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Prospector
Profile
07.1138
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| Cobalis Corporation |
NAICS |
541710 |
| 2445 McCabe Way, Suite 150
Irvine, CA 92614 |
Description |
Biotechnology |
| (949) 757-0001 |
Employees |
5 |
| http://www.cobalis.com/ |
Revenue |
(mil) |
0.0000 |
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Income |
(mil) |
-15.7100 |
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Assets |
(mil) |
1.4050 |
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Liability |
(mil) |
16.8900 |
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(for the year ended 2007-03-31) |
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Category:
Default
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Event:
On March 31, 2006, Cobalis Corporation reached a settlement with Gryphon Master Lund LP related to two investments in the Company in September 2003 totaling $1,600,000. Full repayment is due under the settlement agreement on or before April 1, 2007. The Company did not make the payment by April 1, 2007. Therefore, the stipulated judgment into which the Company entered with Gryphon provides that Gryphon has the right to enter a judgment of $1.6 million against the Company with the court upon the Company’s default.
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Intellectual Property:
In 2000, the Company purchased the patents underlying its principal product, along with pending international patent applications, and certain other tangible assets and related trademarks, copyrights and customer lists from Gene Pharmaceuticals for $150,000 plus royalties, including royalties tied to future sales. The Company has five patents registered in the U.S., Australia, Mexico and the European Union. It also has two pending patents in Canada and Japan. The patents cover the use of cobalamins for allergic diseases, referred to as atopic, such as seasonal and year-round allergies, asthma, dermatitis, and atopic migraine. The Company currently uses the trademarks or trade names “Cobalis,” “PreHistin,” “Pre-Histamine,” “The World’s First PreHistamine” and “Prevahist” to distinguish its brands from others. [SEC Filing 10-KSB 07-13-07]
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Description:
The Company engages in the development and commercialization of pharmaceutical products for allergic diseases.
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Officers:
Gerald Yakatan (CEO & Dir.); Chaslav Radovich (Pres. & Sec.); Radul Radovich (Chair); Ernest Armstrong (Chief Scientific Officer); Kevin Prendiville (Dir.); Thomas Stankovich (Dir.); Kevin Pickard (Interim CFO & Treas.); Thomas H. Silberg (Dir.); Ellen McDonald (Dir.); S. Wayne Kay (Dir.)
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Auditor:
Kabani & Company, Inc.
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Securities:
Common Stock-Symbol CLSC.OB; OTC BB;
40,372,555 common shares outstanding as of June 14, 2007.
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