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November 5, 2012
16:23 EDTPDIIPDI, Inc. sees FY12 revenue $127M-$130M, consensus $137.53M
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August 26, 2014
13:26 EDTPDIIPDI, Inc. amends collaboration agreement with molecular diagnostic company
PDI, Inc. disclosed in a regulatory filing that on August 20, PDI, Inc. entered into a First Amendment amending the Collaboration Agreement dated August 19, 2013 between PDI and an emerging molecular diagnostic company. Under the original Collaboration Agreement, PDI agreed to try to commercialize the Collaboration Partnerís diagnostic test, and received an option to purchase the outstanding common stock of the Collaboration Partner. The option price was dependent on the achievement of certain milestones during the collaboration period and could be up to $6M if all milestones were achieved at their maximum levels. The company noted, "If we purchase the Collaboration Partner, in addition to the purchase price for its shares, we would pay a royalty of 7% on annual net revenue from licensed products up to $50M with escalating royalty percentages for higher annual net revenue capped at 11% for annual net revenue in excess of $100M. The First Amendment changes the purchase price to be paid by PDI, in the event it decides to exercise its option and acquire the stock of the Collaboration Partner, from a variable price based on the achievement of various milestones to a fixed price of $3M." The First Amendment further reduces all of the royalty rates that may be due from PDI to Collaboration Partner following our purchase of its stock by 1.5%. The date for the Collaboration Partnerís right to terminate the Collaboration Agreement, was extended from August 19 until March 31, 2015. The First Amendment also terminates the Collaboration Partnerís ďput optionĒ.

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