apart from that, I don't see anything new. Just going to cut and paste the latest language, so that I can open a beer and close that window......
On October 30, 2000, the U.S. District Court
set aside the $18,000,000 judgment in favor of SIBIA and vacated the
injunction against the Company. Separately, in October 2000, the Company
obtained the release of the cash escrow of $19.9 million representing the
original $18.5 million and interest that has accumulated on the escrow
balance. The interest earned on the escrow has been added to the escrow
balance and the reserve for litigation damages. The reserve for litigation
damages of $18,841,489 (net of direct legal costs of $1 million) at
September 30, 2000 has been reversed and credited to the statement of
operations for the three and nine months ended September 30, 2000.
Note - 4 ASSET SALE
On July 30, 1999 the Company sold to OSI Pharmaceuticals, Inc. ("OSI")
pursuant to an asset purchase agreement various assets and ceased its drug
discovery operations and research efforts for collaborators as a result of
this transaction. The Company recognized a loss of $805,555 in connection
with the transaction. The Company terminated all employees that were not
hired by OSI or who did not voluntarily resign, except for the Chief
Executive Officer who resigned in April 2000. The Company retained
ownership of all its other assets including its core yeast technology for
developing drug discovery assays, its collection of over 25,000 proprietary
yeast strains, human and mammalian cell lines, and genetic engineering
tools, its joint ownership of the human orphan G protein-coupled receptors
identified pursuant to its collaboration with Genome Therapeutics
Corporation, its proprietary software, its genomics databases related to G
protein-coupled receptors, all assays and technologies reverting to it from
its collaboration with Bristol Myers Squibb Company, an equity position in
Axiom Biotechnologies, Inc., the Company's cash and cash equivalents, and
the funds that were being held in escrow pending appeal of the verdict in
favor of SIBIA. |
