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Reclaiming Your Online Privacy Posted – try Spotflux

Posted in Board Of Intellectual Capital, boic, Gerbsman Partners, Inetellectual Property, Investments, Market research, New Atlantic Ventures, SpotFlux, Strategy, Technology, Venture Capital, tagged , , , , , , , , , , , , , , , , on March 23, 2012| Leave a Comment »

HuffPost Social Reading  by John Backus Managing Partner, New Atlantic Ventures 

Reclaiming Your Online Privacy Posted

Face it. Everything you do online is visible to someone and can be used without your approval or agreement. You leave details of your online activity in your browser, on your desktop, in your smartphone. All the while, companies, your employer, advertisers and the government are picking up those traces, and piecing them together to make a more perfect profile of – you!

If you aren’t scared now about what organizations know about you, you should be.

Companies have a voracious appetite for your information. The more they know about you, the more they can charge advertisers to micro-target you. The most recent and worrisome real world example is happening as you read this — Google! They just changed their privacy policy, under the faux auspices of “simplicity across sites” to be able to track the content of the emails you write and receive in Gmail, what you search for on Google, what you watch on YouTube, and where you are looking to go on Google Maps. And that goldmine of data wasn’t enough for them. In addition, they specifically and intentionally bypassed Safari’s private browsing mode on your iPhone and iPad to learn more about you.

And, Apple let application developers exploit a flaw in iOS to see all of the contacts in your address book.

Facebook settled with the FTC last fall over its own questionable privacy policies and is now rumored (though they deny it) to be tracking the contents of your text messages from their smart phone app. “Like” something on a website? Facebook knows exactly what you were looking at. Think of every “Like” button on a web page as a Facebook cookie. And remind your friends that “Like” is simply a sneaky way for you to give more personal, valuable information to Facebook.

Your employer knows everything you do at work. They archive your emails – and the court has ruled that company emails are company property — not personal property — and that employees should not have an expectation of privacy when using company resources. Employers also know every website you visit, what pages you see, and how long you spend on each site. You have no privacy when you are working in the office, out of the office but online on your company’s VPN, or doing anything on your company-provided smartphone, tablet or laptop. What you say and where you go belongs to your employer.

Advertisers have an insatiable appetite for user-specific information. Let me share my personal story (and you can try this yourself) Using Firefox, I went to preferences, privacy, and clicked on the underlined text that says “remove individual cookies.” I was taken to a box that showed all of the cookies on my machine. I had over 1000 cookies, most advertiser-related. AND, I use Adblockplus, Betterprivacy, and had checked the privacy box titled “Tell websites I do not want to be tracked.” The same thing happens with Internet Explorer, Chrome, and Safari. Scary. With much fanfare last month, the Government announced the “Do Not Track” browser button, which 400 companies have agreed to honor. Don’t be fooled. This provides limited privacy at best — and only from specific types of advertising, and only certain advertisers have agreed to use it.

Governments want to know more about you as well. The Electronic Frontier Foundation released a report entitled Patterns of Misconduct, which outlined the FBI’s ongoing violation of our Fourth Amendment rights. If not for an aggressive, last-minute online campaign by an unofficial coalition of Internet freedom fighters, Congress was about to pass the SOPA legislation (Stop Online Privacy Act), which would have allowed (and perhaps in some cases required) the government and ISPs to inspect the contents of every packet of information sent across their networks. And Europe isn’t far behind with SOPA’s ugly cousin, ACTA, (Anti-Counterfeiting Trade Agreement) which entrepreneurs in the EU have just started fighting against.

What can you do to reclaim your privacy? There is only one thing to do:

Go invisible. That’s why our venture firm invested in Spotflux. Started by two Internet freedom fighters that have more than a decade of experience solving large-scale security challenges, Spotflux is a free privacy application for consumers, which works by encrypting your Web connection. It downloads in less than a minute on any Windows or Mac computer, anywhere in the world. Spotflux ran a beta test and in less than a year, attracted 100,000 users in 121 countries. It launches globally today.

Spotflux encrypts everything that leaves your desktop, pushes the data through their privacy-scrubbing service, and sends it along. To a website, you are not you — you are Spotflux. And you are invisible unless you choose to login to a website, like your bank, Google, Twitter or Facebook. Even then, companies only know what you do on their site. When you log out, they don’t see where you are on other sites. Better yet, Spotflux’s HTTPS security means no one can eavesdrop on your conversation over a public Wi-Fi connection. And you can surf just as freely overseas as you do in the U.S. Want more? Spotflux also strips out annoying ads and injects real-time malware detection into your browser. Consumers, policy makers and activists are fighting the privacy issue hard but they often face a daunting and cumbersome process. It shouldn’t have to be this way, which is why we think Spotflux is on to something.

Weigh in here with your own privacy horror stories and what you think can be done to reclaim our lost privacy online. Follow John Backus on Twitter:

http://www.twitter.com/jcbackus

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What Demandware IPO says about Wall Street & tech IPOs

Posted in Board Of Intellectual Capital, boic, Business models, Economy, internet, Investments, IPO news, Market research, Strategy, Technology, tagged , , , , , , , , on March 15, 2012| Leave a Comment »

Article from GigaOm.

“Demandware who? Yeah, that is exactly what I thought. However, a tweet from financial and venture industry observer Dan Primack alerted me to the initial public offering of this Burlington, Mass.-based e-commerce platform provider that sells its services to folks like Barneys, Crocs and Tory Burch. The IPO has priced at $16 a share which values the company at $448 million. The company is raising $88 million.”

The company lost money on mere a $56 million in 2011 revenue, a sign that Wall Street is ready to punt on even marginal technology IPOs — so expect more of those to follow in coming months. Jim Cramer on CNBC’s Mad Money show said that one should not confuse a “trade with an investment.” In other words, buy at the time of IPO and then flip it. Buying later is a sucker’s bet. About Demandware, Cramer said, that if the stock priced below $15 it is good. “Anything more than that and there might not be enough juice to merit buying,” he said. Oops!”

Read more articles here.

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“The trouble I have is not finding new ideas but getting rid of the old ones” – Thomas Edison

Posted in boic, Market research, Marketing, tagged , , on January 20, 2012| Leave a Comment »

Article from Don Middleberg.

Ain’t that the truth. I read somewhere that there are thousands of new regulations introduced every year. That in itself is crazy, but the really troubling part is that these regs stay on the books seemingly forever. No one has the responsibility for removing them. So how do we get rid of old ideas while introducing new ones? In public relations, as in any industry, the answer lies with leadership. A CEO must consistently look at his firm with a fresh set of eyes and ears, and to always change the mix to be positioned for growth and development. That doesn’t mean always making revolutionary changes. In my opinion, evolutionary development is better. “Steady as she goes” is just not about ships anymore. Keeping to the mission, remaining client-focused, and most importantly of all, retaining valued employees can be worth more than any directive.

So here is what we did and didn’t do at Middleberg Communications during 2011:

What we did – Place ever greater emphasis on social media and digital communications. In particular, we developed a proprietary program called “Influence the Influencers”. We all know that 10% of people in any profession lead the remaining 90%. Their reach and influence are enormous. Well, we have spent a lot of time thinking about how we identify the top 25-50 influencers in any given area and then how to impact those leaders for the benefit of our clients.

What we didn’t do – Of our 16 employees we lost only two; one decided to become a journalist and another moved into the corporate world. One of the things clients everywhere abhor is rapid turnover of their agency’s account team. It is enormously wasteful, time-consuming and expensive to constantly retrain. I’m proud of our employee loyalty and I know our clients are, as well.

The good news for us is that we start 2012 in a better position than the same time last year, and certainly better than any time in the last three years. With a strong base of clients in technology, healthcare, marketing and media and corporate/financial/and professional services, we have our most solid base yet upon which to build our agency. Most importantly, we have the best team in our history, with just the right combination of experienced senior executives matched with younger, enthusiastic account managers-all of whom are committed to providing the finest client experience in our industry.

So here’s wishing a great 2012 for everyone.

For more information, click here.

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Bidding Process – Procedures for the Sale of certain Assets, Intellectual Property and Trade Secrets of Cortical PTY Ltd.

Posted in Board Of Intellectual Capital, boic, Business models, Distressed Intellectual Property, Distressed IP, Gerbsman Partners, Inetellectual Property, Life Science, Venture Capital on December 15, 2011| Leave a Comment »

Bidding Process – Procedures for the Sale of certain Assets, Intellectual Property and Trade Secrets of Cortical PTY Ltd.

Further to Gerbsman Partners e-mail of December 4, 2011 regarding the sale of certain assets of Cortical PTY Ltd., I attach the draft legal documents that we will be requesting of bidders for certain Assets, Intellectual Property and Trade Secrets of Cortical.  All parties bidding on the assets are encouraged, to the greatest extent possible, to conform the terms of their bids to the terms and form of the attached agreement.  Any and all of the assets of Cortical PTY Ltd. will be sold on an “as is, where is” basis.  I would also encourage all interested parties to have their counsel speak with Ben Gust., counsel to Coritcal PTY Ltd..

For additional information please contact Ben Gust, of GBS Ventures, counsel to Cortical PTY Ltd.  He can be reached at 61 400 642 668 and his email is ben.gust@gbsventures.com.au

Following an initial round of due diligence, interested parties will be invited to participate with a sealed bid, for the acquisition of the Cortical Assets. Sealed bids must be submitted so that the bid is actually received by Gerbsman Partners no later than Wednesday, January 18, 2012 at 5:00 p.m. Pacific Daylight Time (the “Bid Deadline”) at Gerbsman Partners office, located at 211 Laurel Grove Avenue, Kentfield, CA 94904.  Please also email – steve@gerbsmanpartners.com – with any bid.

Interested parties who wish to participate in the Bidding Process must also wire transfer a $ 200,000 refundable deposit to Gerbsman Partners Trust Account.  Information will be forthcoming.

For your convenience, I have restated the description of the Updated Bidding Process.

The key dates and terms include:

The Bidding Process for Interested Buyers

Interested and qualified parties will be expected to sign a Confidential Disclosure Agreement (attached hereto as Appendix A) to have access to key members of management and intellectual capital teams and the due diligence “war room” documentation (“Due Diligence Access”). Each interested party, as a consequence of the Due Diligence Access granted to it, shall be deemed to acknowledge and represent (i) that it is bound by the bidding procedures described herein; (ii) that it has had an opportunity to inspect and examine the Cortical Assets and to review all pertinent documents and information with respect thereto; (iii) that it is not relying upon any written or oral statements, representations, or warranties of Gerbsman Partners, or their respective staff, agents, or attorneys; and (iv) all such documents and reports have been provided solely for the convenience of the interested party, and Gerbsman Partners (and their respective staff, agents, or attorneys) do not make any representations as to the accuracy or completeness of the same.

Following an initial round of due diligence, interested parties will be invited to participate with a sealed bid, for the acquisition of the Cortical Assets. Each sealed bid must be submitted so that it is received by Gerbsman Partners no later than Wednesday, January 18, 2012 at 5:00pm Pacific Daylight Time (the “Bid Deadline”)  to Gerbsman Partners office at 211 Laruel Grove Avenue, Kentfield, CA 94904. Please also email steve@gerbsmanpartners.com with any bid.

Bids should identify those assets being tendered for in a specific and identifiable way.

Any person or other entity making a bid must be prepared to provide independent confirmation that they possess the financial resources to complete the purchase.  All bids must be accompanied by a refundable deposit in the amount of $200,000 (payable to Cortical Pty. Ltd.).  The deposit should be wired to Gerbsman Partners Trust Account.  The winning bidder will be notified within 3 business days of the Bid Deadline. The deposit will be held in trust by Gerbsman Partners.  Unsuccessful bidders will have their deposit returned to them within 3 business days of notification that they are an unsuccessful bidder.

Cortical reserves the right to, in its sole discretion, accept or reject any bid, or withdraw any or all assets from sale.  Interested parties should understand that it is expected that the highest and best bid submitted will be chosen as the winning bidder andbidders may not have the opportunity to improve their bids after submission.

Cortical will require the successful bidder to close within a 7 day period. Any or all of the assets of Cortical will be sold on an “as is, where is” basis, with no representation or warranties whatsoever.

All sales, transfer, and recording taxes, stamp taxes, or similar taxes, if any, relating to the sale of the Cortical Assets shall be the sole responsibility of the successful bidder and shall be paid to Cortical at the closing of each transaction.

For additional information, please see below and/or contact:

Steven R. Gerbsman
Steve@gerbsmanpartners.com
Gerbsman Partners
(415) 456-0628

Kenneth Hardesty
Ken@gerbsmanpartners.com
Gerbsman Partners
(408) 591-7528

Philip Taub
Phil@gerbsmanpartners.com
Gerbsman Partners
(917) 650-5958

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Date Certain M&A of Cortical PTY Ltd. – its Assets, Intellectual Property and Trade Secrets

Posted in Board Of Intellectual Capital, boic, Distressed IP, Gerbsman Partners, Inetellectual Property, Investments, Life Science, National Venture Capital Association, NVCA, Venture Capital, Venturebeat on December 6, 2011| Leave a Comment »

SALE OF CORTICAL PTY LTD

Gerbsman Partners (www.gerbsmanpartners.com) has been retained by Cortical Pty. Ltd. (www.cortical.com.au) to solicit interest for the acquisition of all, or substantially all of, Cortical’s assets.

Headquartered in Melbourne, Australia, Cortical is a discovery-phase, biotechnology company that is focused on the development of inhibitors of MIF (macrophage migration inhibitory factor) for the treatment of inflammation and other diseases.

Cortical has recently overcome a major roadblock in MIF research, resulting in a cellular assay platform that has enabled fast compound ranking, SAR and screening.  Cortical has developed a library of proprietary MIF inhibitors, including a primary scaffold currently in lead optimization.

To date, Cortical has raised more than $5 million in three rounds of venture capital financing, lead by GBS Ventures (Melbourne, Australia).  In addition, Cortical has benefited from more than $1 million in government assisted grants.

IMPORTANT LEGAL NOTICE:

The information in this memorandum does not constitute the whole or any part of an offer or a contract.

The information contained in this memorandum relating to Cortical’s Assets (as defined herein) has been supplied by Cortical.  It has not been independently investigated or verified by Gerbsman Partners or their respective agents.

Potential purchasers should not rely on any information contained in this memorandum or provided by Gerbsman Partners (or their respective staff, agents, and attorneys) in connection herewith, whether transmitted orally or in writing as a statement, opinion, or representation of fact.  Interested parties should satisfy themselves through independent investigations as they or their legal and financial advisors see fit.

Gerbsman Partners, and their respective staff, agents, and attorneys, (i) disclaim any and all implied warranties concerning the truth, accuracy, andcompleteness of any information provided in connection herewith and (ii) do not accept liability for the information, including that contained in this memorandum, whether that liability arises by reasons of Cortical’s or Gerbsman Partners’ negligence or otherwise.

Any sale of the Cortical Assets will be made on an “as-is,” “where-is,” and “with all faults” basis, without any warranties, representations, or guarantees, either expressed orimplied, of any kind, nature, or type whatsoever from, or on behalf of Cortical and Gerbsman Partners. Without limiting the generality of the foregoing, Cortical and Gerbsman Partners and their respective staff, agents, and attorneys,  hereby expressly disclaim any and all implied warranties concerning the condition of the Cortical Assets and any portions thereof, including, but not limited to, environmental conditions, compliance with any government regulations or requirements, the implied warranties of habitability, merchantability, or fitness for a particular purpose.

This memorandum contains confidential information and is not to be supplied to any person without Gerbsman Partners’ prior consent. Thismemorandum and the information contained herein are subject to the Confidential Disclosure Agreement attached hereto as Appendix B.

Company Profile

Cortical is a discovery-phase, Australian biotechnology company developing small-molecule inhibitors of MIF for the treatment of inflammation and other diseases.

Macrophage Migration Inhibitory Factor (MIF) is a differentiated disease target:
·     MIF is a unique pro-inflammatory protein.
·     The MIF knock-out mouse has a normal phenotype, except in disease models.
·     MIF plays a pivotal role in immune-inflammatory diseases, atherosclerosis, metabolic disease and cancer.

Cortical has recently overcome a major roadblock in MIF research, resulting in a cellular assay platform that has enabled fast compound ranking, SAR and screening.  Cortical has developed a library of proprietary MIF inhibitors, including a primary scaffold currently in lead optimization.

To date, Cortical has raised more than $5 million in three rounds of venture capital financing, lead by GBS Ventures (Melbourne, Australia).  In addition, Cortical has benefited from more than $1 million in government assisted grants.

Cortical’s program is lead by Prof Eric Morand who is both a highly respected thought leader in this field and a practicing Rheumatologist.  Dr Morand has published widely; including seminal MIF research and technical reviews: Morand et al., MIF: a new cytokine link between rheumatoid arthritis and atherosclerosis. Nature Reviews Drug Discovery 5, 399–411 (1 May 2006); see Appendix C. The technology originated at Monash University and Cortical was established to exploit its unique know-how around the inflammation target MIF.  Cortical is seeking partners with resources to fully support the MIF program, thereby maintaining its leadership position in the development of MIF-based therapies.

Cortical believes its assets are attractive for a number of reasons:

Cortical has recently overcome a major roadblock in MIF drug development, resulting in a robust cellular assay platform that has enabledCortical to advance their primary MIF inhibitor scaffold to lead optimisation.   Until recently, Cortical and other competitors in the field ranked compounds using various physical assays which were not considered a reliable predictor of in vivo activity.  Utilizing unique target know-how, Cortical has now successfully developed a robust cellular assay to enable drug development against this well validated biological target.

Cortical’s program provides the platform for MIF inhibitor development:

1.    Composition of Matter and Use claims over independent scaffolds
2.    Library of  >1000 compounds, SAR driven program
3.    Lead candidates in optimization phase
4.    Proprietary  assay methodology (TRADE SECRET) – unique in MIF space
5.    X-ray crystallography (TRADESECRET – Cortical compound-MIF co-crystals)
6.    Preclinical oral proof of concept established in several disease models
7.    Mechanistically driven clinical strategy

Impact of Technology on the Market:

Cortical’s program has targeted first-in-class oral cytokine inhibitor drugs with potential applications in inflammatory disease and cancer indications.
The inflammatory disease market is over $60 BN annually with strong recent growth expected to continue[1 – footnote) . Future growth in this sector may be driven by a new wave of targeted therapies based on orally available small molecules.
MIF is a unique cytokine-like molecule which has been validated as a therapeutic target in a wide range of inflammatory diseases (such as RA, asthma/COPD, lupus, MS, SLE colitis, atherosclerosis), metabolic diseases and cancers.

•  The inflammation market has an unmet need for oral targeted small-molecule approaches
•  Small-molecule MIF inhibition offer huge advantages to a developer:

A.  a biologically distinct target, in an uncrowded space
B.  opportunity in a wide breadth of inflammatory indications § blockbuster (e.g. RA) and niche indications (e.g. SLE)
C  oral administration – a competitive advantage compared with biologicals
D.  mechanism-based application to enable steroid sparing therapy
E.  additional roles of MIF in atherosclerosis, metabolic disease and cancer

•  Potential first-in-class line of therapeutics
§  There are no small-molecule targeted therapies currently approved in inflammation.
§  There are no known clinical-stage MIF antagonist programs worldwide.

Cortical’s Pipeline

Cortical is developing first-in-class small molecule cytokine antagonist compounds which directly target MIF.  Cortical’s novel small molecule MIF inhibitors have been discovered through a structure-based drug design approach, proprietary compound-target crystallography data, and proprietary screening assays.
Cortical molecules have good drug development characteristics such as novelty, ease of synthesis, stability, oral bioavailability, lack of off-target interactions and clean non-GLP toxicity profiles.
Cortical compounds have demonstrated preclinical proof of concept with once daily oral activity in in vivo models of rheumatoid arthritis, atheroma, endotoxic shock, delayed type hypersensitivity, and acute liver inflammation.

Cortical’s Intellectual Property and Trade Secret Summary

Cortical Pty Ltd has 4 active patent applications in various stages of approval, allfiled as Composition of Matter applications.  Three applications have been filed around a benzamidazole pharmacophore (Therapeutic molecules and methods 1, MIF inhibitors, and Therapeutic Small Molecules and Uses Thereof).  A fourth patent application has been filed around a bicyclic pharmacophore (Novel methods for treatment of inflammatory diseases).  This is presented in more detail in Appendix B.

In addition to patents, Cortical has developed and holds a number of trade secret data packs:

(1)  The cellular assay:
Following feedback from large pharmaceutical company partners, Cortical focused on reducing to practice a cellular assay amenable to high throughput screening, and has been successful. Other players in the field have not succeeded in solving this technical problem; literature biological assays do not reliably predict activity against the MIF target.  Physical assays such as tautomerase and biacore show binding of compounds to MIF but these have been shown to not be directly predictive of MIF in vivo activity inhibition.
Cortical has strategically elected not topatent or disclose this assay system to any parties so that this unique ability to successfully rank compounds based on in vitro cellular data remains a competitive advantage.

(2)  The crystal structures:
Cortical holds a number of high resolution proprietary compound-protein X-ray co-crystallography data-sets which demonstrate how Cortical compounds bind to MIF.  At 1.6 Å, these crystal structure data-sets further strengthen the SAR rationale.

Management

Nicole Fowler –CEO:

Nicole Fowler was appointed CEO of Cortical in October 2008.
Nicole has a BSc (Hons) from Monash University, an MBA from Melbourne Business School, with over 15 years experience in biotech. Previous roles include big pharma early discovery (SmithKline Beecham, USA), clinical trial management (Parexel, USA and ICTI, Europe) and the manufacture of generic sterile injectables and biologicals (Southern Dental Industries, Australia and Southern Cross Biotech, Australia). During the last 8 years Nicole has focused on working within young biotech companies managing the translation of academicwork into preclinical and clinical development, capital raising, and in-licensing/out-licensing of intellectual property.

Professor Eric Morand, MD, PhD – Scientific Co-Founder and Chief Scientific Officer

Eric is a Professor of Medicine at the Monash University Centre for Inflammatory Diseases at Monash MedicalCentre, Melbourne. Eric’s laboratory first identified the role of MIF in rheumatoid arthritis and SLE. He is an acknowledged expert in research on MIF research and glucocorticoid-regulated proteins, and is an author of over 100 papers in peer-reviewed journals in the area of inflammatory diseases. His academic research group has won grants from the NIH, National Health and Medical Research Council Australia, Royal Australasian College of Physicians, and Arthritis Foundation of Australia. He is also the Deputy Director, Rheumatology Unit, Monash Medical Centre, Melbourne, Australia and heads the Monash Lupus Clinic.

Board of Directors

·     Nigel Stokes, Chairman: Sydney, Australia
·     Brigitte Smith: Managing Partner, GBS Ventures – Melbourne, Australia
·     Prof Eric Morand: Founder – Melbourne Australia

The assets of Cortical will be sold in whole or in part (collectively, the ” Cortical Assets”). The sale of these assets is being conducted with the cooperation of Cortical. Cortical will be available to assist purchasers with due diligence and a prompt, efficient transition to new ownership. Notwithstanding the foregoing, Cortical should not be contacted directly without the prior consent of Gerbsman Partners.

The Bidding Process for Interested Buyers

Interested and qualified parties will be expected to sign a Confidential Disclosure Agreement (attached hereto as Appendix A) to have access to key members of management and intellectual capital teams and the due diligence “war room” documentation (“Due Diligence Access”). Each interested party, as a consequence of the Due Diligence Access granted to it, shall be deemed to acknowledge and represent (i) that it is bound by the bidding procedures described herein; (ii) that it has had an opportunity toinspect and examine the Cortical Assets and to review all pertinent documents and information with respect thereto; (iii) that it is not relying upon anywritten or oral statements, representations, or warranties of Gerbsman Partners, or their respective staff, agents, or attorneys; and (iv) all such documents and reports have been provided solely for the convenience of the interested party, and Gerbsman Partners (and their respective staff, agents, or attorneys) do not make any representations as to the accuracy or completeness of the same.

Following an initial round of due diligence, interested parties will be invited to participate with a sealed bid, for the acquisition of the Cortical Assets. Each sealed bid must be submitted so that it is received by Gerbsman Partners no later than Wednesday, January 18, 2012 at 5:00pm Pacific Daylight Time (the “Bid Deadline”)  to Gerbsman Partners office at 211 Laruel Grove Avenue, Kentfield, CA 94904. Please also email steve@gerbsmanpartners.com <mailto:steve@gerbsmanpartners.com> with any bid.

Bids should identify those assets being tendered for in a specific and identifiable way.

Any person or other entity making a bid must be prepared to provide independent confirmation that they possess the financial resources to complete the purchase.  All bids must be accompanied by a refundable deposit in the amount of$200,000 (payable to Cortical Pty. Ltd.).  The deposit should be wired to Gerbsman Partners Trust Account.  The winning bidder will be notified within 3 business days of the Bid Deadline. The deposit will be held in trust by Gerbsman Partners.  Unsuccessful bidders will have their deposit returned to them within 3 business days of notification that they are an unsuccessful bidder.

Cortical reserves the right to, in its sole discretion, accept or reject any bid, or withdraw any or all assets from sale.  Interested parties should understand that it is expected that the highest and best bid submitted will be chosen as the winning bidder andbidders may not have the opportunity to improve their bids after submission.

Cortical will require the successful bidder to close within a 7 day period. Any or all of the assets of Cortical will be sold on an “as is, where is” basis, with no representation or warranties whatsoever.

All sales, transfer, and recording taxes, stamp taxes, or similar taxes, if any, relating to the sale of the Cortical Assets shall be the sole responsibility of the successful bidder and shall be paid to Cortical at the closing of each transaction.

For additional information, please see below and/or contact:

Steven R. Gerbsman
Steve@gerbsmanpartners.com
Gerbsman Partners
(415) 456-0628

Kenneth Hardesty
Ken@gerbsmanpartners.com
Gerbsman Partners
(408) 591-7528

Philip Taub
Phil@gerbsmanpartners.com
Gerbsman Partners
(917) 650-5958

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