XML 24 R9.htm IDEA: XBRL DOCUMENT v2.4.0.8
RESEARCH AGREEMENTS
9 Months Ended
Sep. 30, 2013
Research and Development [Abstract]  
RESEARCH AGREEMENTS

Note 3: Research Agreements

Crucell Holland B.V. (“Crucell”) – Research License and Option Agreement

Effective August 7, 2003, Crucell and the Company’s subsidiary GPI entered into a five-year research license and option agreement. In addition, retroactively effective August 7, 2008, the Company negotiated an amended license agreement for the use of Crucell’s adenovirus technology. The Company was required to make annual license payments on the anniversary of the effective date for the three year term equal to €75,000 per annum for three years through December 2011. As at September 30, 2013, the Company accrued $492,365 (€378,384) under the amended agreement, inclusive of interest on outstanding amounts.

The Company is currently delinquent on making its annual license payments under the amended license agreement. Crucell has the right to cancel the agreement; however, to date, the Company has not received any notice terminating the license agreement. 

Mayo Clinic –License Option Agreement

For details regarding the license option agreement with Mayo Clinic, please refer to Note 11.