RICH PHARMACEUTICALS, INC. (OTCMKTS:RCHA) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01
| Entry Into a Material Definitive Agreement. |
On March 20, 2017, Rich Pharmaceuticals, Inc. (the Company)
entered into a Collaboration Agreement (the Collaboration
Agreement) with I Tech Health Corp., a Delaware corporation
(ITech), to form a subsidiary of the Company to launch CannCodex
which is intended to serve the Medicinal Cannabis industry as
well as to provide data and services to pharmaceutical companies
worldwide. The Collaboration Agreement provides for the Company
to establish a subsidiary for the operation of CannCodex which
shall be owned 50% by the Company and 50% by ITech. The Company
is obligated to provide up to $10,000 a month in funding to the
subsidiary for its operational expenses for a minimum period of
one year. ITech is obligated to contribute and license certain
content and intellectual property to the subsidiary and manage
its operations. The Collaboration Agreement also requires the
Company to issue 78,000,000 shares of Company common stock to
ITech on April 1, 2017. The foregoing is only a brief description
of the material terms of the Collaboration Agreement and does not
purport to be a complete description of the rights and
obligations of the parties thereunder, and such descriptions are
qualified in their entirety by reference to the agreements and
their exhibits which are filed as an exhibit to this Current
Report.
The issuance of the common stock referenced in the Collaboration
Agreement will be made in reliance on the exemption provided by
Section 4(2) of the Securities Act for the offer and sale of
securities not involving a public offering, and Regulation D
promulgated under the Securities Act of 1933, as amended (the
Securities Act). The Companys reliance upon Section 4(2) of the
Securities Act in issuing the securities was based upon the
following factors: (a) the issuance of the securities was an
isolated private transaction by us which did not involve a public
offering; (b) there was only one recipient; (c) there were no
subsequent or contemporaneous public offerings of the securities
by the Company; (d) the securities were not broken down into
smaller denominations; (e) the negotiations for the issuance of
the securities took place directly between the individual and the
Company; and (f) the recipient of the note was an accredited
investor.
| Item 3.02 | Unregistered Sales of Equity Securities |
The descriptions of the equity securities described in Item 1.01
issued by the Company are incorporated herein.
ITEM9.01 FINANCIAL STATEMENTS AND EXHIBITS
(d) Exhibits
| No. | Description |
| 10.66 |
Collaboration Agreement dated March 20, 2017 with I Tech Health Corp. |
About RICH PHARMACEUTICALS, INC. (OTCMKTS:RCHA)
Rich Pharmaceuticals, Inc. is a development-stage company. The Company is a biopharmaceutical company focused on developing and commercializing therapies in oncology. The Company is developing 12-O-tetradecanoylphorbol-13-acetate (RP-323) for the treatment of Hodgkin’s lymphoma (HL), Acute Myelogenous Leukemia (AML) and to cause elevation of white blood cells in patients depleted of these elements due to various conditions. RP-323 is a naturally occurring compound. RP-323 converts cancer cells to normal cells, a process called differentiation. It is also observed in some instances to cause cancer cell death. Clinical studies in over 100 cancer patients demonstrated the ability of RP-323 to stimulate the production of white blood cells and neutrophils. The Company has no products ready for commercialization. The Company had no revenues during the period ending March 31, 2016. RICH PHARMACEUTICALS, INC. (OTCMKTS:RCHA) Recent Trading Information
RICH PHARMACEUTICALS, INC. (OTCMKTS:RCHA) closed its last trading session up +0.00020 at 0.00030 with shares trading hands.
