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SUBSEQUENT EVENTS
9 Months Ended
Sep. 30, 2012
Subsequent Events [Abstract]  
Subsequent Events [Text Block]

NOTE 8 – SUBSEQUENT EVENTS

 

On November 9, 2012, the Company entered into a Securities Exchange Agreement (the “Agreement”) by and between the Company and LFB Group. Pursuant to the terms of the Agreement, LFB Group agreed to exchange its 7,500,000 shares of the common stock of TG Bio, for 5,000,000 shares of Company Common Stock and a warrant (the “Warrant”) to purchase an aggregate of 2,500,000 shares of Company Common Stock at a purchase price of US $0.001 per share. Further, upon the occurrence of certain financing conditions, the Agreement requires LFB Group to purchase at least $750,000 in additional shares of Company Common Stock at a purchase price per share equal to the then current Market Price (as defined therein). In connection with the Agreement, the Board of Directors (the “Board”) of the Company appointed Yann Echelard to the Board. Dr. Echelard will serve as a director until his term expires at the 2013 annual meeting of stockholders, at which time he will stand for reelection by the Company’s stockholders. The Company has not yet appointed Mr. Echelard to any Board committees.

 

In November 2012, the Company entered into a licensing agreement with Ildong Pharmaceutical Co. Ltd. (“Ildong”), under which Ildong obtained the exclusive rights for the development and commercialization of TG-1101 in South Korea and Southeast Asia. Under the terms of the agreement, the Company will receive an upfront payment of $2 million in addition to sales based milestone and royalty payments in exchange for exclusive rights to develop and commercialize TG-1101 for all therapeutic indications in the territory. The Company will retain all rights for the manufacture and supply of TG-1101 within the territory during clinical development and commercialization.