Subsequent Events |
3 Months Ended |
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Mar. 31, 2016 | |
| Subsequent Events [Abstract] | |
| Subsequent Events |
Note 17 Subsequent Events
On April 25, 2016, Mr. Thomas Knox, previously the Companys Non-Executive Co-Chairman, became the Companys sole Chairman. Raymond F. Akers, Jr. PhD, formally the Companys Executive Chairman, became the Chief Scientific Director. Dr. Akers will continue to lead the scientific developments of the Companys product pipeline and the enhancements of the Companys commercialized products. Dr. Akers remains an Executive Director on the Board and, as Co-Founder, will continue to be the primary interface with shareholders.
On April 29, 2016, the Company received a payment of $250,000, in accordance with the terms of sale, from NovoTek Pharmaceuticals Limited (NovoTek), for the initial release of PIFA Heparin PF/4 products against the $2,500,000 order received February 29, 2016. The revenue from this initial lot of goods totaling $500,000, will be recognized when the criteria for the recognition of revenue are met. Management believes that these criteria will be met in the second quarter of 2016. NovoTek is the Companys exclusive distributor in the Peoples Republic of China for the Companys PIFA Heparin products. |
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- References No definition available.
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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. No definition available.
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