One wonders why MEDX did not see fit to mention this transaction of almost a month ago:
>>WEST PALM BEACH, Fla.--(BUSINESS WIRE)--Dec. 9, 2002--Kyto Biopharma, Inc. ("Kyto Biopharma" or the "Company") is pleased to announce the following recent corporate developments.
On November 11, 2002, Kyto Biopharma and Medarex Inc. ("Medarex") agreed to restructure certain aspects of their collaboration under a Research and Collaboration Agreement signed on January 15, 2001. In connection with the restructuring, Kyto Biopaharma has granted to Medarex a right of first negotiation to license human monoclonal antibody products developed under the collaboration and issued 800,000 of its common shares to Medarex. Medarex now has an approximate 19% ownership interest in Kyto Biopharma.
On November 11, 2002, Credifinance Gestion S.A. ("CFG") agreed to terminate its anti-dilution protection over its ownership stake in the Company and has converted its $100,000 Convertible Debenture - Series A (the "Debenture") into 100,000 common shares of the Company. CFG has also released the security that it held against the assets of the Company.
On November 22, 2002, Kyto Biopharma restructured the outstanding balance owed to New York University for services rendered by the issuance of 113,058 common shares in the Company.
Kyto Biopharma is currently pursuing certain other unsecured creditors for the settlement of outstanding indebtedness aggregating $60,000 with common shares in the Company. The Company is currently responding to comments provided by the Securities and Exchange Commission with regards to its amended SB-2 filing. The Company intends to raise additional capital to advance its drug delivery platform through pre-clinical studies and undertake further immunization work with Medarex to generate fully human monoclonal antibodies against the targets provided by Kyto Biopharma to Medarex. The Company is actively seeking professionals to add to its management team and Board of Directors.
Kyto Biopharma, Inc.
Kyto Biopharma is a development stage biopharmaceutical company that develops receptor-mediated technologies to control the uptake of vitamin B12 by non-controlled proliferative cells. Vitamin B12 regulates one of two major cellular pathways for the production of folates, the cell's primary source of carbon and the progenitor for the synthesis of DNA. Kyto Biopharma has a portfolio of potential targeted biologic treatments based on (i) the delivery of cytotoxic drugs using the vitamin B12 as a vehicle, (ii) the therapeutic effect of vitamin B12 depletion by receptor-mediated "Growth Blockers" and (iii) the use of monoclonal antibodies issued of its vitamin B12 depletion technology. Depletion of vitamin B12 levels in abnormal rapid growth and deregulated cells, such as observed in cancer and some diseases of the immune system leads to inhibition of cellular proliferation and induction of apoptosis, or programmed cell death.<<
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This PR makes Kyto seem a bit desperate to me, as if they are low on cash so diluting and restructuring. The B12 approach seems off the wall, but I haven't looked at any abstracts. What do MEDX followers think of this investment? I don't suppose anybody in Kyto is related to anybody in MEDX?
Cheers, Tuck |
