radient pharmaceuticals corp (RXPC) Key Developments
The Rosen Law Firm, P.A. Announces Class Action Settlement on Behalf of Purchasers of Common Stock of Radient Pharmaceuticals Corporation
Feb 12 14
The Rosen Law Firm, P.A. announced that the United States District Court Central District of California Southern Division has approved the following announcement of a proposed class action settlement that would benefit purchasers of common stock of Radient Pharmaceuticals Corporation. Pursuant to an order of the United States District Court for the Central District of California, that a hearing will be held on April 22, 2014 at 8:30 a.m. before the Honorable David O. Carter, United States District Judge of the Central District of California, 411 West Fourth Street, Santa Ana, California 92701 for the purpose of determining: whether the proposed settlement consisting of the sum of $2,500,000 should be approved by the court as fair, reasonable, and adequate; whether the proposed plan to distribute the settlement proceeds is fair, reasonable, and adequate; whether the application for an award of attorneys' fees of $750,000 or 30.0% and reimbursement of expenses of not more than $480,000, and an incentive payment of no more than $9,000 to lead plaintiffs, should be approved; and whether the litigation should be dismissed with prejudice. If investor purchased common stock of Radient Pharmaceuticals Corporation, during the period between January 18, 2011 and March 4, 2011, inclusive, investor rights may be affected by the Settlement of this action.
Radient Pharmaceuticals Corporation Announces Executive Changes
Jun 11 13
On June 4, 2013, Mr. Michael Boswell resigned as a member of Radient Pharmaceuticals Corporation's Board of Directors. Mr. Boswell's resignation did not indicate that his resignation was in connection with any disagreement with the Company pertaining to the Company’s operations, policies or practices. Mr. Boswell resigned to dedicate more of his time to his own business and personal pursuits. On June 7, 2013, the Board of Directors appointed Mr. Michael Christiansen to fill the vacancy on Board created by Mr. Boswell's resignation. Mr. Christiansen was formerly the Executive Vice President and Chief Financial Officer of Jameson Stanford Resources Corporation and Bolcán Mining Corporation from May 2012 to November 2012, with his service concluding upon the closing of the merger of the two companies. Prior to joining Bolcán, Mr. Christiansen worked at WestPark Capital from 2007 to 2012 as Managing Director in the Corporate Finance group. Mr. Christiansen has more than fifteen years of investment banking experience, having served previously with Prudential Securities from 1997 to 2001, and with Seidler Amdec Securities and Laffer Associates from 1986 to 1992.
Radient Pharmaceuticals Corporation Enters into 5 Years License Agreement Between AMDL Diagnostics, Inc. and Uni Pharma Co., Ltd
Jun 11 13
On June 6th 2013, Radient Pharmaceuticals Corporation entered into a 5-year license agreement between AMDL Diagnostics Inc. and Uni Pharma Co. Ltd. with a 5-year exclusive license (subject to automatic renewal for an additional 5 years) to RXPC’s Onko-Sure® (formerly called DR-70 cancer blood test kits, procedures, analyses, data, know how, manufacturing, manufacturing processes, components, trademarks and intellectual property. Pursuant to the terms of the Agreement, the total license fee shall be $500,000, $100,000 of which UNI shall pay as an up-front license fee ($20,000 upon signing the agreement and $80,000 upon commencement of training UNI personnel at ADI facilities) and the remaining of which, UNI shall pay in 4 equal annual installments over the next 4 years. The license agreement will become effective upon receipt of the up-front license fee. The agreement covers the following territories: China, Hong Kong, Malaysia, Singapore, Indonesia, Thailand, Japan, India, Turkey and Australia and New Zealand. The agreement shall continue until the earlier of expiration of the last patent issued to for the Tests, when UNI terminates the agreement by discontinuing the offering of the Tests, or if UNI does not achieve sales necessary to meet the contractual minimum royalty payments for two consecutive fiscal quarters. Each party has the right to terminate the Agreement in certain circumstances, including a material breach under the Agreement or following a cure period associated with a government imposed prohibition against the sale of the licensed products.
Rosen Law Firm Achieves Significant Victory Against Radient Pharmaceuticals Corp. in Securities Class Action
May 21 13
The Rosen Law Firm announced a significant victory by investors in the Radient Pharmaceuticals Corporation investor class action pending in the U.S. District Court for the Central District of California in Santa Ana. On May 20, 2013 the Court resolved motions for summary judgment filed by defendants Radient, Douglas MacLellan and Akio Ariura. The Court found that there were genuine disputes of material fact as to whether Radient and MacLellan committed securities fraud and denied their motions for summary judgment. The Court granted Ariura's motion and he is no longer a defendant. The action was originally filed in March 2011 and seeks to recover losses suffered by all purchasers of Radient common stock between January 18, 2011 and March 4, 2011, inclusive. Plaintiffs assert that on January 18, 2011 Radient issued a materially false and misleading press release by falsely touting the Mayo Clinic's involvement in a clinical trial for Radient's product Onko-Sure. According to the complaint, when the market learned the truth that the Mayo Clinic was not involved in the Onko-Sure clinical trial as Radient represented, the price of Radient common stock declined damaging investors.
Radient Pharmaceuticals Corporation Enters into License Agreement with Global Cancer Diagnostics, Inc
Sep 18 12
On July 17, 2012, Radient Pharmaceuticals Corporation entered into license agreement with Global Cancer Diagnostics Inc. in order to commercialize certain of its intellectual property in the form of a Lung Cancer test (the “Agreement”).Pursuant o the Amendment, GCDx will pay an upfront license fee of $250,000 immediately upon receipt of funds from the first closing of its current financing for approximately $2,000,000, which was anticipated to close no later than September 15, 2012.