Q BioMed Inc. (OTCMKTS:QBIO) Files An 8-K Termination of a Material Definitive Agreement
Item 1.02
On April 21, 2017, we entered into a License Agreement on Patent & Know-How Technology (the “Agreement”) with ASDERA to which we intended to work with ASDERA to treat a rare pediatric condition (nonverbal disorder) in children who develop autism spectrum disorders.
On November 27, 2019, we notified ASDERA that we considered the Agreement to have been rescinded retroactively as of April 21, 2017. We rescinded the Agreement based on our conclusion that material misstatements and omissions were made by ASDERA prior to entering such Agreement. As a result of such rescission, we believe that we have no continuing material obligations to ASDERA. However, we will continue to develop unique technologies for the benefit of underserved patient populations.
In October and November 2019, we entered into a series of securities purchase agreements for the sale of 1,185,715 units at a $0.35 per unit sales price. Each unit consisted of one share and one warrant to purchase a share of common stock at an exercise price of $0.50.
In November 2019, we converted $20,000 of outstanding debt due to one of our directors into 40,000 shares of common stock and $20,000 of outstanding debt due to a consultant into 40,000 shares of common stock.
On November 20, 2019, we issued 831,481 shares to a note holder in exchange for the conversion of $415,740.82 of principal and interest on convertible notes.
On November 25, 2019, we issued 500 shares to a director in exchange for services.
On November 25, 2019, we issued 254,442 shares to five consultants to consulting agreements.
On November 25, 2019, we issued 377,834 shares to a research collaboration and master services agreement with Chemveda Life Sciences India Private Limited.
On November 25, 2019, we issued 150,000 shares due to BioNucleonics, Inc. to a September 23, 2019 Settlement Agreement.
On December 2, 2019, we issued 503,295 shares to a note holder in exchange for the conversion of $251,674.74 of principal and interest on convertible notes.
The issuances of the securities mentioned above qualified for the exemption from registration contained in Section 4(2) of the Securities Act of 1933.
About Q BioMed Inc. (OTCMKTS:QBIO)
Q BioMed, Inc., formerly ISMO Tech Solutions, Inc., is a biomedical acceleration and development company. The Company is focused on licensing, acquiring and providing strategic resources to life sciences and healthcare companies. The Company intends to acquire multiple assets over time and across a spectrum of healthcare related products, companies and sectors. The Company intends to develop these assets to provide returns through organic growth, out-licensing, sale or spin-off into new public companies. The Company holds license for a generic drug, Strontium Chloride (SR89). SR89 is a radiopharmaceutical agent and indicated for the treatment of pain associated with metastatic bone cancer. Its asset, MAN-01, is indicated for the treatment of glaucoma. MAN-01 is in pre-clinical stage. The Company is assessing multiple biomedical assets in various areas of healthcare and drug development. It is pursuing a pipeline of therapeutics, diagnostics and orphan drug candidates.
