CTBCCCentre for Tropical Biodiversity and Climate Change (James Cook University)
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The acquisition of the assets and the termination of the development agreement with Globe were initiated by the Company because management believes that it is in the best interests of the Company to concentrate its research and development in-house through its wholly-owned subsidiary, CTBCC.
CTBCC and Globe also entered into a definitive agreement which provided for Globe's assignment of a partial sublease in respect of approximately 5400 square feet of laboratory space located at the University of British Columbia to CTBCC.
In accordance with the terms of the agreement between the Company, CTBCC and Globe, CTBCC has hired the majority of the former employees of Globe.