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): October 24, 2014
PURE BIOSCIENCE, INC.
(Exact name of registrant as specified in its charter)
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Delaware |
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001-14468 |
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33-0530289 |
(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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1725 Gillespie Way
El Cajon, California |
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92020 |
(Address of principal executive offices) |
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(Zip Code) |
Registrants telephone number, including area code: (619) 596-8600
Not applicable
(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 (see General Instruction A.2. below):
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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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.
On October 27, 2014, Pure Bioscience, Inc. (the Company) issued a news
release in which the Company announced that its Board of Directors (the Board) had appointed Tom Y. Lee, CPA, as a new director of the Company, effective as of October 24, 2014. Mr. Lee was also appointed as a member of the
Companys Audit Committee. Mr. Lee will stand for election by the Companys stockholders at the 2015 Annual Meeting of Stockholders, which is scheduled to be held in January 2015. A copy of the news release is furnished as Exhibit
99.1 to this report.
Mr. Lee is currently the Chairman and CEO of Swabplus, Inc., a contract manufacturer of single-dose applicator and formulation
OEM products, and has served as Chairman and CEO since 2008. Mr. Lee is a former board member and audit committee chairman at First Continental Bank (which merged with United Commercial Bank in 2003). Mr. Lee has been an active CPA since
1983 and earned his Master of Science in accounting from California State University Long Beach and his Bachelors in Business Administration from TamKang University in Taipei, Taiwan.
In electing Mr. Lee as a director, the Board considered Mr. Lees experience in manufacturing and selling applicator and formulation OEM
products, his experience with manufacturing and distributing products in Asia and his accounting background and expertise as a CPA. The Board also considered Mr. Lees commitment to the Company and its technology platform based his
investments in the Companys stock.
Under the Companys non-employee director compensation program, Mr. Lee will receive an annual cash
retainer of $60,000, plus an additional annual cash retainer of $4,000 for his service on the Audit Committee. On October 24, 2014, in accordance with the Companys non-employee director compensation program, the Board granted Mr. Lee
restricted stock units for 200,000 shares of the Companys Common Stock (RSUs). The agreement for the RSUs is the same as the RSU agreement form entered into with other non-employee Company directors, and is incorporated by
reference hereto as Exhibit 10.1. The RSUs vest as follows: fifty percent (50%) of the shares of Common Stock vest on the earlier of (i) the date of the Companys Annual Meeting of Stockholders in 2016 or January 15, 2016 and
(ii) the remaining fifty percent (50%) of the shares of Common Stock vest on the earlier of the date of the annual meeting in 2017 or January 15, 2017.
The Company also entered into an Indemnification Agreement with Mr. Lee. The Indemnification Agreement provides for indemnification of, and advancement
of litigation and other expenses to, Mr. Lee to the fullest extent permitted by law for claims relating to his service to the Company or its subsidiaries, subject to the terms and conditions contained in the form of Indemnification Agreement
incorporated by reference hereto as Exhibit 10.2. The Indemnification Agreement is identical in all material respects to the indemnification agreements entered into with other Company directors.
There were no arrangements or understandings by which Mr. Lee was named a director.
Since August 1, 2013, Mr. Lee and the Company have entered into the following equity investment transactions:
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On October 1, 2013, Mr. Lee and his spouse purchased an aggregate of 246,429 shares of Common Stock for $172,500. |
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On October 1, 2013, Mr. Lee exercised an outstanding warrant for 250,000 shares of Common Stock for an aggregate exercise price of $162,500. |
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On December 10, 2013, Mr. Lee and his spouse purchased an aggregate of 800,000 shares of Common Stock for $800,000. In connection with his participation in the August 2014 Financing (as defined below),
Mr. Lee and his spouse received warrants to purchase up to an aggregate of 266,666 shares of Common Stock at an exercise price of $0.01 per share related to the shares they acquired in the December 10, 2013 financing. The Company issued
the warrant to lower the cost average price Mr. Lee and his spouse paid for their shares in the December 10, 2013 financing to $0.75 per share. |
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On March 3, 2014, Mr. Lee and his spouse purchased an aggregate of 100,000 shares of Common Stock for $100,000. In connection with his participation in the August 2014 Financing, Mr. Lee and his spouse
received warrants to purchase up to an aggregate of 33,333 shares of Common Stock at an exercise price of $0.01 per share. The Company issued the warrants to lower the cost average price Mr. Lee and his spouse paid for their shares in the
March 3, 2014 financing to $0.75 per share. |
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On August 23, 2014, the Company completed the first closing of a private placement in which it issued Units at a purchase price of $0.75 per Unit, with each Unit consisting of one share of common stock and a
warrant to purchase 0.4 of a share of common stock with an exercise price of $0.75 per share (the August 2014 Financing). On August 29, 2014, Mr. Lee and his spouse invested an aggregate of $600,000 in the second closing of the
August 2014 Financing, acquiring an aggregate of 800,000 shares of Common Stock and warrants to purchase up to 320,000 shares of Common Stock at an exercise price of $0.75 per share. |
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
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10.1 |
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Form of RSU Agreement between Pure Bioscience, Inc. and Non-employee directors (incorporated by reference to Exhibit 10.36 to the Annual Report on Form 10-K filed with the SEC on October 24, 2013). |
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10.2 |
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Form of Officer and Director Indemnification Agreement (incorporated by reference to Exhibit 10.2 of the Annual Report on Form 10-K filed with the SEC on October 24, 2013). |
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99.1 |
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Press Release, dated October 27, 2014. |
SIGNATURES
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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PURE BIOSCIENCE, INC. |
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Dated: October 27, 2014 |
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By: |
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/s/ Henry R. Lambert |
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Henry R. Lambert |
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Chief Executive Officer |
EXHIBIT INDEX
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Exhibit Number |
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Description |
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10.1 |
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Form of RSU Agreement between Pure Bioscience, Inc. and Non-employee directors (incorporated by reference to Exhibit 10.36 to the Annual Report on Form 10-K filed with the SEC on October 24, 2013). |
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10.2 |
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Form of Officer and Director Indemnification Agreement (incorporated by reference to Exhibit 10.2 of the Annual Report on Form 10-K filed with the SEC on October 24, 2013). |
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99.1 |
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Press Release, dated October 27, 2014. |
Exhibit 99.1
PURE Bioscience Names Tom Y. Lee, CPA, as Sixth Member of its Board of Directors
Lee To Advance Business Interests For SDC in Taiwan and China
SAN DIEGO, CA (October 27, 2014) PURE Bioscience, Inc. (OTCQB: PURE), creator of the patented silver dihydrogen citrate (SDC)
antimicrobial, today announced the appointment of Tom Y. Lee, CPA, to its Board of Directors. Lee will also serve on the Companys Audit Committee.
Lee, who is Chairman and CEO of Swabplus, Inc., has been a significant, active investor in PURE since 2005 and directly holds approximately 7% of PUREs
shares outstanding. Lee is a former board member and audit committee chairman at First Continental Bank (which merged with United Commercial Bank in 2003). He has been a CPA since 1983 and received a Master of Science degree in accounting from
California State UniversityLong Beach.
I am a long-time believer in PUREs powerful SDC antimicrobial technology and look forward to
contributing on both a Board level and on a business level to the Companys growth and expansion, stated Lee. Both in the Peoples Republic of China and Taiwan, I will seek to obtain in-country product regulatory and market
approvals for PURE Hard Surface disinfectant and other SDC-based products for different market applications and assist in building the PURE brand and recognition of SDC as a non-toxic, broad spectrum antimicrobial agent.
David J. Pfanzelter, Chairman of PURE, added, Tom is a strong supporter of PURE and an experienced and successful businessman. We look forward to his
contributions to the Board in addition to his active development of business interests for SDC in the Asian markets.
The Company reported that the
Board of Directors now consists of six members and is authorized to expand to seven members.
-Continued-
About PURE Bioscience, Inc.
PURE Bioscience, Inc. is focused on developing and commercializing our proprietary antimicrobial products primarily in the food safety arena providing
solutions to the health and environmental challenges of pathogen and hygienic control. Our technology platform is based on patented stabilized ionic silver, and our initial products contain silver dihydrogen citrate, or SDC. SDC is a broad-spectrum,
non-toxic antimicrobial agent, which offers 24-hour residual protection and formulates well with other compounds. As a platform technology, SDC is distinguished from existing products in the marketplace because of its superior efficacy, reduced
toxicity and the inability of bacteria to form a resistance to it. PURE is headquartered in El Cajon, California (San Diego metropolitan area). Additional information on PURE is available at www.purebio.com.
Forward-looking Statements
Any statements contained
in this press release that do not describe historical facts may constitute forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements inherently involve risks and
uncertainties that could cause our actual results to differ materially from the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to: the Companys cash position and liquidity
requirement;, the Companys failure to implement or otherwise achieve the benefits of its proposed business initiatives and plans; acceptance of the Companys current and future products and services in the marketplace, including
acceptance of the Companys Hard Surface disinfectant by SUBWAY® franchisees; the ability of the Company to develop effective new products and receive regulatory approvals of such
products; competitive factors; dependence upon third-party vendors, and other risks detailed in the Companys periodic report filings with the Securities and Exchange Commission; including our quarterly report on Form 10-Q filed on
June 10, 2014. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. By making these forward-looking statements, the Company undertakes no obligation to update these
statements for revisions or changes after the date of this release.
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IR Contacts: |
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Tom Hemingway |
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Terri MacInnis, VP of IR |
Redwood Investment Group |
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Bibicoff + MacInnis, Inc. |
714-978-4425 |
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818-379-8500 |
tomh@redwoodfin.com |
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terri@bibimac.com |
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Company Contact: |
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Peter C. Wulff, CFO & COO |
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PURE Bioscience, Inc. |
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619-596-8600 ext.111
pwulff@purebio.com |
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