Current Report Filing (8-k)
July 19 2013 - 5:19PM
Edgar (US Regulatory)
DERMATOLOGY DEVELOPMENT CORPORATION
June 21,
2013
Molecular Pharmacology Pty Ltd
Level
1, 284 Oxford Street
LEEDERVILLE 6007
Western
Australia
Dear
Michael,
We wish
to confirm an agreement between Dermatology Development Corporation (DDC),
a corporation organized under the laws of the State of New York, and Molecular
Pharmacology Pty Ltd (MPL). This contract covers the potential royalties
concerning the brokering by DDC (Services) of MPL USA's products and
technology (Products and Technology) to potential partner and
distribution companies in the United States of America (Territory).
FEES
Under
this agreement, following the execution of a licensing deal to a potential
partner and/or distribution company in the Territory (DDC Client) during
the Term (as defined below) of this agreement, as a result of the Services
provided by DDC, DDC will be entitled to receive:
- 7%
of any capital payment received by MPL immediately upon the sale or licensing
of Products or Technology to a DDC Client within the Territory; and
- 2%
of any periodic payments received by MPL under a product licensing or
distribution agreement with a DDC Client within the Territory, net of all
costs incurred by MPL in connection with performing its obligations under the
respective agreement.
The
obligation on MPL to pay, and the entitlement of DDC to receive, fees under this
agreement will cease 5 years after the date of this agreement.
Such
payment is to be made within 90 days of the completion of the transaction,
provided MPL has received the proceeds from the transaction giving rise to the
payment obligation.
For
purposes of this letter agreement, the term "revenues" shall be interpreted to
mean any remuneration received pursuant to the respective agreements.
1
DDC OBLIGATIONS
DDC agrees with MPL that during the Term it will:
- market the Products and Technology as set out in
schedule 1 only for the purpose of commercialization within the Territory;
-
comply
with all applicable laws and regulations in performing the Services;
- meet its own costs of performing the Services under this
agreement; and
- keep true and accurate records of all of its dealings in
relation to the Services and provide MPL USA with regular reports of the same
as MPL requests.
DDC must not give to any potential client any undertakings
or make any representations or statements with regard to the Products or
Technology except such as are entirely authorized by MPL in writing. DDC has no
authority to incur liabilities or accept obligations on behalf of MPL , and is
not authorised to act as MPL's agent.
EXCLUSIVITY
Nothing in this agreement prevents or restricts MPL USA
from exploiting the Products or Technology or engaging another entity to provide
the same or similar services as those provided by DDC pursuant to this agreement
where such services are provided or relate to business transactions outside of
the Territory.
INTELLECTUAL PROPERTY
DDC
acknowledges that all intellectual property rights relating to the Products and
Technology (including any improvements) are and will remain the sole and
exclusive property of MPL and any use or application by DDC is limited to its
use to perform its respective obligations and to exercise its rights under this
agreement. DDC
will not permit or cause any intellectual property rights relating to the
Products or Technology or other proprietary interest in respect of the Products
or Technology to be used otherwise than in connection with its rights and
obligations under this agreement.
INDEMNITY
DDC
indemnifies and keep indemnified MPL and its affiliates from and against and in
respect of all claims and for all loss of whatsoever nature suffered or incurred
by MPL or its affiliates arising directly or indirectly from, or incurred in
connection with, the activities conducted by or on behalf of DDC pursuant to
this agreement, including any breach by DDC (or its affiliates) of the
obligations set out in this agreement.
TERM
AND TERMINATION
The
term of the Letter of Agreement will remain in effect for a period of one (1)
year from date of execution by both parties, with an additional one (1) year
extension upon mutual agreement (Term).
2
In the
event a partner and/or distribution company is brought to MPL by DDC prior to
the expiry of the Term, but a transaction with that company has not been
executed prior to the expiry of the Term, this agreement will continue to apply
in respect of that transaction until the transaction is executed or otherwise
discontinued provided the formal transaction is executed within 6 months of the
expiry of the Term.
The parties acknowledge that MPL will be free to approach
any of the DDC Clients directly following the expiry (or earlier termination) of
the Term.
MPL may terminate this agreement by giving DDC at least 30
days' written notice, after the initial one year term has concluded.
No later
than 7 days after the termination or expiry of this agreement, DDC must, if
required by MPL:
-
transfer, or procure the transfer, to MPL of all contacts, contracts,
agreements, arrangements and other transactions which have been made by and
between DDC and DDC Clients in the Territory pursuant to this agreement; and
-
deliver
up or destroy, as directed by MPL under MPL's supervision, , all the
information provided by MPL to DDC under or in connection with this agreement
and must return all property of MPL to MPL.
However,
if an agreement or contract is reached between MPL, and any party introduced by
DDC to MPL (such introduction happening prior to the termination of this
agreement), DDC shall be entitled to a full commission, notwithstanding that the
agreement or contract is formally executed after the termination of this
agreement, provided the agreement or contract is formally executed within one
year of the date of termination.
CONFIDENTIALITY
This agreement is provided on a strictly confidential
basis. Neither this agreement, the party's involvement in any transaction
resulting from this agreement, the information it contains nor the content of
any subsequent discussions and communications between the parties may be
disclosed, without the other's prior written consent, to anyone other than those
of the parties' respective employees, officers and advisers who are directly
involved in the process or to the extent required to enable a party to comply
with any law or the rules of any stock exchange. The obligations in relation to
confidential information imposed by this agreement continue despite the
termination of this agreement for any reason, until the last item of
confidential information is no longer confidential.
ASSIGNMENT
Neither party may assign, transfer or otherwise deal with
the whole or any part of its rights, title, interest or obligations under this
agreement or any benefit arising under or out of this agreement otherwise than
with the prior written consent of the other party (such consent not to be
unreasonably withheld).
3
This
letter agreement will be governed by the laws of the State of Western Australia
without regard to its conflicts of law principles.
This
letter agreement constitutes the entire agreement between the parties with
respect to the subject matter hereof and neither party is relying on any
promises or guarantees or other representations not expressly contained herein.
Please indicate your agreement to the above terms by signing where indicated
below.
DERMATOLOGY DEVELOPMENT CORPORATION
By:
/s/
Perry Robins, M.D.
_________________________________
Perry Robins, M.D.
Accepted
and Agreed:
MOLECULAR PHARMACOLOGY PTY LTD
By:
/s/
Michael Palermo
_________________________________
Michael Palermo
4
SCHEDULE 1 - PRODUCTS AND TECHNOLOGY
Products
(a) THERMALIFE CREAM
(b) THERMALIFE ACTIVE GEL
(c) THERMALIFE AFTER SUN GEL
(d) THERMALIFE SPRAY
(e) THERMALIFE HAND LOTION
(f) THERMALIFE COSMETICS
Technology
(a) Nutracel
(b)
Nutracel T
(c) Nutracel P
(d)
Combinations of Nutracel and various approved naturally derived and synthetic
ingredients
(e) Nutracel based cosmetic formulations for skin care / moisturization
(f)
Nutracel based cosmeceuticals - skin soothing, anti-wrinkle, skin tone evening
and other cosmetic endpoints to be defined as an outcome of this contract.
(g) Nutracel based topical creams and gels for atopic dermatitis, psoriasis,
inflammatory skin conditions, acne and other indications to be defined as an
outcome of this contract
5
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