Yes, Virginia, patent royalties are taxable
In an article archived on the Sutherland law firm web site, one finds:
"AIDS Researchers to Share Award for Biotech Work"
Two Emory University AIDS researchers will share this year's Biomedical Industry Growth Award, the local biotech community's most prestigious honor. Dennis Liotta and Raymond Schinazi, the scientists behind one of the key anti-HIV compounds used in AIDS-fighting drugs, will receive the award at a January 15 ceremony.
"Dr. Liotta and Dr. Schinazi have been instruments of growth in our industry through leadership as researchers and entrepreneurs," said Philip Moise, secretary and coporate counsel for the Georgia Biomedical Partnership, which gives the annual award, and chairman of the partnership's awards committee.
The Forbes website has a 2003 entry:
Raymond F. Schinazi, prominent AIDS researcher and professor at Atlanta's Emory University, had "fraudulent intent" in leaving $158,000 in patent royalties off his 1993 tax return, a judge says. The Egyptian-born scientist testified he thought the money was tax free. But in affirming $64,000 of civil fraud penalties and interest, U.S. District Judge Orinda Evans ruled Schinazi made "deliberate misrepresentations" to auditors and, though this refund case dealt with only 1993, originally didn't pay tax on $426,000 of such income from 1991 to 1994. No comment from Schinazi or his lawyer.
HighBeam noted in 2006:
Emtriva is the drug invented at Emory. It was discovered by Emory researchers Dennis C. Liotta, Raymond F. Schinazi and Woo-Baeg Choi and licensed to Triangle Pharmaceuticals by Emory University in 1996.
Footnote 42 of a 2006 BC Law Review article states:
For example, Emory University researcher Dr. Ray Schinazi, co-inventor of the
blockbuster drug Emtriva, claims to have gotten the idea for the new compound from
hearing a presentation by Canadian researcher Bernard Belleau at an AIDS research con-
ference in Montreal.
The antecedent text for footnote 42 was:
Prompt dissemination of research hypotheses, results, and meth-
odologies through scientiªc presentations and publication has pro-
vided the foundation for advances and discoveries in numerous sci-
entiªc ªelds that have beneªted humanity.42
UPDATE. 20 June 09. from biospace -->
SOUTH SAN FRANCISCO, CA--(Marketwire - February 12, 2009) - Alios BioPharma, Inc. announced today that it has concluded the first closing of its Series A preferred stock financing with a commitment from new investors of $24 million. The first tranche of $8.4 million has been completed, led by Novo Ventures and Novartis Ventures with participation from the Roche Venture Fund. Jack B. Nielsen, Novo Ventures, will serve as its Chairman of the Board. Also joining current members Raymond F. Schinazi, Ph.D., D.Sc. and Lawrence M. Blatt, Ph.D. on the Alios Board of Directors is Campbell Murray, M.D., Novartis Ventures and Carole Nuechterlein, Roche Venture Fund. will sit as an observer.
"We look forward to working closely with our new investors and members of the Board of Directors to build our company and successfully develop our pipeline," said Lawrence M. Blatt, Ph.D., Founder and Chief Executive Officer of Alios. "Several viral diseases remain difficult to treat and represent areas of significant unmet medical need. We view the Alios product candidates as a complementary approach to existing antiviral therapies where the complexity of these diseases requires treatment with multiple agents with differing mechanisms of actions."
"AIDS Researchers to Share Award for Biotech Work"
Two Emory University AIDS researchers will share this year's Biomedical Industry Growth Award, the local biotech community's most prestigious honor. Dennis Liotta and Raymond Schinazi, the scientists behind one of the key anti-HIV compounds used in AIDS-fighting drugs, will receive the award at a January 15 ceremony.
"Dr. Liotta and Dr. Schinazi have been instruments of growth in our industry through leadership as researchers and entrepreneurs," said Philip Moise, secretary and coporate counsel for the Georgia Biomedical Partnership, which gives the annual award, and chairman of the partnership's awards committee.
The Forbes website has a 2003 entry:
Raymond F. Schinazi, prominent AIDS researcher and professor at Atlanta's Emory University, had "fraudulent intent" in leaving $158,000 in patent royalties off his 1993 tax return, a judge says. The Egyptian-born scientist testified he thought the money was tax free. But in affirming $64,000 of civil fraud penalties and interest, U.S. District Judge Orinda Evans ruled Schinazi made "deliberate misrepresentations" to auditors and, though this refund case dealt with only 1993, originally didn't pay tax on $426,000 of such income from 1991 to 1994. No comment from Schinazi or his lawyer.
HighBeam noted in 2006:
Emtriva is the drug invented at Emory. It was discovered by Emory researchers Dennis C. Liotta, Raymond F. Schinazi and Woo-Baeg Choi and licensed to Triangle Pharmaceuticals by Emory University in 1996.
Footnote 42 of a 2006 BC Law Review article states:
For example, Emory University researcher Dr. Ray Schinazi, co-inventor of the
blockbuster drug Emtriva, claims to have gotten the idea for the new compound from
hearing a presentation by Canadian researcher Bernard Belleau at an AIDS research con-
ference in Montreal.
The antecedent text for footnote 42 was:
Prompt dissemination of research hypotheses, results, and meth-
odologies through scientiªc presentations and publication has pro-
vided the foundation for advances and discoveries in numerous sci-
entiªc ªelds that have beneªted humanity.42
UPDATE. 20 June 09. from biospace -->
SOUTH SAN FRANCISCO, CA--(Marketwire - February 12, 2009) - Alios BioPharma, Inc. announced today that it has concluded the first closing of its Series A preferred stock financing with a commitment from new investors of $24 million. The first tranche of $8.4 million has been completed, led by Novo Ventures and Novartis Ventures with participation from the Roche Venture Fund. Jack B. Nielsen, Novo Ventures, will serve as its Chairman of the Board. Also joining current members Raymond F. Schinazi, Ph.D., D.Sc. and Lawrence M. Blatt, Ph.D. on the Alios Board of Directors is Campbell Murray, M.D., Novartis Ventures and Carole Nuechterlein, Roche Venture Fund. will sit as an observer.
"We look forward to working closely with our new investors and members of the Board of Directors to build our company and successfully develop our pipeline," said Lawrence M. Blatt, Ph.D., Founder and Chief Executive Officer of Alios. "Several viral diseases remain difficult to treat and represent areas of significant unmet medical need. We view the Alios product candidates as a complementary approach to existing antiviral therapies where the complexity of these diseases requires treatment with multiple agents with differing mechanisms of actions."
posted by Lawrence B. Ebert at 12:24 PM
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