From S3 filed today:
RECENT DEVELOPMENTS
On January 15, 2003, we announced the filing of our first Abbreviated New Drug Application, or ANDA, with the U.S. Food and Drug Administration. The filing was made by our NeoJB subsidiary on behalf of J.B. Chemicals and Pharmaceuticals Ltd. or JBCPL, and relates to a generic drug product manufactured by JBCPL. Upon approval of the ANDA, if it is approved, and expiration of the patent for the indicated drug, we expect that JBCPL will manufacture the product and NeoJB will sell the drug in the United States. However, we have not completed our negotiations with JBCPL regarding the terms of this arrangement, and we cannot be certain that we will be able to complete these negotiations on terms favorable to us or at all. Revenue from the sale of the indicated drug would not likely occur until after the end of this year, if ever.
On January 16, 2003, we sold 222,223 shares of our common stock under our shelf registration statement at a negotiated purchase price of $2.25 per share for gross cash proceeds of $500,000. The investors also received warrants to purchase up to 55,555 shares of our common stock at an exercise price of $3.25 per share. Offering costs including cash commissions paid to the placement agent of this transaction were approximately $30,000. |
