Dr. Lobo will not be involved in the University's negotiation, approval, or procurement of contract terms with MonicAid Corporation. The chair of the Department of Internal Medicine heads a University oversight team responsible for managing and overseeing the research, including independently supervising, evaluating, and making personnel decisions, to ensure that the continuing best interests of the University are served. As an additional precaution, the chair will report at least each quarter to the Dean of the School of Medicine on the progress of sponsored research activity and the utilization of University resources. Approval by the Educational Policy Committee and the Board of Visitors. One faculty member and members of his family own a total of 88.5 percent equity in the company.
Fiscal impact is negligible.
Three University faculty members, James Groves, Douglas Queheillalt and Derek Haas each own in excess of three percent of the equity in the company. Under the Virginia Conflict of Interests Act, the University's contracting with DVTI, Inc. would place all three in violation of the Act, unless the Board of Visitors approves the conflict created by their equity interest. State law grants such approval authority to the Board in the case of contracts which support commercialization of University intellectual property. Virginia law and University of Virginia policy will require James Groves, Douglas Queheillalt and Derek Haas to file annual disclosure statements of their economic interests in the company. Inc. The chair of the Department of Materials Science and Engineering will head a University oversight team responsible for managing and overseeing the contract to ensure that the continuing best interests of the University are served.