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Prospector
Profile
07.1055
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| Grant Life Sciences, Inc. |
NAICS |
541710 |
| 3550 Wilshire Boulevard, 17th Floor
Los Angeles, CA 90010 |
Description |
Biotechnology |
| (213) 637-5692 |
Employees |
5 |
| http://www.grantlifesciences.com/ |
Revenue |
(mil) |
0.0000 |
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Income |
(mil) |
-3.3840 |
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Assets |
(mil) |
0.3770 |
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Liability |
(mil) |
7.0370 |
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(for the year ended 2006-12-31) |
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Category:
Audit Concerns
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Event:
Singer Lewak Greenbaum & Goldstein LLP notes that Grant Life Sciences, Inc. incurred losses from operations of $3,384,733 and $7,644,857, for the years ended December 31, 2006 and 2005, respectively. It also has a deficit accumulated during the development stage of $14,411,130 as of December 31, 2006. In addition, the Company has had negative cash flow from operating activities since inception. The auditor states that these factors may indicate that the Company will be unable to continue as a going concern for a reasonable period of time.
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Intellectual Property:
The Company entered into an exclusive license with Dr. Yao Xiong Hu on July 20, 2004 for certain processes that are included in its cervical cancer tests based on antibodies. Some of the technology owned by Dr. Hu is covered by two United States patents that have been issued, and some of the technology is covered by several United States patent application that have been filed and are pending. The agreement with Dr. Hu also covers technology included in foreign applications presently pending as PCT applications in China and India. On March 7, 2005, the Company entered into an Exclusive License Agreement with AccuDx Corporation for a period of 10 years, pursuant to which AccuDx granted the Company the exclusive right to its rapid tests for HIV-1, HIV-2 and dengue fever and its colloidal gold reagent. The license agreement also granted the Company the ability to manufacture these products at AccuDx’s FDA/GMP-compliant contract manufacturing maquiladora facility in Tijuana, Mexico. [SEC Filing 10-KSB/A 06-21-07]
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Description:
The Company engages in the development of antibody-based screening tests to screen woman for cervical cancer and pre-cancerous conditions.
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Officers:
Stan Yakatan (Chair); Dr. Hun-Chi Lin (Pres., Chief Scientific Officer & Dir.); Don Rutherford (CFO); Michael Ahlin (VP & Dir.); Jack Levine (Dir.)
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Auditor:
Singer Lewak Greenbaum & Goldstein LLP
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Securities:
Common Stock-Symbol GLIF.OB; OTC BB;
154,515,423 common shares outstanding as of March 19, 2007.
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