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BIOZONE PHARM Message Board

  • belkin2468 belkin2468 Mar 20, 2014 4:48 PM Flag

    New ammended 8k

    If I read correctly, TEVA should be investing another $7.5M into BZNE soon. Look at paragraph 2 and tell me what you think. It looks like they only have $300K left of the original invest , then comes more $$$.

    Agreements with Teva Pharmaceuticals
    On September 13, 2011, the Company signed a Share Purchase Agreement with Teva Pharmaceuticals Industries Limited (“Teva”). Under the terms of this agreement, Teva agreed to purchase, in an initial closing, 687,442 shares of the Company’s common stock for $7.5 million and, concurrent with the purchase of the common stock, also obtained options to purchase an additional $37.5 million of the Company’s common stock according to a predefined valuation schedule and predefined percentages of the Company’s outstanding common stock and preferred stock on an as-converted basis. As of December 31, 2013, Teva had not exercised any options to purchase additional common stock and the only remaining option is for an additional $7.5 million of common stock. The other options under the agreement had expired as of December 31, 2013 due to the passage of time and are no longer exercisable.

    Contemporaneous with the signing of the Share Purchase Agreement, the Company also signed a Research and Collaboration Agreement, and an Exclusive License Option Agreement. Under the terms of the Research and Collaboration agreement, the Company is to carry out a research and development program (“R&D Program”) under the direction of a Joint Research Committee with members from the Company and Teva. The goal of the R&D Program is to develop novel therapeutics for Hepatitis C that target the viral polymerase enzyme involved in replication of the virus. To maintain its license option, Teva must invest an additional $7.5 million as described above prior to the Company spending all of the funds originally received in the September 2011 $7.5 million investment. As of December 31, 2013, the Company had expended approximately $7.2 million of these fund

    Sentiment: Strong Buy

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    • As I read the following in the 8k, it appears the new name will just be Cocrystal? Will it be formally announced on 21MAR14 along with the plan moving forward?

      from 8k, "The Merger is being treated as a reverse merger and recapitalization effected by a share exchange for financial accounting and reporting purposes since substantially all of Biozone's operations were disposed of immediately prior to the consummation of the Merger as reported on a Form 8-K filed by Biozone on January 8, 2014. Cocrystal is treated as the accounting acquirer as its shareholders control the Company after the Merger, even though the Company is the legal parent. As a result, the assets and liabilities and the historical operations that will be reflected in the Company's future financial statements with the Securities and Exchange Commission will be those of Cocrystal as if Cocrystal had always been the reporting company and, on the Merger date, changed its name and reorganized its capital stock. The 2013 pro forma earnings per share to reflect the impact of the recapitalization is a loss of $.01 per share on a basic and fully diluted basis. No other pro forma information is required to be disclosed hereunder."

 
BZNE
0.410.00(0.00%)Apr 14 3:59 PMEDT

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