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): March 20, 2008
VioQuest
Pharmaceuticals, Inc.
(Exact
name of registrant as specified in its charter)
Delaware
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000-16686
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58-1486040
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(State
or other jurisdiction of incorporation)
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(Commission
File Number)
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(IRS
Employer Identification No.
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180
Mt. Airy Road
Basking
Ridge, NJ 07920
(Address
of principal executive offices)
(908)766-4400
(Registrant's
telephone number, including area code)
(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:
o |
Written
communications pursuant to Rule 425 under the Securities Act (17
CFR
230.425)
|
o |
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
|
o |
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17
CFR
240.14d-2(b))
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o |
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17
CFR
240.13e-4(c))
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Item
5.02 Departure
of Directors or Principal Officers; Election of Directors; Appointment of
Principal Officers.
As
part
of the Company’s ongoing cost savings initiatives, the Company has recently
reduced its headcount to four employees. In connection with the reduction
in
headcount, on March 20, 2008, the Company and Dr. Edward Bradley, the Company’s
Chief Scientific and Medical Officer, entered into an agreement which provides
for a reduction of Dr. Bradley’s annualized base salary of $330,000 to $165,000.
In addition, the agreement provides for a reduction in the number of hours
of
service Dr. Bradley is required to provide to the Company. All other benefits
and compensation offered to Dr. Bradley pursuant to his employment offer
letter
with the Company dated January 31, 2007, including bonus eligibility, stock
options awards and vesting, medical benefits and severance, will remain in
effect.
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.
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VioQuest
Pharmaceuticals, Inc.
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Date:
March 26, 2008
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By: |
/s/ Brian
Lenz |
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Brian
Lenz |
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Chief
Financial Officer
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