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Subsequent Events
12 Months Ended
Dec. 31, 2021
Subsequent Events [Abstract]  
Subsequent Events

(18) Subsequent Events

 

On January 21, 2022, the Company filed a universal shelf registration statement with the Securities and Exchange Commission registering Company securities of up to $100 million. The registration statement was declared effective on February 4, 2022.

 

On March 1, 2022, after review and approval by the Board of Directors, the Company entered into a consulting agreement with Foresite Advisors, LLC, a company wholly owned by Robert Dickey IV, pursuant to which Mr. Dickey will serve as the Company’s new Chief Financial Officer effective April 4, 2022. The initial term of the agreement is for one year. Pursuant to the consulting agreement, Mr. Dickey will be compensated at $375 per hour.

 

In determining whether to proceed with a Human Challenge Trial (“HCT”) with hVIVO Services Ltd at their quarantine facility in the U.K. to test Ampligen as a potential intranasal antiviral therapy using a human rhinovirus HRV (common cold virus) and influenza, the Medicines and Healthcare Regulatory Agency (“MHRA”), the agency that reviews the study protocol, issued Grounds for Non-Acceptance and requested additional data before moving forward. As the request would require the Company to first conduct an animal experiment that it believes would take approximately six months to complete, it determined that continuing with the HCT application process would not be a prudent use of Company resources, so terminated the agreement with hVIVO and officially notified the MHRA of its decision to withdraw the application. As the MHRA’s Grounds for Non-Acceptance had already been issued, the withdrawal was technically recognized as a rejection of the proposed study.

 

On March 3, 2022, the Company entered into an Agreement of Sale and Purchase with Acellories, Inc. as purchaser pursuant to which the Company will sell its property located at 783 Jersey Ave., New Brunswick, NJ. Pursuant to the agreement, the purchaser will purchase the property for $3.9 million. Among other things, the purchaser has a 45 day right of due diligence and has the right to terminate the agreement within that period. (see Note 2 Summary of Significant Accounting Policies).

 

On March 3, 2022, the Company’s Board of Directors, at the recommendation of the Compensation Committee, awarded options to purchase 50,000 shares of Company Common Stock to both of our independent directors, Mr. Appelrouth and Dr. Mitchell, and to certain other members of management, including Peter Rodino, our COO; Ellen Lintal, our CFO; and Robert Dickey IV, our incoming CFO. The options vest one year after issuance and have an exercise price of $0.70, the closing price of the Company’s Common Stock on the day prior to issuance. CEO Thomas K. Equels, at his recommendation, did not request or receive any such options under the March 3 decision.