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SUBSEQUENT EVENTS
6 Months Ended
Sep. 30, 2022
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

12. SUBSEQUENT EVENTS

 

Management has evaluated events subsequent to September 30, 2022 through the date that the accompanying condensed consolidated financial statements were filed with the SEC for transactions and other events which may require adjustment of and/or disclosure in such financial statements.

 

On September 29, 2021, we entered into the CRO Agreement with the CRO to oversee our clinical studies investigating the Hemopurifier. Pursuant to the CRO Agreement, the CRO agreed to manage our ongoing study of the Hemopurifier for patients who are critically ill with COVID-19 (NCT04595903), with the option for the parties to agree to include additional studies under the CRO Agreement. The CRO Agreement has a five year term, but may be extended by mutual agreement. The CRO Agreement also may be terminated by Aethlon without cause upon 30 days’ prior written notice and may be terminated by either party following notice for breach or insolvency of the other party. In November 2022, Aethlon provided the CRO with a 30-day termination notice due to the lack of enrollment of COVID patients and the delay in FDA approval of the Company’s GNA supplier for the manufacture of the Hemopurifiers.

 

In October 2022, we launched a wholly-owned subsidiary in Australia, formed to conduct clinical research in that country. Our current plan is that the subsidiary will initially focus on the oncology market in Australia.