First, is it possible that EPCT received payment, but did not announce it? We know they hadn't received it as of August 7th, because Jack said so at the Canaccord conference. But it is possible that they received it since then and just did not announce it? They have no regulatory obligation to announce it. I admit that this is unlikely, though.
Second, assuming no payment received yet since no announcement, are you sure it is due? jack said it was due upon the dosing of the first patient in any PII trial. The trials have been "initiated," but does that mean a patient has been actually dosed, triggering payment? also, i'm sure they have some sort grace period (e.g., due within XX days following dosing...). I haven't looked, but I assume the license agreement was never filed by EPCT or MYGN on Edgar, which would be the best place to find out exactly when payment is due.
This is why I brought this subject up. Nobody seems to know exactly what is going on with the milestone payment. I know one thing is that when they get it, it is imparitive that they announce the payment. The announcement will serve as credibility to Epicept for all to see, and the sooner the better.
I found the agreement on Edgar, however they redacted certain parts that make it impossible to determine anything with certainty. Here is the relevant section of the agreement. Anyway, whatever the event is (if it is dosing as Jack said it was), then payment is due within 30 days of that.
6.3 Milestone Payments. Within 30 days following the first occurrence of each of the events set forth below with respect to a Product, Myriad shall pay to Maxim the milestone payment set forth below (whether such milestone is achieved by Myriad, its Affiliate or any of their respective Sublicensees): Milestone Event Milestone Payment [***] [***] [***] [***] [***] [***] [***] [***] [***] [***]
Each of the milestone payments described in this Section 6.3 shall be payable one (1) time for each Product containing a particular active ingredient, regardless of the number of indications for which such Product is developed or commercialized; provided, however, that if (a) a Product is abandoned during development after one (1) or more of the milestone payments under this Section 6.3 has been made (a "Dropped Product" ) and (b) another Product containing a different active ingredient is developed for substantially the same indication as a replacement for such Dropped Product, then only those milestone payments under this Section 6.3 that were not previously made with respect to such Dropped Product shall be payable with respect to the replacement Product. All payments made to Maxim pursuant to this Section 6.3 are non-refundable and, except as set forth in the preceding sentence, may not be credited against any other payments payable by Myriad to Maxim under this Agreement.
My guess: they haven't doesed anyone yet or more than 30 days ago. Otherwise, it is breach of contract.