Terms of Service


Pathology Associates is a boutique investment advisory firm focused on the valuation of bioscience products, programs, and technologies, in China and Japan. We only provide services to government agencies and regulated institutional investors.

The raison d’être of Pathology Associates as a bioscience valuation practice is to combine clinical and scientific skills with quantitative and analytic skills for fair value assessment of life-science technologies, development programs and companies.

Your Acceptance of this Agreement

These terms of service constitute the agreement (“Agreement”) between you and Pathology Associates Co. Ltd. (“Pathology Associates”) and governs your use of the Site pathologyassociates.co.jp (“Site”) and its content (“Content”). Each time you use the Site you signify your acceptance of this Agreement and the acceptance of any person you purport to represent. If you do not agree to be bound by this Agreement, do not access or use the Site or the Content.

Any new features or tools which are added to the Site shall also be subject to the Terms of Service. You can review the most current version of the Terms of Service at any time on this page. We reserve the right to update, change or replace any part of these Terms of Service by posting updates and/or changes to our Site. It is your responsibility to check this page periodically for changes. Your continued use of or access to the Site following the posting of any changes constitutes acceptance of those changes.

Information on the Website

Information contained on this Site is believed to be accurate and reliable when placed on this Site, however, we cannot guarantee that it is accurate or complete or current at all times. The information provided is subject to change without notice and Pathology Associates cannot be held liable for any loss arising from any use of or reliance on the information contained on this Site.


You certify that your employer is a Qualified Institutional Investor or Professional Investor in the country/jurisdiction where any product from Pathology Associates will be accessed.

You certify that access, if granted, will be for a single user only, limited to the individual listed on order summary and utilised exclusively in the service of the firm listed on the order summary.


If you wish to purchase and product or service, made available through the Solutions (“Purchase”), you may be asked to supply certain information relevant to your Purchase, including, without limitation, your credit card number, the expiration date of your credit card your billing address and your shipping information.

You represent and warrant that (i) you have the legal right to use any credit card(s) or other payment method(s) in connection with any Purchase; and that (ii) the information you supply to us is true, correct, and complete.

The service may employ the use of third-party services for the purpose of facilitating payment and the completion of subscription process. By submitting your information, you grant us the right to provide the information to these third parties subject to our Privacy Policy.

This agreement shall commence on payment date (“Date of Commencement”), subject to realization of funds, transferred through one of the methods listed on our Site, and remain valid for the period of One (1) month therefrom. On expiry, the Agreement shall be deemed to be renewed ipso facto for another one (1) month unless Pathology Associates receives written (through mail) subscription cancellation / termination request from Client.


The services under this agreement shall be restricted to the ones listed under the plan / package (“Basic” / “Premium”) that the Client choose to subscribe to on our Site.

Investment advice to the regulated investor is on non-exclusive basis for an agreed fee and entirely at Client’s risk.

Client has sole discretion to decide on whether to act upon the advice tendered by Pathology Associates through its publications and that Pathology Associates shall have no power, authority, responsibility, or obligation to ensure or cause the client to act upon the advice tendered by Pathology Associates pursuant to this agreement.

Potential time allocation to “Bespoke Analytic Services” (under the “Premium” plan) is solely at the discretion of the covering analyst at Pathology Associates.

Similarly, for the “Corporate Access Services”, while Pathology Associates will make sure that scheduling is done on “best effort” basis, however, it cannot guarantee managements agreement to meet the regulated investor. Meeting will be scheduled with consensus of both the parties.

Fees and Payment Conditions

In consideration for the Service(s), the client shall pay in advance to Pathology Associates the fees as prescribed by us, pursuant to the payment conditions as designated by Pathology Associates.

Pathology Associates will invoice Client for all Fees and Expenses due under any Order Form. Client will pay Pathology Associates the Fees and Expenses in advance. Fees for all the services/Products are non-refundable.

Pathology Associates will undertake primary source verification of the submitted information for regulatory compliance reasons and reserves rights to disable access if, based on the submitted information, it is concluded that the criteria to be qualified as a Qualified Institutional Investor / Professional Investor is not fulfilled. However, the subscription charges paid are strictly non-refundable under any circumstances.

Unless otherwise agreed in the Order Form, Pathology Associates reserves the right to modify the fees after the initial 1-month subscription period. Pathology Associates guarantees that under no circumstances will a price change after the currently active one-month subscription period i.e., any price change will become effective from the following month.

Modification of Order

Client shall at their discretion have right to upgrade or downgrade the package which they are currently subscribed to, without any prior notification to Pathology Associates.

In consideration of the use of the upgraded service package (“Premium Plan”), the Client shall pay to Pathology Associates the difference amount if any as prescribed by Pathology Associates, adjusted on the pro-rata basis for the remaining duration of the tenure of services.

Pathology Associates will not refund any fees where client choose to downgrade the service package before the end of the tenure of services. Subsequent auto-renewal at the end of the tenure will be on the modified service package.


When you create an account with us, you guarantee that you are above the age of 18, and that the information you provide us is accurate, complete, and current at all times. Inaccurate, incomplete, or obsolete information may result in the immediate termination of your account on the Service.

You are responsible for maintaining the confidentiality of your account and password, including, but not limited, to the restriction of access to your computer and/or account. You agree to accept responsibility for any and all activities or actions that occur under your account and/or password, whether your password is with our Service or a third-party service. You must notify us immediately upon becoming aware of any breach of security or unauthorized use of your account.

You may not use as a username the name of another person or entity or one that is not lawfully available for use, or a name or trademark that is subject to any rights of another person or entity other than you, without appropriate authorization. You may not use as a username any name that is offensive, vulgar or obscene.

We reserve the right to refuse service, terminate accounts, remove or edit content, or cancel orders in our sole discretion.

Ownership of Intellectual Property

Pathology Associates or its third-party providers own all Pathology Associates Property, and Client owns its proprietary information. Investor may provide suggestions/feedback which Pathology Associates may use without any obligation to Investor so long as such suggestions/feedback do not include Client’s Information.

Neither Party will remove any copyright, trademark, or other proprietary notices of the other Party or any third party on any materials received from the other Party and each Party will reproduce all such notices on all copies of such materials”.

Confidential Information

Where either party (“Discloser”) provides the other (“Recipient”) with Confidential Information, it shall be held in strict confidence and shall not be disclosed or used for any purpose other than as specifically authorized/provided in the Agreement without the prior written consent of the other.

Confidential Information shall not include information: (i) which is or becomes public knowledge other than by a breach of this clause, (ii) that is required to be disclosed by any applicable law or by any recognized stock exchange, (iii) that is obtained from a third party without breach of an obligation of confidentiality and (iv)information which can be shown to have been independently developed by the parties by means other than through its access to the Confidential Information. Upon any expiration or termination of this Agreement or Order Form, Recipient promptly will return to Discloser or destroy all Discloser Confidential Information that it has in its possession or control related to the Agreement or Order Form as applicable.


Investor will indemnify, defend, and hold harmless Pathology Associates for any damages (and related attorney’s fees) awarded by a court in favor of any third party alleging that Client Information used by Pathology Associates in accordance with the terms and conditions of the Agreement infringes or misappropriates any third party intellectual property rights including any patent, copyright, trademark, or trade secret.

If client is held or is reasonably believed by Pathology Associates to infringe, Pathology Associates will cease using such Information and will not be liable to Client for any breach or failure to perform under the Agreement for which the Client Information was provided.


The term of service license will be set forth in the applicable Order Form, and – except as it relates to One-Time Licenses – will automatically renew for additional one-month term unless terminated as provided in next sub-section of this Agreement. The term of this Agreement shall continue for the term of the Order Form.

The services will be terminated, without recourse or refund of any payments made, should the user be found to be in violation of certifications mentioned above.

Any termination does not relieve the Client of any liability incurred prior to such termination, or for Client’s payment for unaffected Products. Upon the termination of this Agreement, or any Order Form; all Fees and Expenses owed by Client through the date of termination automatically and immediately become due and payable.

Upon any expiration or other termination of an Order Form, all licenses granted under same immediately will terminate. All terms and conditions of the Agreement will continue to apply to any Order Forms that have not been so terminated.

You acknowledge and agree that Pathology Associates may restrict, suspend or terminate your access to, and use of, all or any part of this Site, including any links to third party websites, at any time, with or without cause, including, without limitation, any breach of the terms of this Agreement, in Pathology Associates’ absolute discretion and without prior notice or liability.

Upon any expiration or termination of this Agreement or Oder Form, subscriber / recipient will promptly delete / destroy all information received at anytime and under any conditions from Pathology Associates that it has in its possession or control. All information / material from Pathology Associates is for exclusive use of fully paid subscriber in good standing.

Use of material information analysis / opinion from Pathology Associates is strictly limited to the individual listed in the order form. Storage / archiving / sharing or use post expiration of the applicable subscription is prohibited.

Limitation of Liability

The Parties hereby agree that the risks and losses incurred by the investor in pursuance of financial advice rendered by Pathology Associates shall be borne solely and exclusively by the investor and/or any legal representative of the Investor.

The investor agrees that any risk undertaken and/or loss incurred by acting upon advice rendered by Pathology Associate to a third party shall be the responsibility and/or the liability of the investor and/or any legal representative thereof. Pathology Associates shall not be liable for any loss incurred by the investor during or after the term of this Agreement.

The aggregate liability of Pathology Associates in respect of any claims, losses, costs or damages arising out of its inability to continue to provide investment advisory services to the regulated investor shall not exceed the subscription fees paid by the regulated investor less: pro-rated amount for the period during which the regulated investor availed services.