SUBSEQUENT EVENTS |
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Subsequent Events [Abstract] | ||||||||||||||||||||||
SUBSEQUENT EVENTS |
NOTE 12 - SUBSEQUENT EVENTS
On December 3, 2015, the Company announced the achievement of Milestone 1 from the SKS Ocular acquisition, demonstrating consistent long term release of an therapeutic agent above threshold therapeutic levels in the targeted ocular tissues of an animal model. The achievement of Milestone 1 requires that the Company issue 497,859 shares of its common stock to SKS.
Effective December 11, 2015, Irach B. Taraporewala, President and Chief Technology Officer, resigned from all officer positions with the Company and as a member of the Board of Directors of the Company, subject to a mandatory seven-day revocation period. In connection with Dr. Taraporewalas resignation, on December 11, 2015, the Company and Dr. Taraporewala entered into a two year Consulting Agreement and Release (the Consulting Agreement and Release) dated December 11, 2015 (the Effective Date), pursuant to which Dr. Taraporewala will be engaged as a consultant to the Company.
As compensation for the consulting services to be rendered by Dr. Taraporewala, Dr. Taraporewala will receive the following:
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