4. LICENSING AGREEMENTS (Tables)

12 Months Ended

Apr. 30, 2016

Licensing Agreements

Schedule of licensing agreements

Licensor		Agreement Date	Total Milestone Obligations Expensed To Date		Potential Future Milestone Obligations (1)
UTSWMC		August 2001	$	173,000	$	300,000
UTSWMC		August 2005		85,000		375,000
Lonza		March 2005		64,000		–	(2)
Avanir		December 2003		100,000		1,000,000
Genentech		November 2003		500,000		5,000,000
	Total		$	922,000	$	6,675,000

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(1) Under our current agreements, potential future milestone obligations are due upon achieving certain clinical and regulatory milestones. Based on the current stage of clinical development for bavituximab, future milestone obligations would be due upon submission of a biologics license application in the U.S. and upon FDA approval, which events are currently uncertain and depend on positive clinical trial results. In addition, potential future milestone obligations vary by license agreement (as defined in each license agreement) and certain agreements depend on a valid patent claim, as defined in each of these underlying agreements, at the time the potential milestone is achieved.

(2) In the event we utilize a third-party contract manufacturer other than Lonza to manufacture bavituximab for commercial purposes, we would owe Lonza 300,000 pounds sterling per year.