UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 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) July 25, 2018
REPRO MED SYSTEMS, INC.
(Exact name of registrant as specified in its charter)
New York | 0-12305 | 13-3044880 |
(State or other jurisdiction | (Commission | (IRS Employer |
24 Carpenter Road, Chester, New York | 10918 |
(Address of principal executive offices) | (Zip Code) |
Registrant’s telephone number, including area code (845) 469-2042
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):
[ ] 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))
Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company [_]
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [_]
ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION.
On July 26, 2018, Repro Med Systems, Inc. dba RMS Medical Products (“RMS”) issued a press release that discussed certain financial results for the three-month period ended June 30, 2018.
The press release dated July 26, 2018 announcing the events described in this Item 2.02 is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
ITEM 5.02 DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS.
Replacement of President and Chief Executive Officer and Chairman of the Board
On July 25, 2018, the Board of Directors of RMS replaced Andrew I. Sealfon, President, Chief Executive Officer and Chairman of the Board, effective immediately. Consequently, Mr. Sealfon’s employment was terminated. Mr. Sealfon remains a director.
Also on July 25, 2018, Daniel S. Goldberger was appointed as President and Chief Executive Officer on an interim basis and as Chairman of the Board, and replaced as the Lead Director.
Mr. Goldberger, 59, was appointed to the RMS Board of Directors in April 2018. Mr. Goldberger has over 35 years of experience within the biotech, medical technology, and high tech industries. His areas of expertise include mergers and acquisitions, capital formation, intellectual property, product development, supply chain, business analytics, and turnarounds. Since January 2018, Mr. Goldberger has been the Chief Executive Officer of Synergy Disc Replacement Inc., a private company commercializing a proprietary total disc implant for cervical spine therapy. Prior to this, Mr. Goldberger served as Chief Executive Officer of Milestone Medical, Inc. until October 2017. Prior to this he served as the Chief Executive Officer of Xtant Medical Holdings, Inc. from August 2013 to January 2017. He served as the Chief Executive Officer of Sound Surgical Technologies LLC from April 2007 to February 2013. Mr. Goldberger served on the boards of Xtant Medical Holdings, Inc., Sound Surgical, Xcorporeal and Glucon. He currently serves as an advisor to investment funds Meridian Capital and Wellfleet Capital. Mr. Goldberger earned his B.S. in Mechanical Engineering from M.I.T, his M.S. in Mechanical Engineering from Stanford University and attended the Stanford Directors College.
The press release dated July 26, 2018 announcing the events described in this Item 5.02 is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
ITEM 8.01 OTHER EVENTS.
Appointment of Lead Director
On July 25, 2018, the Board of Directors of RMS appointed Joseph M. Manko, Jr., a current RMS director, as Lead Director.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.
(d) Exhibits.
Exhibit No. | Description |
99.1 | Press release dated July 26, 2018 |
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.
| REPRO MED SYSTEMS, INC. | |
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Date: July 26, 2018 | By: | /s/ Daniel S. Goldberger |
| Daniel S. Goldberger |
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Exhibit 99.1
RMS Medical Pre-Announces Strong Quarterly Sales Growth and Change in Leadership
• | Quarterly Net Sales increased 17.6% over the comparable period. |
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• | Fifth consecutive quarter of Net Sales growth. |
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• | Announced appointment of Dan Goldberger as Chairman and interim Chief Executive Officer, replacing Andrew Sealfon. |
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• | Company to announce financial results for the quarter ended June 30, 2018 August 6th with accompanying conference call August 7th. |
CHESTER, N.Y., July 26, 2018 /PRNewswire/ -- Repro Med Systems, Inc. dba RMS Medical Products (OTCQX: REPR) today announced top line results for the second quarter ended June 30, 2018 and organizational changes.
Net Sales grew for the fifth consecutive quarter to $4.5 million, a 17.6% increase over $3.8 million reported during the second quarter of 2017. The increase in Net Sales was driven primarily by higher sales of needle sets.
In addition, RMS Medical’s Board of Directors has elected Daniel Goldberger, Board Member, to the position of Chairman and interim President and Chief Executive Officer.
“I look forward to building on the foundation that Andy has laid over thirty years and we appreciate his service,” said Dan Goldberger, RMS Medical’s interim Chairman, President and Chief Executive Officer. “The invention of the Freedom60 has improved the lives of thousands of chronically-ill patients around the globe, and RMS’ portfolio of products has enormous application potential. Andy’s long list of accomplishments has positioned RMS well for strong long-term growth of revenue and shareholder value.”
Mr. Goldberger joined the Board of Directors in April 2018 and is a member of the Governance and Nomination committee. He has held senior leadership and Board of Directors positions at high growth public and private medical technology companies including Xtant Medical Holdings, Sound Surgical Technologies LLC, Xcorporeal and Glucon.
“The prospects for the company are very bright, and we are excited to engage new leadership to embark on our next phase of significant growth,” stated Joseph Manko, member of the Board of Directors.
The company also announced that it will report financial results for the period ended June 30, 2018 after the close of the market on August 6, 2018. An accompanying conference call will be held on Tuesday, August 7, 2018, at 9:00 AM ET. Please refer to the information below for conference call dial-in information and webcast registration:
Conference date: August 7, 2018, 9:00 AM ET
Conference dial-in: 877-269-7756
International dial-in: 201-689-7817
Conference Call Name: RMS Medical Products (OTCQX: REPR) Second Quarter 2018 Results Call
Webcast Registration: Click Here
Following the live call, a replay will be available on the Company’s website, www.rmsmedicalproducts.com, under “Investor Relations.”
About RMS Medical Products
The Company develops, manufactures and commercializes medical products used for home infusions and suctioning. The FREEDOM Syringe Infusion System currently includes the FREEDOM60® and FreedomEdge® Syringe Infusion Drivers, RMS Precision Flow Rate Tubing™ and RMS HIgH-Flo Subcutaneous Safety Needle Sets™. These devices are used for infusions administered in professional healthcare settings as well as at home. The Company’s RES-Q-VAC® line of medical suctioning products is used by emergency medical service providers in addition to a variety of other healthcare providers. For more information about RMS Medical Products, please visit www.rmsmedicalproducts.com.
The results of operations for the periods presented herein are not necessarily indicative of the results to be expected in the future.
Contact:
For investor inquiries:
CG Capital
for RMS Medical Products
877-889-1972
investorrelations@cg.capital