Reticulose
in inhibiting the mutation of the AIDS virus on patients in
Argentina, pursuant to an agreement entered in July 1998.
During 1999, we expect to spend approximately $1,000,000 on research
and development related activities, including:
o approximately $300,000 in the preparation of the IND;
o approximately $325,000 in connection with laboratory research,
equipment, supplies and electronics;
o approximately $300,000 in overseas research of Reticulose; and
o approximately $75,000 in preparing the manufacturing facility in
the Bahamas for FDA inspection and in accordance with good
manufacturing practices standards.
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