Key updates: the 12M dilution this summer was o
Post# of 30066
(Total Views: 360)
Posted On: 09/01/2021 12:19:19 PM
.jpg)
Key updates:
the 12M dilution this summer was on 6/11/2021 New 12,000,000 Common $42,000 to GPL Ventures LLC – Alex Dillon
Resignation of Gerald Commissiong as CEO
On February 14th, 2021, the Company’s Board of Directors accepted Mr. Commissiong’s resignation as Chief Executive Officer,
effective March 31st, 2021. Mr. Commissiong will continue to serve in the capacity of President until such time that the Board formally
appoints a new Chief Executive Officer. Mr. Commissiong took on the role of Executive Chairman effective April 1st, 2021. A member
of our Board of Directors, Donald Huffman, is acting as CEO while a search for a CEO to replace Mr. Commissiong is conducted.
Termination of Sublicense Agreement with EMOR
On April 20, 2021 the Company submitted a notice of termination (the “Notice”) of the license agreement dated December 31, 2019
between the Company and Emerald Organic Products (“EMOR”) covering the sublicense of intellectual property covering the
Company’s MANF and Engineered Skin Substitute programs (the “License”). The Notice provided EMOR an opportunity to cure the
breaches of the License referenced in the notice for a period of 30 days, by May 20, 2021. EMOR did not cure the breaches referenced
in the notice by May 20, 2021, and therefore the License has been terminated. The Company maintains its ownership rights to the 666.7
thousand Series B Convertible Preferred of EMOR that is convertible into 33.3 million shares of common stock of EMOR on April 6,
2022. The Company intends to pursue the reimbursement of expenses of over $600,000 related to the maintenance and prosecution of
the intellectual property underlying the License and other expenses related to the Development programs required under the License.
the 12M dilution this summer was on 6/11/2021 New 12,000,000 Common $42,000 to GPL Ventures LLC – Alex Dillon
Resignation of Gerald Commissiong as CEO
On February 14th, 2021, the Company’s Board of Directors accepted Mr. Commissiong’s resignation as Chief Executive Officer,
effective March 31st, 2021. Mr. Commissiong will continue to serve in the capacity of President until such time that the Board formally
appoints a new Chief Executive Officer. Mr. Commissiong took on the role of Executive Chairman effective April 1st, 2021. A member
of our Board of Directors, Donald Huffman, is acting as CEO while a search for a CEO to replace Mr. Commissiong is conducted.
Termination of Sublicense Agreement with EMOR
On April 20, 2021 the Company submitted a notice of termination (the “Notice”) of the license agreement dated December 31, 2019
between the Company and Emerald Organic Products (“EMOR”) covering the sublicense of intellectual property covering the
Company’s MANF and Engineered Skin Substitute programs (the “License”). The Notice provided EMOR an opportunity to cure the
breaches of the License referenced in the notice for a period of 30 days, by May 20, 2021. EMOR did not cure the breaches referenced
in the notice by May 20, 2021, and therefore the License has been terminated. The Company maintains its ownership rights to the 666.7
thousand Series B Convertible Preferred of EMOR that is convertible into 33.3 million shares of common stock of EMOR on April 6,
2022. The Company intends to pursue the reimbursement of expenses of over $600,000 related to the maintenance and prosecution of
the intellectual property underlying the License and other expenses related to the Development programs required under the License.
(3)
(0)