On 4/22/19 Mateon Therapeutics Inc merged with Oncotelic which is a clinical stage biopharm co focused on Cancer.
In May 2019 they filed a 14C - name change to Oncotelic, reverse split and appointment of Steven King as a Director - fyi it states that King is co inventor on over 40 US 7 Foreign patents
http://investor.mateon.com/static-files/a60f0ee1-b8dd-41df-9bc2-34f2fcb7755a
Mateon enters into agreement with Artius on March 9, 2020
Artius Consulting Agreement
On March 9, 2020, the Company and Artius Bioconsulting, LLC (“Artius”), for which Mr. King is the Managing Member, entered into an amendment to the Consulting Agreement dated December 1, 2018, under which Artius agreed to serve as a consultant to the Company for services related to the Company’s business from time to time, effective December 1, 2019 (the “Effective Date”) (the “Artius Agreement”). In connection with the Artius Agreement, Mr. King also agreed to assist the Company with strategic advisory services with respect to transactional and operational contracts, budgetary input, among other matters in connection with the formation of a new business unit to develop AI and Blockchain Driven Vision Systems (“EdgePoint AI”), for which Mr. King is Chief Executive Officer.
Under the terms of the Artius Agreement, the Company agreed to grant to Artius, subject to approval by the Company’s Board of Directors and pursuant to the Company’s 2017 Equity Incentive Plan, 148,837 restricted shares of the Company’s common stock, par value $.01 per share (“Common Stock”), in addition to a 30% pre-financing ownership stake in EdgePoint AI. The Artius Agreement contemplates that Mr. King will generally provide his services at a rate of $237 per hour, not to exceed 44 hours per month and payable monthly, and to reimburse Mr. King for reasonable and necessary expenses incurred by him or Artius in connection with providing services to the Company.
Either the Company or Artius may terminate the Artius Agreement at any time, for any reason following the Effective Date. The Artius Agreement will automatically renew one year from the Effective Date, unless the Parties agree to terminate the Artius Agreement at that time.
No expense was recorded during the three months ended March 31, 2020 related to this Agreement
https://www.sec.gov/Archives/edgar/data/908259/000149315220011997/form10-q.htm
p.28
and then there is this:
EdgePoint
About EdgePoint Inc.
EdgePoint AI was established in order to advance the company’s revolutionary cluster-computer platform for AI that processes machine learning models at a fraction of the power and budget of mainstream computing in pharmaceutical manufacturing. The company’s technology solution “TrustPoint” provides an AI computing platform for pharmaceutical and healthcare verticals including blockchain support for manufacturing where data integrity and security are of utmost importance. EdgePoint is composed of a team of executives with pharmaceutical drug development, GMP manufacturing and deep AI knowledge. The team includes Steven King who was the former CEO of Peregrine Pharmaceuticals, Inc. (NASDAQ) and its wholly-owned contract biomanufacturing subsidiary Avid Bioservices, Inc., for over 15 years, during which time the company advanced its lead compound through Phase 3 development, while growing revenues to over $55 million; Seasoned executive, Saran Saund who has been founder, CEO and GM at several startups and public companies for which he returned significant value to shareholders in his startups and chief technology officer; Burcak Beser who has been founder and CTO of several successful private and public companies with over 144 patents during his career; and Lisa Stepp with broad experience in executive leadership across geographies and in all aspects of drug development and program management.
The core technology platform for EdgePoint AI came from PointR -which was acquired by Mateon in Nov 2019. Examples of EdgePoint capabilities are shown below.
https://www.oncotelic.com/pointr-data/
I'm exhausted....where this leads or what this means, if anything, for PTSC and its agreement with Artius Bioconsulting is anyone's guess.
