They need to start making things happen with their licenses soon (as in this year for the Brachytherapy/radiogel and next for the moly production) or they lose them. The minimum royalty is probably small for the former. The 25 million investment for the moly plant before mid 2013 is not. The good news is getting investors helps the process of getting more investors. The bad news is the investors all know they are up against the wall and therefore are cutting sweet deals. Looks to me like they are a little over half way to the 25 million.
From last quarterly report:
"The University has the right to either terminate or render the license non-exclusive in a licensed field or individual countries if the Company (i) has not demonstrated within 3 years after the effective date of this agreement access to $25,000,000 of available operating capital to proceed with commercialization of licensed products in such a manner as to cause the expenditure of that capital 4 years after the effective date; (ii) has not within 3 years after the effective date obtained the University's approval of a new commercialization plan for licensed products not previously introduced by the Company into commercial use; or (iii) has not within 5 years after the effective date achieved, or does not each year thereafter maintain, sales levels of licensed products that result in specified royalties to the University.
In August 2010, we made a $10,000 investment for an exclusive license agreement with Battelle Memorial Institute regarding its technology for the production of a Brachytherapy seed. This license agreement calls for a $10,000 nonrefundable license fee and a royalty based on a percent of net sales for licensed products sold; the license agreement also contains a minimum royalty amount to be paid each year starting with 2012."