31 Mar 2008late filing notice▼ Bad
Independence Resources PLC notified the SEC that its annual report would be filed late.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
22 Jan 2008director interest notice● Neutral
Independence Resources PLC director Anthony Williams received a stock option grant for 40,000 shares.
22 Jan 2008director interest notice● Neutral
Independence Resources PLC director Kerry Dukes received a stock option grant for 30,000 shares.
22 Jan 2008director interest notice● Neutral
Independence Resources PLC Chairman and CEO Frank J Massino received a stock option grant for 540,600 shares.
22 Jan 2008director interest notice● Neutral
Independence Resources PLC director Rodger Bogardus received a stock option grant for 30,000 shares.
22 Jan 2008director interest notice● Neutral
Independence Resources PLC Chief Financial Officer William Okelly received a stock option grant for 48,750 shares.
20 Dec 2007securities registration● Neutral
Independence Resources PLC filed the final prospectus for a registered offering.
6 Aug 2007material agreement▲ GoodMajor
On August 4, 2007 the company gave Triax Aesthetics LLC an exclusive licence for its second-generation cytokinin in the ethical channel in the US and territories, Canada and select Middle East countries. The company supplies product and contributes sales and marketing payments totalling $4.5 million in year one; it keeps all net revenue in year one with a guaranteed minimum of $10.8 million in 2008, then revenues are shared 50/50.
14 May 2007late filing notice▼ Bad
Independence Resources PLC notified the SEC that its quarterly report would be filed late.
2 Apr 2007material agreement▲ GoodMajor
On March 30, 2007 the company gave Valeant a paid-up licence for Kinetin and Zeatin and assigned to Valeant future royalties from other Kinetin licensees. In return it received $21 million in cash, a waiver of $6 million in future marketing credits it would otherwise have owed Valeant, and a right to share in royalties due to Valeant from other Kinetin licensees through 2011. This replaces the annual minimum royalty structure set in the August 2005 amendment (inference: the filing does not say so explicitly). The same filing notes a Form 12b-25 was filed to extend the deadline for the 2006 annual report.
30 Mar 2007late filing notice▼ Bad
Independence Resources PLC notified the SEC that its annual report would be filed late.
20 Dec 2006director interest notice● Neutral
Independence Resources PLC Chief Financial Officer William Okelly received 50,000 shares as part of the equity award.
20 Dec 2006director interest notice● Neutral
Independence Resources PLC Chairman and CEO Frank J Massino received 156,250 shares and a 300,000-share option grant as part of the equity award.
14 Dec 2006director interest notice● Neutral
Independence Resources PLC Chief Financial Officer William Okelly received a stock option grant for 200,000 shares.
19 June 2006material agreement● Neutral
On May 23, 2006 the company adopted the Senetek Equity Plan, reserving 5,000,000 ordinary shares for options and restricted shares for employees, directors and consultants, so future grants could dilute existing shareholders (inference). The filing also attaches a June 13, 2006 press release announcing successful clinical trial results for PRK 124; the filing gives no details of the results.
6 June 2006director interest notice● Neutral
Rodger Bogardus became a Independence Resources PLC director and company insider (initial ownership filing).
22 May 2006director interest notice● Neutral
Kerry Dukes became a Independence Resources PLC director and company insider (initial ownership filing).
25 Apr 2006director interest notice● Neutral
William Okelly became a Independence Resources PLC CHIEF FINANCIAL OFFICER and company insider (initial ownership filing).
30 Mar 2006late filing notice▼ Bad
Independence Resources PLC notified the SEC that its annual report would be filed late.
22 Mar 2006material agreement▲ GoodMajor
On March 20, 2006 the company sold its Reliaject disposable autoinjector patents, trademarks and automated manufacturing equipment to Ranbaxy Pharmaceutical Inc. Ranbaxy paid a non-refundable $500,000 now, with further milestone payments tied to regulatory approvals and cumulative sales, plus a percentage of net sales. Ranbaxy also agreed to negotiate in good faith with Invicorp licensees (Ardana for Europe, Plethora for North America) on contract manufacturing of the autoinjector pre-filled with Invicorp.
28 Feb 2006material agreement▲ GoodMajor
On February 16, 2006 the company gave Plethora Solutions an exclusive licence for Invicorp, its erectile dysfunction treatment, in the United States and Canada. Plethora takes over regulatory approval and marketing, and the company receives royalties on sales plus milestone payments; the filing gives no dollar amounts. Plethora also gets a right of first offer on other countries, excluding the EU, where Ardana Bioscience already holds an exclusive licence.
15 Aug 2005late filing notice▼ Bad
Independence Resources PLC notified the SEC that its quarterly report would be filed late.
11 Aug 2005auditor change● Neutral
The company and its auditor BDO Seidman mutually agreed to part ways, with termination confirmed on August 10, 2005, and the board hired Macias Gini & Company for the 2005 audit after reviewing competitive bids. The filing says there were no disagreements and no adverse or qualified audit opinions in 2003, 2004 or the 2005 interim period.
11 Aug 2005material agreement▲ GoodMajor
On August 5, 2005 the company amended its 2003 licence agreement with Valeant Pharmaceuticals, giving Valeant exclusive worldwide marketing and manufacturing rights to Zeatin and broader rights to Kinetin, subject to existing Kinetin licensees. In return the company gets minimum annual royalties of $6 million for 2006, $7 million for 2007 and $8 million a year for 2008 to 2010, less a $250,000 per quarter credit to Valeant, plus extra royalties above agreed sales thresholds. The company's press release calls this $37 million guaranteed over five years, before existing credits.
20 Apr 2005director interest notice● Neutral
Rani Aliahmad became a Independence Resources PLC director and company insider (initial ownership filing).
14 Apr 2005director interest notice● Neutral
Michael Khoury became a Independence Resources PLC director and company insider (initial ownership filing).
18 Nov 2004director interest notice● Neutral
Independence Resources PLC Chairman and CEO Frank J Massino bought 6,937 shares on the open market at $0.28.
18 Nov 2004director interest notice● Neutral
Independence Resources PLC Gen.Counsel & Exe V.P.Corp dev Wade Nichols bought 3,423 shares on the open market at $0.28.
9 Nov 2004listing compliance notice▼ BadMajor
Nasdaq told the company on November 8, 2004 that its American Depositary Shares would be delisted from the Nasdaq SmallCap Market from November 10, 2004, because it failed the alternative listing tests on shareholders' equity, market value and net income. The company expects the shares to trade on the OTC Bulletin Board as SNTK.OB, plans to appeal (which does not stop the delisting), and says it hopes to relist later on Nasdaq or the American Stock Exchange. The press release also mentions a non-binding letter of intent, announced October 27, 2004, for a possible business combination with IGI, Inc.
5 Oct 2004capital raising announcement● NeutralMajor
On September 30, 2004 the company completed a restructuring of its Senior Secured Notes with holders Pearl Waves and Wallington Investment Holdings. It prepaid $1.6 million of roughly $4.9 million outstanding, kept the 8.5% interest rate, and dropped the principal payments that were due in 2005 and 2006. Holders can now exchange the notes for ordinary shares at $0.80 per share, once an SEC registration statement is effective, so shareholders could be diluted if they do. Several warrant series were also amended, with expiry extended to March 2011 and a cut from $1.25 to $0.50 on about 2.65 million Series B warrants as notes are exchanged or repaid; the company received no cash from the deal.