Quarterly report pursuant to Section 13 or 15(d)

Related Party Transactions

v3.20.2
Related Party Transactions
3 Months Ended
Oct. 31, 2020
Related Party Transactions [Abstract]  
Related Party Transactions

Note 11—Related Party Transactions

 

Except as disclosed elsewhere herein, below are the Company’s related party transactions.

 

On February 12, 2020, the Company entered into a consulting agreement with the spouse of the Company’s Chief Scientific Officer. The term of the agreement is four months and can be extended by written agreement. The agreement provides for an hourly based fee structure for assisting the Company with matters related to oncology and device development related to the Company’s platform. In addition to an hourly based fee structure, the consultant will be eligible to receive stock option awards. On June 12, 2020, the Company amended the consulting agreement, extending the term of the existing agreement until December 12, 2020. In addition, the consultant was granted 30,000 non-qualified stock options valued at approximately $48,000 on the date of grant. The non-qualified stock options have a 10-year term, vest immediately and have an exercise price of $1.56. The consultant was paid consulting fees of approximately $0.2 million during the three months ended October 31, 2020. As of October 31, 2020, the Company accrued consulting fees of approximately $25,000 under the consulting agreement and this is included in accounts payable and accrued liabilities at October 31, 2020 in the accompanying condensed consolidated balance sheets. Effective October 9, 2020, the Company hired the consultant as an employee.

 

On August 19, 2020, the Company completed the offer and sale of an aggregate of 4,608,589 shares of its common stock at a purchase price of $3.25 per share in a registered direct offering. (See Note 6). Grand Decade Developments Limited, a direct, wholly-owned subsidiary of China Grand Pharmaceutical and Healthcare Holdings Limited, a company formed under the laws of the British Virgin Islands (“CGP”), and its affiliate, Sirtex Medical US Holdings, Inc., a Delaware corporation (“Sirtex”) participated in the registered direct offering. Prior to the closing of the registered direct offering, CGP and Sirtex owned 43.38% and 8.68%, respectively, of the outstanding shares of common stock of the Company. Upon closing of the registered direct offering, CGP and Sirtex maintained their respective ownership percentages of the outstanding shares of common stock of the Company.