To All...ADVR's 10Q release 8/14/96
It appears that investors, MM's and Wall Street in general has reacted positively to the recent release of the quarterly which came out on Wednesday. WOW Dr H. is going to be around till the year 2000. Now what does that tell us!!!!
Check it out on Edgar, but here are some highlights:
Argentine Agreement
In April 1996 the Company entered into an agreement (the "Argentine
Agreement") with DCT SRL, an Argentine corporation unaffiliated with the
Company ("DCT") pursuant to which DCT was to cause a clinical trial to be
conducted in two separate hospitals located in Buenos Aires, Argentina (the
"Clinical Trials"). Pursuant to the Argentine Agreement, the Clinical Trials
were to be conducted pursuant to a protocol developed by Juan Carlos Flichman,
M.D. and the purpose of the Clinical Trials was to assess the efficacy of the
Company's drug Reticulose on the Human Papilloma Virus (HPV). The protocol
calls for, among other things, a study to be performed with clinical and
laboratory follow-up on 20 male and female human patients between the ages of
18 and 50. The Clinical Trials will not include a placebo control group or
reference to any other antiviral drug.
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Pursuant to the Argentine Agreement the Company is obligated to
deliver $34,000 to DCT to cover out of pocket expenses associated with the
Clinical Trials. The Argentine Agreement further provides that at the
conclusion of the Clinical Trials, DCT shall cause Dr. Flichman to prepare and
deliver a written report to the Company regarding the methodology and results
of the Clinical Trials (the "Written Report"). Upon delivery of the Written
Report to the Company, the Company shall deliver to the principals of DCT
options to acquire 2,000,000 shares of the Company's Common Stock for a period
of one year from the date of the delivery of the Written Report, at a purchase
price of $.20 per share.
On April 22, 1996 DCT informed the Company that DCT was informed by
Dr. Flichman that the Clinical Trials had commenced April 15, 1996 and that the
Clinical Trials will last approximately 90 days.
In June 1994, DCT SRL and the Company entered into an exclusive
distribution agreement whereby the Company granted to DCT SRL the exclusive
right to distribute the Company's drug Reticulose in certain South American
countries, including Argentina and the other MERCOSUR States.
Hirschman Agreement
In May 1995, the Company entered into a consulting agreement with
Shalom Hirschman, M.D., Professor of Medicine of Mt. Sinai School of Medicine,
New York, New York and Director of Mt. Sinai's Division of Infectious
Diseases, whereby Dr. Hirschman shall provide consulting services to the
Company through May 1997. The consulting services included the development and
location of pharmaceutical and biotechnology joint venture partners and
assisting the Company with regulatory approvals and protocols.
In connection with the consulting agreement, the Company issued to Dr.
Hirschman 1,000,000 shares of the Company's Common Stock and the option to
acquire 5,000,000 shares of the Company's Common Stock for a period of three
years as per the vesting schedule as referred to in the agreement, at a
purchase price of $0.18 per share. In addition and in connection with entering
into the consulting agreement with Dr. Hirschman, the Company issued to a
person unaffiliated with the Company, 100,000 shares of the Company's Common
Stock, and an option to acquire for a period of one year, from June 1, 1995 an
additional 500,000 shares at a purchase price of $0.18 per share. As of June
30, 1996, 900,000 options have been exercised for cash consideration of
$162,000 under this Agreement.
In March 1996 the Company entered into an Addendum to Agreement with
Dr. Hirschman whereby Dr. Hirschman agreed to provide consulting services to
the Company through May 2000 (the "Addendum"). Pursuant to the Addendum, the
Company granted to Dr. Hirschman the option to purchase 15,000,000 shares of
the Company's Common Stock for a three year period pursuant to the following
vesting schedule: (i) options to purchase 5,000,000 shares exercisable at any
time and from time to time commencing March 24, 1996 and ending March 23, 1999
at an exercise price of $.19 per share; (ii) options to purchase 5,000,000
shares exercisable at any time and from time to time commencing March 24, 1997
and ending March
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23, 1999 at an exercise price of $.27 per share; and (iii) options to purchase
5,000,000 shares exercisable at any time and from time to time commencing March
23, 1998 and ending March 23, 1999 at an exercise price of $.36 per share. In
addition, the Company has agreed to cause the shares underlying these options
to be registered so long as there is no cost to the Company. |
