History
A former mineral exploration shell turned to cancer drugs in Germany in 2013, but its planned sale to Update Pharma collapsed in 2014 and it stopped SEC reporting.
2013: From exploration shell to cancer drugs
Resolute Oncology Inc, a Nevada company formerly named Atlas Resources and then Pequot Resources, began as a mineral exploration business and still held the Portage Bay claim in Ontario. It took its new name in January 2013 and did a 5.5-for-1 forward share split in early February. On February 4 it closed a private placement of 2,870,000 shares at $0.50, raising $1,435,000 before costs and diluting existing holders. A further 116,000 shares were placed at the same price in March.
The company had earlier planned a deal with GEN BioPharma, but that was abandoned and the $1,434,405 it had advanced was written off as an expense. On May 8 it instead bought Resolute Oncology GmbH in Germany from Oncocorp GmbH for €500,000 in cash, paid in installments, plus 1,000,000 shares valued at $0.50. It also took an option to buy the German marketing authorization (the licence to sell) for the cancer drug Paclitaxel OC for €150,000, and agreed that Oncocorp would receive 25% of gross profits from supplying it. Afterwards there were 41,386,000 shares outstanding. Two cash installments were deferred by verbal agreement, and €250,000 had been paid by the latest update.
2013-2014: Merger plans fall away
On September 9, 2013 the company signed a binding term sheet with Update Pharma Inc. for a merger that would leave Update holders with 70% and existing holders with 30%. No definitive agreement was signed. On October 15 that was replaced by a new term sheet: the company would sell its European operations to Update for 2,500,000 restricted Update shares, with closing dependent on financing.
On March 26, 2014, Update gave written notice that this term sheet was terminated, and no replacement deal was described. The company's next strategy was unstated, and the status of the remaining Oncocorp installments and the option was unknown. On June 30, 2014 the company suspended its duty to file periodic reports with the SEC.
Written from the 6 story beats below (2013 to 30 June 2014), which come from the company's own announcements and filings.