UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
Form 8-K
CURRENT
Pursuant to Section 13 of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
February 4, 2000
Meditech Pharmaceuticals, Inc.
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(Exact name of registrant as specified in its charter)
NEVADA 000-12561 95-3819300
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(State or other jurisdiction of (Commission (IRS employer
incorporation or organization) File No.) Identification no.)
PMB 382, 10105 E. Via Linda, #103, Scottsdale, AZ 85258
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(Address of principal executive offices and zip code)
(480) 614-2874
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(Registrant's telephone number)
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Item 5. Other Events
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On February 3, 2000, Meditech Pharmaceuticals, Inc., and Immune Networks Ltd.,
entered into an agreement. Under the terms of the agreement, Meditech will grant
IMM an irrevocable option to obtain an exclusive license to make, have made,
promote, sell and distribute Viraplex and MTCH-24 and any derivatives or
formulations of Viraplex and MTCH-24 under the following terms:
The region of the license will be worldwide, excluding the United States of
America.
The term of the agreement will be one year. IMM will pay MPI a license fee of
$100,000 upon execution of the license agreement and a continuing royalty of 7%
of net sales on MTCH-24 and 4% of net sales of Viraplex.
MPI will grant IMM an irrevocable option for a term of one year to purchase
10,000,000 shares of restricted Meditech stock, with piggyback and demand
registration rights.
IMM will pay MPI USD 25,000 within two business days of receipt from the
Canadian Venture Exchange of its written acceptance of the filing of the
agreement.
IMM will initiate R&D activities on Viraplex and MTCH-24.
IMM may terminate this agreement at any time, in which case, IMM will not retain
any rights from MPI.
This agreement is subject to regulatory approval for IMM and Board approval for
both parties. Upon execution of this agreement, IMM's President will be
nominated for election as a member of Meditech's board of directors.
The agreement contains confidentiality provisions designed to safeguard the
confidential information to be shared by the parties under the agreement.
Signatures
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Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Meditech Pharmaceuticals, Inc.
(Registrant)
By: /s/ Gerald N. Kern
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Gerald N. Kern
Chief Executive Officer
Date: February 4, 2000
