Document:

exv10w1

Exhibit 10.1

- Confidential -

	 	 	 

	William Gartner

	 	Douglas MacLellan
	President & CEO

	 	Chairman & CEO
	Provista Diagnostics Inc.

	 	Radient Pharmaceuticals Corp.
	6225 N. 24TH ST. Suite 150

	 	2492 Walnut Ave, Suite 100
	Phoenix, AZ, 85016

	 	Tustin, CA 92780

Each, Parties hereto

Letter of Intent 

Dated July 6, 2010

WHEREAS Radient Pharmaceuticals Corp. (“RPC”), is a Delaware Corporation offering test kits for
cancer diagnostics with a GMP approved manufacturing facility, and

WHEREAS Provista Diagnostics Inc., a Nevada Corporation (“PDI”), is a diagnostic development
company offering CLIA laboratory services, and

WHEREAS PDI has the following technologies:

	 	1.	 	A diagnostic blood test for Breast Cancer, said test currently marketed under the name
BT Test® in the U.S. and licensed to International Health Technologies Inc. in the U.K.
	 
	 	2.	 	A diagnostic blood test for Alzheimer’s disease in final development, said test known
as the LymPro Test®
	 
	 	3.	 	A diagnostic blood test used as a quick screen test for dementia under development,
said test known as the REDx TestTM
	 
	 	4.	 	A diagnostic blood test for women’s cancers being developed by PDI, said test known as
the RCP Test®

WHEREAS PDI has all perpetual license rights and rights to all issued patents, patents pending,
in-license agreements and out-license agreements and owns or has developed all trademarks or other
intellectual property related to Items 1 through 4 above

WHEREAS to date approximately US$12,000,000 has been invested in the development and initial
marketing of the above blood tests related to Items 1 through 4 above; and

WHEREAS RPC has the following technologies:

	 	1.	 	A test kit for Colorectal cancer reoccurrence that is approved by the U.S. FDA, said
test current marketed under the name ONKO-SURE® in the U.S. and licensed to numerous
companies in other countries for distribution and sales, and
	 
	 	2.	 	Test kit reagents for a general cancer screening that is under development to be sold
through a CLIA laboratory as a Laboratory Developed Test (LDT); and

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	 	3.	 	A Next Generation version of the ONKO-SURE test kit that is being developed for sale
both as a test kit for which FDA approval will be sought and as a LDT through a CLIA
laboratory

WHEREAS PDI and RPC are seeking a mutually beneficial merger (the “Merger”); and

For the sum of Two Dollars (US $2.00) and other good and valuable consideration, the Parties hereto
agree as follows:

	 	1.	 	Purpose: This Agreement is intended to document the intent of RPC and PDI to
agree upon valuation of their respective companies based on certain key elements and to set
forth the timelines and conditions to each company’s obligations to proceed with the
merger. In consideration of the commitment by RPC and PDI to proceed with the Merger on
certain terms, within the timeframe, each agrees to provide all requested documents and
information within sixty (60) days from the date indicated on the first page of this
Agreement (“Due Diligence Period”) with respect to each other. Upon the earlier of (i) the
expiration of the Due Diligence Period, or (ii) the waiver by both parties of their due
diligence conditions, the Parties, hereby agree to negotiate in good faith the definitive
documents related to the Merger upon terms and conditions that are standard and customary
for and will use commercially reasonable efforts to close the Merger within ninety (90)
days following the release of the due diligence contingencies (“Closing Period”).

	 	2.	 	Due Diligence Period and Closing Period:

	 	a.	 	Due Diligence Period. RPC and PDI have the right to conduct due
diligence for a period of sixty (60) days from the signing of this Agreement. RPC
and PDI shall make available each to the other all reasonable due diligence
materials including, but not limited to:

	 	(1)	 	License Agreements and Intellectual Property:
copies of all patents, patent applications, trademarks or other
intellectual property.
	 
	 	(2)	 	Material Agreements: All other material
agreements.
	 
	 	(3)	 	Share Capitalization Table: For PDI that would
include the current founders and investors of PDI, whether as
shareholders, debt holders, or warrant holders. For RPC that would
include the most recent 10K and 8K filings with the Securities and
Exchange Commission (SEC).
	 
	 	(4)	 	Financials: Budgets and Financial forecasts for
the most recent fiscal year and the most recent calendar quarter.

Prior or coincident to the expiration of the Due Diligence Period, RPC or PDI shall
notify the other in writing regarding their desire to move forward with the merger. If
RPC or PDI elects not to move forward, this agreement shall have no further force or
effect, other than the Confidential Disclosure Agreement between the parties dated
February 20, 2010 (“CDA”), the terms and conditions of which shall survive the
expiration or termination of this Agreement.

	 	b.	 	Closing Period: In the event that RPC and PDI desire to move forward,
the parties shall proceed in good faith during the following Ninety (90) day period
to finalize the definitive documents relating to the Merger and to close the

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	 	 	 	transaction. The Closing Period shall be extended to the extent necessary to
receive necessary approvals from RPC’s shareholders, including sufficient time to
clear SEC staff and NYSE-Amex staff comments with regard to a Schedule 14A Proxy
Statement. PDI understands that it will be required to provide U.S. GAAP audited
financials prior to RPC filing such Proxy Statement and that preparation of such
financials and RPC shareholder approval shall be conditions to closing of any
definitive merger agreement.

	 	c.	 	Terms To Be Negotiated in Good Faith During Closing Period.
Among others, the Parties agree to negotiate the following key terms of the
transaction during the Closing Period:

	 	(1)	 	The exact rights, terms and preferences of the
Shares, Warrants, Options and Employee Option Plans including but not
limited to, price, liquidation, preferences, voting rights and
anti-dilution protections
	 
	 	(2)	 	Valuation of RPC and PDI relative to the merger and
exchange of shares and ownership
	 
	 	(3)	 	Performance standards, objectives and key
milestones with the milestones having related ownership components
	 
	 	(4)	 	Quarterly forecasts for RPC and PDI, respectively
operating as separate business units for years 1 through 3 following the
date of the Merger
	 
	 	(5)	 	Suitability and term for each facility, including
the manufacturing facility in Tustin CA and the CLIA lab facility in
Phoenix AZ
	 
	 	(6)	 	Miscellaneous Provisions including Term and
Termination, Governing Law, Indemnification, Key Man insurance
	 
	 	(7)	 	Management structure of merged companies to be
agreed upon by both companies.

	 	3.	 	Stand Still Agreement. In consideration of the undertakings by RPC pursuant to
this Agreement, except as PDI hereby agrees that upon the signing of this Agreement it
will not, during the Sixty (60) day Due Diligence Period solicit or embark on
any mergers or acquisitions from or with other parties, without the permission of RPC. This
provision will enable RPC and PDI to invest more heavily into the negotiation, due
diligence and details of a potential merger. This Stand Still Agreement shall automatically
expire at the end of the Due Diligence Period unless RPC and PDI agree that they are
satisfied with the Due Diligence, in which event this Stand Still Agreement shall extend by
Ninety (90) days in order to facilitate negotiation of definitive agreements and closing of
the Merger. Should either RPC or PDI terminate their discussions in good faith following
the Due Diligence Period, this paragraph 3 shall be of no further force and effect and RPC
and PDI shall be free to pursue discussions of any nature with other parties

	 	4.	 	Key Terms of the Merger. The parties hereby agree that upon their respective
releases of the Due Diligence condition, during the Closing Period, they shall negotiate
the definitive agreements for the Merger based upon these key terms which have been
previously agreed.

	 	a.	 	Valuation: RPC and PDI agree as follows:

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- Confidential -

	 	(1)	 	That the valuation of the each Company for purposes
of the merger will be determined by a professional independent valuation
company as specified in 4.b. (2) and (3) below.

	 	b.	 	Merger Terms:

	 	(1)	 	RPC is a public company currently traded on the
American Stock Exchange and is stated to be fully reporting and in
current compliance. RPC has the technologies as stated in page 1 and page
2 with current test kit sales.
	 
	 	(2)	 	PDI is a private company with Provista Life
Sciences as its sole shareholder and has no debt. PDI has the
technologies as stated in page 1 with the BT Test with current sales
approximately the same as RPC.
	 
	 	(3)	 	Upon closing of the Merger, the owners of PDI will
immediately exchange all of their shares for a percentage, to be
determined, based upon the respective valuations of RPC and PDI, of the
total ownership of RPC as the surviving company (the “Merger Shares”).
	 
	 	(4)	 	Upon the closing of the Merger, management of PDI
will place a portion of the Merger Shares in escrow (the “Performance
Shares”) in order to guarantee PDI’s performance based upon the forecasts
provided to RPC and used in order to determine PDI’s valuation for
purposes of the Merger. The Performance Shares will be released to PDI
management based upon PDI achieving certain to be determined performance
thresholds. In the event that the performance thresholds are not met,
all or a portion of the Performance Shares will be returned to RPC for
cancellation.
	 
	 	(5)	 	RPC and PDI will keep an accounting of all of their
costs for due diligence, legal and accounting fees and any other fees
which may be part of this transaction and that cost will be paid at the
time when all commissions and other fees are paid. In the event that the
transaction is not completed, each party shall bear its own expenses with
regard to the transaction.

	 	c.	 	Board Representation.  RPC and PDI shall each have the right
to nominate three (3) of the Board Seats at Closing. Those six (6) Board Members
will appoint three (3) additional Board members. Both parties understand that the
final board composition will need to consist of a majority of independent directors
as required by NYSE — Amex rules and that any nominations are subject to
shareholder approval.

	 	5.	 	Employee or Director Stock Option Plans. Upon completion of the merger and
within full compliance with the SEC and NYSE-Amex rules, the merged companies will approve
for issuance to employees, officers, directors or consultants an incentive compensation
plan pursuant to then existing Employee or Director Stock Options Plan.

	 	6.	 	Name Change. PDI may operate as a wholly owned subsidiary of RPC or the Boards
of Directors of RPC and PDI may agree that upon completion of the merger that there may be
a name change.

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- Confidential -

	 	7.	 	No waiver. No behavior on the part of either of the Parties shall be construed
as the waiver of any of the rights allocated thereto in this Agreement or by law.
	 
	 	8.	 	No Change. No change and/or waiver and/or deviation from the provisions of this
Agreement shall be valid unless made expressly and in writing, and signed by RPC and PDI.
	 
	 	9.	 	Entire Agreement. This Agreement includes all that is Agreed between the
Parties relating to the association that is the subject of this Agreement, and, on its
signing and subject to the conditions included therein, it nullifies any Agreement,
consent, undertaking, prior negotiation, memorandum, etc., whether written or oral,
existing between them and relating to the association that is the subject of this
Agreement, except for the CDA entered by the parties in connection with confidential
discussions in connection with the Investment, as defined above. Unless otherwise
indicated herein with regard to standstill, confidentiality and due diligence obligations,
this agreement shall be non-binding and any transaction shall be subject to customary
closing conditions including but not limited to board approval, completed audited
financials of PDI, definitive documents and, in the case of RPC, shareholder approval in
accordance with Delaware, SEC and NYSE-Amex rules.
	 
	 	10.	 	Addresses. The Parties’ addresses are as detailed in the first page of this
Agreement, and any notification sent by registered mail shall be considered to have reached
its destination upon completion of three (3) business days from the date of its delivery
for dispatch by registered mail; if sent by fax — on the first business day after its
transmission by facsimile; and, if delivered by hand — at the time of delivery.
	 
	 	11.	 	Right To Bind. Each of the signing parties has the right to bind their
respective corporation.

IN WITNESS WHEREOF, each Party has entered into this Agreement by signature of its duly authorized
representative.

	 	 	 	 	 	 	 	 	 

	PROVISTA DIAGNOSTICS INC.	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	By:

	 	/s/ William Gartner
	 	 	 	Date:	 	 
	 

	 	 
	 	 	 	 	 	 
	 

	 	Name: William Gartner	 	 	 	 	 	 
	 

	 	Title: President & Chief Executive Officer	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 
	RADIENT PHARMACEUTICALS CORP.	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	By:

	 	/s/ Akio Ariura
	 	 	 	Date:	 	 
	 

	 	 
	 	 	 	 	 	 
	 

	 	Name: Akio Ariura	 	 	 	 	 	 
	 

	 	Title: Chief Financial Officer	 	 	 	 	 	 

5millinc10ka2ex104123109.htm

Exhibit 10.4

 

PAM J. HALTER

1126 WHISPERING OAKS DRIVE

DESOTO, TX 75115

972-230-9000

January 5, 2010

Sherb & Co, LLP

805 Third Ave. – 21st Floor

New York, NY 10022

Gentlemen:

Reference is made to the sum of $2,471,905 (which includes principal and interest) owed to me by Thoroughbreds, Inc. as of December 31, 2009. Please be advised that I will not demand any repayment of either principal or interest prior to April 1, 2011.

Further reference is made to the note owed to me by Millennia, Inc. in the amount of $400,000 plus interest of $118,000 as of December 31, 2009. Please be advised that I will not demand any repayment of either principal or interest on said note prior to April 1, 2011.

Further, I undertake to fund the company's cash needs during calendar year 2010.

Sincerely,

Pam J. Halter

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