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COMMITMENTS AND CONTINGENCIES
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12 Months Ended |
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Sep. 30, 2013
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| Commitments And Contingencies | |
| COMMITMENTS AND CONTINGENCIES |
NOTE 9 COMMITMENTS AND CONTINGENCIES
Legal Proceedings The Company may become involved in certain legal proceedings and claims which arise in the normal course of business. If an unfavorable ruling were to occur, there exists the possibility of a material adverse impact on the Companys results of operations, prospects, cash flows, financial position and brand. To the best knowledge of the Companys management, at September 30, 2013, there are no legal proceedings which the Company believes will have a material adverse effect on its business, results of operations, cash flows or financial condition.
In June 2012, the Company was named, along with other parties, as a defendant in a putative class action lawsuit being brought, as amended, on behalf of the Genaera Liquidating Trust ("Trust"). We purchased biotechnology assets from the Trust in 2009. On August 12, 2013, the court dismissed each of the plaintiff's claims against the Company. An appeal of the dismissal is pending; however management believes that there is a remote possiblity the litigation will have a material adverse impact on the Companys financial condition. |