XML 40 R29.htm IDEA: XBRL DOCUMENT v3.7.0.1
Collaborative Agreement (Details)
 1 Months Ended 9 Months Ended
May 06, 2016
USD ($)
$ / shares
shares
May 26, 2017
USD ($)
Installments
Feb. 28, 2017
USD ($)
$ / shares
shares
Jun. 30, 2017
USD ($)
Jun. 30, 2016
USD ($)
Sep. 30, 2016
USD ($)
Aug. 26, 2016
USD ($)
Dec. 29, 2015
USD ($)
Collaborative Agreement (Textual)                
Amount received from BioFirst Corporation       $ 953,000   $ 6,500,000    
Accounts payable         $ 18,370    
Collaborative Agreement [Member]                
Collaborative Agreement (Textual)                
Description of payment settlement schedule      

 

 ●upfront payment shall upon the signing of this Collaborative Agreement: 3.5% of total payment. After receiving upfront payment from BriVision, BioLite has to deliver all data to BriVision in one week.
   
 ●upon the first IND submission, BriVision shall pay, but no later than December 15, 2016: 6.5% of total payment. After receiving second payment from BriVision, BioLite has to deliver IND package to BriVision in one week.
   
 ●at the completion of first phase II clinical trial, BriVision shall pay, but no later than September 15, 2017: 15% of total payment. After receiving third payment from BriVision, BioLite has to deliver phase II clinical study report to BriVision in three months.
   
 ●upon the phase III IND submission, BriVision shall pay, but no later than December 15, 2018: 20% of total payment. After receiving forth payment from BriVision, BioLite has to deliver IND package to BriVision in one week.
   
 ●at the completion of phase III, BriVision shall pay, but no later than September 15, 2019:25% of total payment. After receiving fifth payment from BriVision, BioLite has to deliver phase III clinical study report to BriVision in three months.
   
 ●upon the NDA submission, BriVision shall pay, but no later than December 15, 2020, BriVision shall pay: 30% of total payment. After receiving sixth payment from BriVision, BioLite has to deliver NDA package to BriVision in one week. 

 

        
Amount received from BioFirst Corporation               $ 100,000,000
Upfront payments       $ 3,500,000        
Milestone payments to BioLite in cash $ 2,600,000              
Common stock newly issued, value $ 900,000              
Common stock newly issued, shares | shares 562,500              
Share price | $ / shares $ 1.60              
Percentage of payments under collaborative agreement       3.50%        
Collaborative Agreement One [Member]                
Collaborative Agreement (Textual)                
Description of payment settlement schedule       Pursuant to the Collaborative Agreement, 6.5% of total payment, $6,500,000 shall be made upon the first IND submission which was submitted in March 2016. In February 2017, the Company remitted this amount to BioLite with $650,000 in cash and $5,850,000 in the form of newly issued shares of our common stock, at the price of $2.0 per share, for an aggregate number of 2,925,000 shares.        
Amount received from BioFirst Corporation             $ 100,000,000  
Milestone payments to BioLite in cash     $ 650,000          
Common stock newly issued, value     $ 5,850,000          
Common stock newly issued, shares | shares     2,925,000          
Share price | $ / shares     $ 2.0          
Licensing rights       $ 10,000,000        
Accounts payable         $ 6,500,000      
Percentage of payments under collaborative agreement         6.50%      
Co-Dev Agreement [Member]                
Collaborative Agreement (Textual)                
Cash receivable from Rgene   $ 3,000,000            
Number of installments | Installments   3            
Proceeds from cash received   $ 240,000            
Future net licensing income, percentage   50.00%