Annual Statements/MD&A Just OutJust from taking a quick peak....Here are some highlights:
--> The Company currently anticipates an initial filing with the FDA in the United States seeking approval for human testing in late 2012. (continued delays, some for good reasons of selecting the intial target, some for continuing to put the direction of the company in the dryer on spin cycle).
--> Cash used in operations for the year ended December 31, 2010 was $3,130,587 compared to cash used in operations for the prior year of $2,514,452.
--> The Company’s business strategy is to undertake Phase 1 and Phase 2 clinical trials for its drug compounds, for licensing to third parties during or at the completion of Phase 1 clinical trials, for completion of human trials and subsequent commercialization in return for, initial license payments, milestone payments as the compounds progress through clinical trials, and, in the event the compound reaches the point of clinical sales, royalties on sales of the compound (Glad to see this is staying the same...Make more sense later).--> As at December 31, 2010, SC Stormont Holdings Inc.’s ("Stormont") ownership interest in the shares outstanding of 113,234,035 (139,791,042 following full warrant exercise) is 18.4% (15.1% assuming full warrant exercise). In the event that the purchase agreement between Stormont and the investors in the November 19, 2010 private placement is exercised by the investors in the full amount, Stormont’s basic ownership percentage would be 22.0% and its fully diluted percentage would be 18.1%.
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As of the date of this MD&A, there are 122,635,533 Common Shares issued and outstanding.
--> As of the date of this MD&A, the following Common Shares are reserved for issuance: a) 35,522,672 Common Shares reserved for issuance under Share Warrants, b) 6,620,000 Common Shares reserved for issuance under options granted to directors, officers, employees and consultants (A bunch of 20 cent warrants expire in June.....If we can get above 16 cents....the warrants are going to start ringing the till.....and could end up providing $5,000,000).