BioSante 8K Jan 19, 2007
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
__________________
FORM
8-K
Current
Report
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of
1934
__________________
Date
of
Report (Date of earliest event reported):
January
12, 2007
BIOSANTE
PHARMACEUTICALS, INC.
(Exact
name of registrant as specified in its charter)
Delaware
|
001-31812
|
58-2301143
|
(State
or other jurisdiction of incorporation)
|
(Commission
File Number)
|
(I.R.S.
Employer Identification Number)
|
111
Barclay Boulevard
Lincolnshire,
Illinois
|
60069
|
(Address
of principal executive offices)
|
(Zip
Code)
|
(847)
478-0500
(Registrant’s
telephone number, including area code)
N/A
(Former
name or former address, if changed since last report)
Check
the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
£ |
Written
communications pursuant to Rule 425 under the Securities Act (17
CFR
230.425)
|
£ |
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
|
£ |
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17
CFR
240.14d-2(b))
|
£ |
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17
CFR
240.13e-4(c))
|
Item
5.02. Departure
of Directors or Certain Officers; Election of Directors; Appointment of Certain
Officers; Compensatory Arrangements of Certain Officers.
(e) On
January 12, 2007, the Compensation Committee of the Board of Directors of
BioSante Pharmaceuticals, Inc. approved the award of discretionary annual cash
bonuses for 2006 performance for BioSante’s executive officers. In approving the
bonuses, the Compensation Committee recognized, among other achievements in
2006, the following: the execution of the license agreement with Bradley
Pharmaceuticals, Inc., the U.S. Food and Drug Administration approval of
Elestrin™,
and the
initiation of a Phase III clinical trial of LibiGel®.
The
bonuses will be paid in two equal installments, with the first installment
to be
paid in January 2007 and the second installment to be paid on December 31,
2007
so long as the executive remains an employee of BioSante as of such date or
if
not employed as of such date was terminated by BioSante without cause. In
addition, the second installment payment would be made immediately upon any
change of control of BioSante, including a merger or acquisition of BioSante.
The following table sets forth the amount of bonus awarded to each of the
executive officers named below:
Name
of Executive Officer
|
Title
|
Bonus
|
Stephen
M. Simes
|
Vice
Chairman, President and Chief Executive Officer
|
$140,400
|
Phillip
B. Donenberg
|
Chief
Financial Officer, Treasurer and Secretary
|
$41,714
|
These
annual bonus awards were set forth in resolutions approved by the Compensation
Committee and are not otherwise set forth in any written agreements between
BioSante and the executive officers.
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant
has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
BIOSANTE
PHARMACEUTICALS, INC.
By:
/s/
Louis W. Sullivan, M.D.
Louis
W.
Sullivan, M.D.
Chairman
of the Board
Dated:
January
17, 2007