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): September 29, 2006
VioQuest
Pharmaceuticals, Inc.
(Exact
name of registrant as specified in its charter)
|
Delaware
|
000-16686
|
58-1486040
|
|
(State
or other jurisdiction of
incorporation)
|
(Commission
File Number)
|
(IRS
Employer
Identification
No.)
|
180
Mt. Airy Road, Suite 203
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))
o
Pre-commencement communications pursuant
to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item
1.01 Entry
into a Material Definitive Agreement
On
September 15, 2006, VioQuest Pharmaceuticals, Inc. (the “Company”) entered into
a Letter Agreement with Lawrence Akinsanmi, M.D., Ph.D., its newly-appointed
Vice President of Clinical Operations and Regulatory Affairs. The agreement
is
for an indefinite term beginning on October 1, 2006 (the “Effective Date”) and
provides for an initial base salary of $235,000 per year, plus an annual target
bonus of up to 20% of base salary based upon personal performance and an
additional amount of up to 10% of base salary based upon Company performance.
The
agreement also provides that Dr. Akinsanmi is entitled to receive options to
purchase 100,000 shares of the Company’s common stock. The options will vest in
three equal annual installment, commencing in October 2007 and will be
exercisable at a price per share equal to the greater of i) $0.65, or ii) 105%
of the closing bid price of the Company’s common stock on the Effective Date.
All terms of the options will be issued pursuant to the Company’s 2003 Stock
Option Plan (the “2003 Plan”) and will be exercisable by Dr. Akinsanmi as long
as he remains employed by the Company.
The
letter Agreement is attached hereto as Exhibit 10.1 and incorporated herein
by
reference.
Item
8.01 Other
Information.
On
September 29, 2006, the Company announced that it has engaged a financial
advisor to assist the Company in exploring various strategic alternatives
relating to the Company’s chiral chemistry business, which is conducted through
the Company’s wholly-owned subsidiary, Chiral Quest, Inc. Such alternatives may
include a sale of the Chiral Quest business. The
Company believes pursuing this course of action will allow its management to
focus the Company’s resources on its core business, which is the acquisition,
development and commercialization of pharmaceutical compounds to treat cancer
and other diseases and conditions.
The
Company’s press release dated October 3, 2006 is attached hereto as Exhibit 99.1
and incorporated herein by reference.
Item
9.01 Financial
Statements and Exhibits.
| |
10.1 |
Letter Agreement between the Company
and
Lawrence Akinsanmi effective October 1, 2006. |
| |
99.1 |
Press release dated September 29,
2006. |
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. |
|
|
|
| Date:
October 3, 2006 |
By: |
/s/ Brian
Lenz |
| |
Brian
Lenz |
| |
Chief
Financial Officer |
| |
10.1 |
Letter Agreement between the Company
and
Lawrence Akinsanmi effective October 1, 2006. |
| |
99.1 |
Press release dated September 29,
2006. |