XML 23 R17.htm IDEA: XBRL DOCUMENT v2.4.0.6
Subsequent Events
12 Months Ended
Dec. 31, 2011
Subsequent Events [Abstract]  
Subsequent Events
Note 10. Subsequent Events
 
On January 30, 2012, Jacques-François Martin resigned as President and CEO of the Company effective May 1, 2012 in accordance with the notice requirement in his employment agreement with Mymetics, stating his desire to spend more time with his family. Jacques-François Martin intended to remain as Chairman of the Board for the foreseeable future.
 
On March 23, 2012, we announced that in connection with our financing efforts and decision to pursue new strategic alternatives, including moving our headquarters to the United States, we appointed Dr. Christopher S. Henney to be Chairman of our Board of Directors and Grant Pickering to be President and CEO and a member of our Board of Directors. We also added Ulrich Burkhard, Managing Partner and Director of the Marcuard Family Office, as a director. Concurrent with the appointment of these three individuals to these Board and executive positions, Jacques-Francois Martin resigned as chairman of our Board of Directors and Sylvain Fleury, Christian Rochet, and Martine Reindle resigned as members of the Board of Directors.

On February 10, 2012, the expired loan from Round Enterprises dated December 9, 2010, with a value of E1,100 and maturity date December 31, 2011 has been agreed to be converted into 19,301,474 Mymetics common shares. The principal amount and accrued interest have been converted into shares using $1.3260 per Euro and a conversion price of $0.08 per share with a conversion price of $0.08 per share.
 
On February 14, 2012, an amendment was made to the maturity date of the $1,200 and the €400 convertible notes of Round Enterprises dated August 4, 2011 and November 8, 2011, respectively. On the same date the maturity date was also amended for the convertible notes of Eardley Holding of $300 and €100, dated August 4, 2011 and November 8, 2011, respectively. The new maturity date for these four loans has been amended to June 30, 2012.
 
On February 17, 2012, two new convertible loans from our main shareholders have been contracted for a total of E1,200 and bearing an interest rate of 10%.The maturity date is June 30, 2012. The conversion price is determined by reducing by 10% the price per share of the Company's common stock paid by the investors in connection with an investment in the Company of not less than $20,000.