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Prospector
Profile
3-20-002
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| Grant Life Sciences, Inc. |
NAICS |
541710 |
| 1787 East Ft. Union Blvd., Suite 202,
Salt Lake City, UT 84121 |
Description |
Biotechnology |
| (801) 733-0878 |
Employees |
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| http://www.grantlifesciences.com/ |
Revenue |
(mil) |
0.0000 |
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Income |
(mil) |
-3.7000 |
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Assets |
(mil) |
0.2500 |
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Liability |
(mil) |
3.4300 |
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(for the year ended 2007-12-31) |
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Category:
Audit Concerns
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Event:
Tanner LC raised substantial doubt about Grant Life Sciences, Inc.'s ability to continue as a going concern after it audited the Company's financial statements for the year ended December 31, 2007. The auditor notes that the Company is in the development stage and has not established a significant source of revenues. The Company had a net loss of $3,699,861 for the year ended December 31, 2007, as compared with a net loss of $3,384,933 for the year ended December 31, 2006. At December 31, 2007, the Company's balance sheet showed an accumulated deficit of $18,110,991 and stockholders' deficit of $3,182,305. It also has strained liquidity with $205,743 in total current assets available to pay $786,131 in total current liabilities.
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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 applications 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. In September 2007, the Company received notice from the U.S. Patent and Trademark Office that Patent No. 7,267,961 (Peptides from the E7 protein of human papilloma viruses 16 and 18 for Detecting and/or diagnosing cervical and other human papilloma virus associated cancers) had been granted. [SEC Filing 10-KSB 03-06-08]
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Description:
Grant Life Sciences, Inc., a development stage 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.);Doyle Judd (CFO); Michael Ahlin (VP & Dir.); Jack Levine (Dir.)
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Auditor:
Tanner LC
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Securities:
Common Stock Symbol GLIF.OB; OTC BB; 312, 875,613 common shares outstanding as of February 22, 2008.
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