ARTEMIS THERAPEUTICS, INC. (OTCMKTS:INKSD) Files An 8-K Termination of a Material Definitive Agreement
Item 1.02. Termination of Material Definitive Agreement.
On January 10, 2019, Artemis Therapeutics, Inc. (the “Company”) received a notice (the “Notice”) from Hadasit Medical Research Services & Development Ltd. (“Hadasit”) regarding the immediate termination of the Company’s license agreement, dated May 31, 2016 (the “License Agreement”), executed by and between the Company, Hadasit and the Hong Kong University of Science and Technology R and D Corporation Limited (“RDC” and together with Hadasit, the “Licensors”). The License Agreement granted the Company an exclusive worldwide, royalty-bearing, sub-licensable license to make any and all use of certain patents and know-how owned by the Licensors relating to artemisone. The License Agreement was terminated to Section 12.2.3 as a result of the non-payment for certain sponsored research fees, patent expenses, patent maintenance fees and consulting fees.
A description of the material terms and conditions of the License Agreement was previously disclosed in the Company’s Current Report on Form 8-K/A filed with the Securities and Exchange Commission on October 18, 2016.
As a result of the termination of the License Agreement, the Company no longer has any operating business and the Company’s Board of Directors is exploring strategic alternatives.
About ARTEMIS THERAPEUTICS, INC. (OTCMKTS:INKSD)
Artemis Therapeutics, Inc., formerly New York Global Innovations Inc., seeks to offer alternatives to allergy medications. The Company provides various dietary and lifestyle guidelines, and also offers Lucidia and approximately six Chinese herb support formulas for purchase or prescription filling. The Company offers Artemis Allergy Relief Program, which is an educational resource center for health care practitioners, patients, and anyone suffering from seasonal, environmental or pet allergies. The program is a natural approach to allergy treatment or can be used alongside various therapies. The program provides various tools and natural medicinals to cultivate health and mitigate allergy symptoms. Artemis Allergy Treatment Program is intended for people suffering from seasonal allergies or yearlong allergies to pollens, animals, mold, dust, grasses, trees and hay fever.