8-K 1 c21689e8vk.htm CURRENT REPORT e8vk
 

 
 
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)
  November 13, 2007
 
   
CytoCore, Inc.
 
(Exact name of registrant as specified in charter)
         
Delaware   0-935   36-4296006
 
(State or other jurisdiction
of incorporation)
  (Commission
File Number)
  (IRS Employer
Identification No.)
     
414 North Orleans Street, Suite 502, Chicago, Illinois   60610
 
(Address of principal executive offices)   (Zip Code)
     
Registrant’s telephone number, including area code
  (312) 222-9550
 
   
N/A
 
(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 November 13, 2007, CytoCore, Inc. announced that it had entered into a Distribution Agreement with Palex Medical SA, a distributor of medical products and services to hospitals (“Palex”). Pursuant to the agreement, Palex will act as the exclusive distributor in Spain of CytoCore’s SoftPap™ cervical cell collection device designed to screen for cervical cancer.
     The agreement provides for certain annual minimum purchase requirements for the products, ranging from 600,000 units in the first 12-month period to 2.4 million units in the third 12-month period. Prices are established for the products for the first 12-month period and thereafter will be determined by mutual agreement of the parties. Procedures for the return of products and product recalls are as set forth in the agreement.
     The agreement also provides that the parties shall both work to promote the products, including advertising and marketing efforts. Palex must use its best efforts to create and maintain a market for, and increase the sales of, the products in Spain and provide at its own expense an organization for the continuous sale, promotion and distribution thereof, including its own sales force. CytoCore will provide initial product training and marketing materials, and may from time to time provide advertising, promotional and instructional materials that Palex must distribute at its own expense. The distributor is free to utilize advertising to promote the sale of the products in Spain so long as such advertising is approved in advance by the Company.
     The agreement’s initial term is five years, and automatically renews for an additional three-year period unless notice of termination is received by a party at least 12 months prior to the expiration of the initial term. CytoCore also has the right to terminate the agreement upon 60 days notice in the event Palex fails to attain the annual minimum purchase requirements or in the event the continued performance of the agreement becomes impractical due to the enactment or threatened enactment of any ordinance, statute, regulation law or similar provision. The agreement also provides for termination by either party in the event of a breach that remains uncured or by CytoCore under certain circumstances, including the sale or insolvency of the distributor or the participation of Palex in any illegal or prohibited re-export or sale activities.
     Under the agreement, Palex may not market, sell, promote or otherwise distribute any products that are comparable to or compete directly or indirectly with the Company’s products without CytoCore’s consent, and the distributor may not establish any branch, or maintain any distribution depot, outside of its territory for the sale of the products. Breach of any such non-competition obligation constitutes grounds for termination of the agreement. The distributor is also bound by confidentiality obligations.
     A copy of the press release announcing the agreement with Palex is attached hereto as Exhibit 99.1.
Item 9.01 Financial Statements and Exhibits.
     99.1      Press release dated November 13, 2007

 


 

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.
         
  CytoCore, Inc.
 
 
 
Dated: November 16, 2007  By:   /s/ Robert F. McCullough    
    Robert F. McCullough   
    Chief Executive Officer, Chief Financial Officer and Director