Annual report pursuant to Section 13 and 15(d)

16. SUBSEQUENT EVENTS

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16. SUBSEQUENT EVENTS
12 Months Ended
Apr. 30, 2017
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

The Company has performed an evaluation of subsequent events in accordance with ASC Topic 855, noting no additional subsequent events other than those noted below.

 

On May 1, 2017, the Board appointed Mr. Yuen to the Board to fill a vacancy created by the departure of certain members of the Board in October 2014. In connection with Mr. Yuen’s appointment to the Board, the Company entered into a Board compensation agreement with Mr. Yuen pursuant to which the Company agreed to pay Mr. Yuen $12,500 in cash for each calendar quarter of service on the Board and agreed to issue annually: (i) 500,000 fully-paid, non-assessable shares of the Company’s restricted common stock (“Shares”); and (ii) a five-year option to purchase 500,000 Shares (“Option”) to Mr. Yuen at an exercise price equal to the fair market value of the Company’s common stock on the date of grant. The Shares and the Option were fully vested on the date of the grants. The Board of Directors approved the initial issuances of the Shares and the Option on May 1, 2017, and the Option has an exercise price of $0.058 per share.

 

From May 1, 2017 through July 26, 2017, the Company sold 62,368,764 shares of common stock using the S-3 Registration Statement. The issuance of these shares resulted in gross proceeds of approximately $1,868,000.

 

On May 30, 2017, the Company entered into an office lease to extend the term of its Leased Premises. The term of the lease is for two years with an expiration date of August 31, 2019.

 

On June 5, 2017, the Company and Eurofins entered into an agreement for the preparation and characterization of a GMP production cell bank for use in the Company’s therapy for pancreatic cancer. The agreement includes pre-bank testing, MCB preparation, MCB characterization, WCB preparation, WCB characterization, end of production characterization and related analysis, as well as optional testing. The total cost, without optional testing, is approximately $300,000.

 

On July 3, 2017, the Board appointed Dr. Abecassis to the Board to fill a vacancy created by the departure of certain members of the Board in October 2014. In connection with the appointment of Dr. Abecassis to the Board, the Company entered into a Board compensation agreement with Dr. Abecassis pursuant to which the Company agreed to pay Dr. Abecassis $12,500 in cash for each calendar quarter of service on the Board and agreed to issue him annually: (i) 500,000 Shares; and (ii) a five-year Option to purchase 500,000 Shares at an exercise price equal to the fair market value of the Company’s Shares on the date of the grant. The Shares and the Option were fully vested on the date of the grants. The Board approved the initial issuances of the Shares and the Option on July 3, 2017, and the Option has an exercise price of $0.058 per share.

 

On July 18, 2017, the Board appointed Linda S. Sher, M.D. (“Dr. Sher”) to the position of the Company’s Chief Medical Officer. In connection with the appointment, the Company entered into a Professional Services Agreement with Dr. Sher pursuant to which the Company agreed to pay Dr. Sher $10,000 in cash for each calendar month of service on the Board and agreed to issue her: (i) 1,200,000 Shares; and (ii) a five-year Option to purchase 1,200,000 Shares at an exercise price equal to the fair market value of the Company’s Shares on the date of the grant. The Shares and the Option each vest in the amount of 100,000 shares per month. The Board approved the issuances of the Shares and the Option on July 18, 2017, and the Option has an exercise price of $0.089 per share.