Secondly, Oculus signed a licensing agreement with AmDerma/Quinnova to develop and commercialize Oculus' novel proprietary Microcyn® Technology drug compounds for major dermatological conditions, including acne. The exclusive agreement includes licensing of the dermatology compounds in the United States and India. The product formulation is nearing finalization. AmDerma/Quinnova will be responsible for the development costs for the acne formulation as well as other dermatological compounds.
Future Planned Partnerships
Duplicating the successful blueprint of the FY 2013 partnerships, Oculus is working to secure a series of CE mark approvals for use of its various product formulations in the treatment of wounds and dermatology indications. The added CE mark approvals will provide a significant opportunity for potential partners to quickly commercialize and penetrate the European markets in FY 2014.
NASDAQ Net Worth Target Achieved/Company Negotiating /Debt RestructuredOn November 1, 2012, Oculus disclosed the company achieved a net worth of approximately $4.5 million on a pro forma basis as a result of two transactions as of September 30, 2012. The first transaction was the issuance of $3.5 million in restricted common stock to the company's lender, Western Technology Institute, to be used for the reduction of Oculus' debt liabilities. In the second transaction, Oculus agreed to amend a warrant, held by two of its investors, to remove a provision in the warrant that contained certain cash-settlement features; this was in exchange for extending the warrant by two years. These transactions allowed the company to regain compliance with the $2.5 million stockholders' equity requirement for continued listing on the NASDAQ capital market. In the event the company receives a second delisting notice from NASDAQ regarding trading of Oculus stock below the minimum bid price of $1 per share, Oculus intends to request an extension so as to resolve this issue. Hoji Alimi, founder and CEO of Oculus said: "Our commitment is to drive the company towards profitability while simultaneously unlocking the value of our drug assets in the areas of acne, surgical and wound care."