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): April 10, 2013
Biota Pharmaceuticals, Inc.
(Exact name of registrant as specified in its charter)
Delaware | 001-35285 | 59-1212264 |
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
2500 Northwinds Parkway, Suite 100 Alpharetta, GA | 30009 |
(Address of principal executive offices) | (Zip Code) |
Registrant’s telephone number, including area code: (678) 762-3240
12270 Wilkins Avenue
Rockville, Maryland 20852
(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):
☐ 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 2.05 Costs Associated with Exit or Disposal Activities
On April 10, 2013, the Board of Directors of Biota Pharmaceuticals, Inc. (the “Company”) adopted a revised corporate strategy following the completion of management’s strategic and operational review of the organization and its various development programs. The implementation of this strategy will result in a reduction in its workforce.
The reduction in the Company’s workforce constitutes a plan of termination described under FASB ASC paragraph 420, Exit or Disposal Cost Obligations (formerly paragraph 8 of FASB Statement of Financial Accounting Standards No. 146, Accounting for Costs Associated with Exit or Disposal Activities). As a result, the Company anticipates recording a charge of approximately $2.0 million in the fourth quarter of its 2013 fiscal year related to the cost of one-time termination benefits.
A copy of the Company’s press release, dated April 15, 2013, announcing the revised corporate strategy is attached to this Current Report on Form 8-K as Exhibit 99.1 and is incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
99.1 | Press release dated April 15, 2013. |
| | |
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.
| | Biota Pharmaceuticals, Inc. |
| | |
Date: April 15, 2013 | /s/ Russell H Plumb |
| | Name: | Russell H Plumb |
| | Title: | Chief Executive Officer and President |
| | | (Duly Authorized Officer) |
EXHIBIT INDEX
Exhibit Number | | Description |
99.1 | | Press release dated April 15, 2013. |
