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Related Party Transactions
9 Months Ended
Sep. 30, 2020
Related Party Transactions [Abstract]  
Related Party Transactions

Note 5 - Related Party Transactions

 

Due to Related Party

 

The Company and other related entities have had a commonality of ownership and/or management control, and as a result, the reported operating results and/or financial position of the Company could significantly differ from what would have been obtained if such entities were autonomous.

 

The Company had a Master Services Agreement (“MSA”) with Autotelic Inc., a related party that is partly owned by one of the Company’s former Board members and executive officers, namely Vuong Trieu, Ph.D., effective November 15, 2016. The MSA stated that Autotelic Inc. will provide business functions and services to the Company and allowed Autotelic Inc. to charge the Company for these expenses paid on its behalf. The MSA included personnel costs allocated based on amount of time incurred and other services such as consultant fees, clinical studies, conferences and other operating expenses incurred on behalf of the Company. The MSA required a 90-day written termination notice in the event either party requires to terminate such services. We and Autotelic Inc. agreed to terminate the MSA effective October 31, 2018. Dr. Trieu resigned as a director of our company effective October 1, 2018.

 

An unpaid balance of approximately $4,000 is included in due to related party in the accompanying balance sheets for both periods ending September 30, 2020 and December 31, 2019.

 

Transactions with BioMauris, LLC/Erik Emerson

 

Until February of 2019, the Company had engaged the services of BioMauris, LLC, of which Erik Emerson, a former executive officer and director of our company, served as Executive Chairman.

 

During the nine months ended September 30, 2019, the Company recorded approximately $32,000 for related party expenses incurred under the agreement. No related party liability was recorded as of September 30, 2020 or December 31, 2019.

 

Beginning in the second quarter of 2019 when components of the financial transaction took place and became fully effective in July 2019, Mr. Emerson became the owner of an equity interest of approximately 22% in Pharma Hub Network, our third-party network manager. During the third quarter of 2019, the Company terminated the relationship with Pharma Hub Network. For the nine months ended September 30, 2019, the Company recorded approximately $25,000 and $62,000 in related party expense for services provided by Pharma Hub Network. For the nine months ended September 30, 2020, the Company recorded no related party expenses related to the agreement. No related party liability was recorded on the accompanying balance sheets as of September 30, 2020 or December 31, 2019.