Intellectual Property Transfer Agreement

EX-10.4 2 dex104.htm INTELLECTUAL PROPERTY TRANSFER AGREEMENT Intellectual Property Transfer Agreement

Exhibit 10.4

Intellectual Property Transfer Agreement

This is an agreement between PowerVerde, Inc., hereinafter “PV”, a public corporation with its principal office at Phoenix, AZ, and Edward C. Gomez, hereinafter “Gomez”, an individual, residing at Benicia, CA, regarding the transfer of ownership of certain patents and other intellectual property owned by the Vyrex Corporation prior to merger and name change to PowerVerde, Inc. Gomez may assign this agreement to any entity controlled by him at transfer.

Whereas PV has changed its principal activities to new technological area and has no further interest or budget to continuing to develop intellectual properties in the pharmacological and neutraceutical fields, but retains ownership of certain patents and other intellectual property developed prior to its merger, hereinafter “VyrexIP”, which properties are listed on Exhibit A and Exhibit B, and

Whereas Gomez has expertise in the fields of medicine and biochemistry and wishes to acquire and develop said VyrexIP and has advanced to PV as loans sums used to pay patent fees and prevent the loss of the VyrexIP.

PV and Gomez hereby agree that:

 

  1. PV will assign to Gomez or assigns all patents contained in Exhibits A and B and any information in its possession relating to said intellectual properties.

 

  2. Gomez shall assume ownership of the VyrexIP and shall be responsible for all future fees and professional fees.

 

  3. Gomez shall provide to PowerVerde, Inc. a residual 20% of net royalty income and any other net income from the Vyrex IP as hereinafter defined in Exhibit C.

 

  4. Gomez shall advise PV in writing of any intent to abandon any part of the VyrexIP and hereby grants to PV the right to recover, without payment, sole ownership of any such intellectual property.

 

  5. PV will assign its rights to the name “VYREX” to Gomez for use in conjunction with its activities with VyrexIP.

 

  6. Gomez hereby forgives all sums previously advanced to PV for the payment of fees on behalf of PV.

This agreement is the complete agreement between the parties regarding all services and supersedes any prior discussions and expectations.

This agreement may not be changed except in writing and all changes require the consent of both parties.

This agreement is separate and apart from any other agreement between the parties and any agreement with any entity of which either party is a part.

This agreement shall be construed under the laws of the State of California. Any portion of this agreement that is found by a court of competent jurisdiction to be contrary to the Laws of the United States or of the State of California shall be severed from the remainder of the agreement and shall be null and void without effect upon the remaining portion of the agreement.

 

For PowerVerde, Inc.

     For Edward C. Gomez
By:  

/s/ George Konrad

    

/s/ Edward C. Gomez

Director    Date: March 4, 2009

     Date: March 4, 2009

Exhibit A:

Townsend and Townsend and Crew LLP

2175 N. California Blvd., Suite 600

Walnut Creek, CA 94596

Phone: 925 ###-###-####

 

ITC Ref Country
ATTY(s) Handling

   

Title

   

Inventor

    Application No.
Filing Date		    Patent No.
Issue Date		   

Status Remarks

    Estimate of
Anticipated
Costs

014742-000100US

(EGW)

    Method for Inhibiting Viral and Retroviral Infections       07/381132

07/14/1989

    4985465

01/15/1991

    Granted   

014742-000500US

(EGW)

    Tocopherol-Based Anti-Viral Agents and Method of Using Same   

Hendler, Sheldon S.

Sanchez, Robert A.

    07/520633

05/08/1990

    5114957

05/19/1992

      

914742-000730US

(EGW)

    Antiviral Agents    Hendler, Sheldon S.    08/808554

02/28/1997

    5981603

11/09/1999

   

Granted

Annuity: Next:

05/09/2011

Annuity: End of

Grace (Final

Deadline):

11/09/2011

    $ 2,410

014742-003200US

(EGW)

   

Water Soluble Pro-Drugs

of Propofol

   

Hendler, Sheldon S.

Sanchez, Robert A.

Zielinski, Jan

    09/075356

05/08/1998

    6254853

07/03/2001

   

Granted

Annuity: Next:

01/03/2009

Annuity: End of

Grace (Final

Deadline):

07/03/2009

    $ 1,510

014742-003210AU

(EGW)

   

Water Soluble Pro-Drugs

of Propofol

   

Hendler, Sheldon S.

Sanchez, Robert A.

Zielinski, Jan

    37894/99

05/07/1999

    765569

01/15/2004

   

Granted

Annuity: Next:

05/07/2009

Annuity: End of

Grace (Final

Deadline):

11/07/2009

    $ 749

014742-003210CA

(EGW)

   

Water Soluble Pro-Drugs

of Propofol

   

Hendler, Sheldon S.

Sanchez, Robert A.

Zielinski, Jan

    2331371

05/07/1999

      

Pending

Annuity: Next:

05/07/2009

Annuity: End of

Grace (Final

Deadline).

05/07/2010

    $ 685

014742-003210DE

(EGW)

   

Water Soluble Pro-Drugs

of Propofol

   

Hendler, Sheldon S.

Sanchez, Robert A.

Zielinski, Jan

    99920385.4

05/07/1999

    69910560.9-08

08/20/2003

   

Granted

Annuity: Next:

05/07/2009

Annuity. End of

Grace (Final

Deadline):

11/07/2009

    $ 1,180

014742-003210EP

(EGW)

    Water Soluble Pro-Drugs of Propofol   

Hendler, Sheldon S.

Sanchez, Robert A.

Zielinski, Jan

    99920385.4

05/07/1999

    1075489

08/20/2003

    Granted   

014742-003210ES

(EGW)

   

Water Soluble Pro-Drugs

of Propofol

   

Hendler, Sheldon S.

Sanchez, Robert A.

Zielinski, Jan

    99920385.4

05/07/1999

    1075489

08/20/2003

   

Granted

Annuity: Next:

05/07/2009

Annuity: End of

Grace (Final

Deadline):

11/07/2009

    $ 770

 

1

ITC Ref Country

ATTY(s) Handling

   

Title

   

Inventor

    Application No.
Filing Date		    Patent No.
Issue Date		   

Status Remarks

    Estimate of
Anticipated
Costs

014742-003210FR

(EGW)

   

Water Soluble Pro-Drugs

of Propofol

   

Hendler, Sheldon S.

Sanchez, Robert A.

Zielinski, Jan

    99920385.4

05/07/1999

    1075489

08/20/2003

   

Granted

Annuity: Next:

05/07/2009

Annuity: End of

Grace (Final

Deadline):

11/07/2009

    $ 787

014742-003210GB

(EGW)

   

Water Soluble Pro-Drugs

of Propofol

   

Hendler, Sheldon S.

Sanchez, Robert A.

Zielinski, Jan

    99920385.4

05/07/1999

    1075489

08/20/2003

   

Granted

Annuity: Next:

05/07/2009

Annuity: End of

Grace (Final

Deadline):

11/07/2009

    $ 718

014742-DG0100US

(EGW)

    Method for Inhibiting Viral and Retroviral Infections       07/381132

07/14/1989

    4985465

01/15/1991

    Granted   

014742-003210IE

(EGW)

   

Water Soluble Pro-Drugs

of Propofol

   

Hendler, Sheldon S.

Sanchez, Robert A.

Zielinski, Jan

    99920385.4

05/07/1999

    1075489

08/20/2003

   

Granted

Annuity Next. 09/07/2009

Annuity: End of Grace (Final Deadline): 11/07/2009

    $ 821

014742-003210IT

(EGW)

   

Water Soluble Pro-Drugs

of Propofol

   

Hendler, Sheldon S.

Sanchez, Robert A.

Zielinski, Jan

    99926385.4

05/07/1999

    1075489

08/20/2003

   

Granted

Annuity: Next:

05/07/2009

Annuity: End of

Grace (Final

Deadline):

11/07/2009

    $ 906

014742-00321OJP

(EGW)

   

Water Soluble Pro-Drugs

of Propofol

   

Hendler, Sheldon S.

Sanchez, Robert A.

Zielinski, Jan

    2000-548357

05/07/1999

      

Pending

Published

   

014742-003210PC

(EGW)

   

Water Soluble Pro-Drugs

of Propofol

   

Hendler, Sheldon S.

Sanchez, Robert A.

Zielinski, Jan

    99/10013

05/07/1999

      

Pending Nat.

phase

   

014742-004400JP

(EGW)

   

Water Soluble Prodrugs

of Propofol for Treatment of Migraine

    Hendler, Sheldon S.    2002-518956

08/14/2001

      

Pending

Published

   

014742-004400PC

(EGW)

   

Water Soluble Prodrugs

of Propofol for Treatment of Migraine

    Hendler, Sheldon S.    01/25540

08/14/2001

      

Pending Nat.

phase

   

014742-004400US

(EGW)

   

Water Soluble Prodrugs

of Propofol for Treatment of Migraine

    Hendler, Sheldon S.    09/639015

08/15/2000

    6352234

03/26/2002

   

Granted

Annuity: Next:

09/26/2009

Annuity: End of

Grace (Final

Deadline):

03/26/2010

    $ 1,510

 

2

Exhibit B:

Martin Fessenmaier. Ph.D.

Fish & Associates, PC

2603 Main Street, Suite 1050

Irvine, CA ###-###-####

Direct: 949 ###-###-####

 

(1) 100487.0001US1: “Boron Carbohydrate Complexes and Uses Thereof”; issued as US Pat. No. 5,962,049.

 

(2) 100487.0011US2: “Isoflavone Derivatives”; issued as US Pat. No. 6,541,613

 

(3) 100487.0011US1: “Isoflavone Derivatives”; issued as US Pat. No. 6,958,156

 

(4) 100487.0011US4: “Isoflavone Derivatives”; pending and published as US 2006-0251592 A1

Exhibit C:

For purposes of this agreement, “Net Royalty Income” is defined as gross income from commercialization of the patents (Gross Royalty Income) less direct expenses of maintaining and commercializing the patents (Direct Expenses). Direct Expenses includes all sums expended, accrued, or capitalized directly relating to maintenance or commercialization of the patents.

For purposes of this agreement, “Other Net Income” is defined as gross income from commercialization of the patents (Gross Income), other than royalties, less direct expenses of maintaining and commercializing the patents (Direct Expenses). Direct Expenses includes all sums expended, accrued, or capitalized directly relating to maintenance or commercialization of the patents.