Pheromone Sciences Corp. announced that it continues to evaluate its operational and financial options. The company has scaled down all operations to provide maintenance working capital while it continues discussions with interested parties in the company's fertility monitor product. To this end, the company has laid off all employees. All severance requirements have been met.
The company has retained the services of its CEO and CFO on a contract basis, which includes a per diem rate upon completion of a successful financing and bonus provisions if a licensing agreement or other commercialization agreement is completed for its PSC Fertility Monitor or a sale or merger of the company is concluded.
Additionally, to permit the pursuit of various financing options, Doug Marett, the scientific founder of the company and the company's current CSO (Chief Scientific Officer), has subordinated the security he has over the company's patents in favour of any future participants in any future financing. To date, all patent maintenance fees have been paid.
Pheromone Sciences Corp. is a biotechnology and medical diagnostics device research and development company that focuses on commercializing technologies in the field of human and animal reproduction.