Kyto Biopharma
Tuck
Interesting story. Found the following on the net.
InterUnion Cancels Deal With Falcon Energy in Kazakhstan
Monday November 4, 11:15 am ET
PALM BEACH, Fla.--(BUSINESS WIRE)--Nov. 4, 2002--InterUnion Financial Corporation ("InterUnion") (OTCBB: IUFN - News), announced today that it has cancelled the non-binding Letter of Intent signed with Falcon Energy Holdings Corporation ("Falcon Energy" or the "Company") due to Falcon Energy's failure to meet the conditions required under the Letter of Intent.
InterUnion had previously granted the Company an extension on the original deadline to give Falcon Energy more time to meet the conditions.
InterUnion, which made a special dividend of shares of Kyto BioPharma Inc. (formerly B Twelve Inc.) and an extraordinary cash dividend payment totaling $2,549,010 to its shareholders on August 30, 2002, will continue to seek other opportunities.
InterUnion Financial Corporation is a business bank specialized in providing financial services.
The information contained in this release includes forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially.
So, Kyto aka. B Twelve seems to be a validated partner (without family ties to the Drakemans), although somewhat short of cash, products and management. I suppose that Kyto wasn't able to pay their part of the development costs and that Medarex got the shares plus the right of first refusal in consideration for whatever costs they have had on Kyto's behalf. (Someone who tries to exchange debts of USD 60.000 for equity must be pretty desperate).
Erik
Medarex and B. Twelve Announce Agreement to Develop Human Antibody Therapeutics for Cancer
PRINCETON, N.J. and TORONTO, Jan. 22 /PRNewswire/ -- Medarex, Inc. (Nasdaq: MEDX) and B. Twelve, Inc. announced today that they have entered into an agreement for the research, development and commercialization of novel cancer therapeutics through the application of Medarex's UltiMAb(TM) Human Antibody Development System(SM) and B. Twelve's targeted technology. B. Twelve will apply its expertise with vitamin B12 related targets and proprietary technology and expects to bring several cancer related targets to the collaboration. Medarex is responsible for generating fully human antibodies to targets provided by B. Twelve.
Under the terms of the agreement, B. Twelve will develop and commercialize human antibody products resulting from this alliance. Medarex expects to receive license fees and milestone payments as well as royalties on commercial sales of products resulting from this agreement. In addition, Medarex has received B. Twelve common stock representing approximately 9% of B. Twelve's outstanding shares. The value of the shares received by Medarex will be applied against certain license fees and milestone payments payable by B. Twelve to Medarex under the terms of the agreement.
"This agreement with B. Twelve brings us the unique opportunity to develop fully human antibody-based therapeutics to vitamin B12-related targets. By partnering with B. Twelve, we look forward to working toward the development of novel antibody-based therapeutic products for cancer," said Donald L. Drakeman, President and CEO of Medarex. |
