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ISIS » Topics » PART II - OTHER INFORMATION

This excerpt taken from the ISIS 10-Q filed Aug 9, 2007.

PART II – OTHER INFORMATION

ITEM 1.                  LEGAL PROCEEDINGS

In June 2007, Drug Royalty Trust 3, successor-in-interest to Drug Royalty USA, Inc., alleged that Isis breached various representations, warranties and covenants contained in the Agreement for Sale and Assignment of Rights dated December 21, 2004 and has asserted its right to terminate the sale and assignment agreement.  Isis has responded that in fact no breach has occurred and that DRC has no right to terminate the sale and assignment agreement.  Direct discussions have been scheduled in an attempt to resolve this matter before formal dispute resolution proceedings commence. Isis believes that Drug Royalty Trust 3's claims are without merit, and Isis intends to vigorously defend its position.  Isis believes it is reasonably possible, not probable, that it will ultimately pay any amounts to Drug Royalty Trust 3 related to this claim. As such, Isis has not recorded a loss related to this claim as of June 30, 2007.

 

This excerpt taken from the ISIS 10-Q filed May 10, 2007.

PART II – OTHER INFORMATION

ITEM 1.

 

LEGAL PROCEEDINGS

 

 

 

 

 

Not applicable

38



 

ITEM 2.

 

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

 

This excerpt taken from the ISIS 10-Q filed Aug 9, 2006.

PART II — OTHER INFORMATION

ITEM 6.

 

EXHIBITS

 

 

 

 

 

 

 

 

 

a.

Exhibits

 

 

 

 

 

 

 

Exhibit
Number

 

Description of Document

 

 

31.1

 

Certification by Chief Executive Officer Pursuant to 18 U.S.C. Section 1350 as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

 

 

 

 

 

 

 

31.2

 

Certification by Chief Financial Officer Pursuant to 18 U.S.C. Section 1350 as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

 

 

 

 

 

 

 

32.1

 

Certification Pursuant to 18 U.S.C. Section 1350 as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

 

EXCERPTS ON THIS PAGE:

10-Q
Aug 9, 2007
10-Q
May 10, 2007
10-Q
Aug 9, 2006

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