-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, U1t787wrx6rx674xedxPpZJT4AQa2mWKYIcMZbG8T7pR2hkcwYBRP8BWWx5d7xJo gZXL316fUds/xgrkOn1M4w== 0000950134-06-012015.txt : 20060622 0000950134-06-012015.hdr.sgml : 20060622 20060622165015 ACCESSION NUMBER: 0000950134-06-012015 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20060621 ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20060622 DATE AS OF CHANGE: 20060622 FILER: COMPANY DATA: COMPANY CONFORMED NAME: LECTEC CORP /MN/ CENTRAL INDEX KEY: 0000805928 STANDARD INDUSTRIAL CLASSIFICATION: ELECTROMEDICAL & ELECTROTHERAPEUTIC APPARATUS [3845] IRS NUMBER: 431301878 STATE OF INCORPORATION: MN FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-16159 FILM NUMBER: 06920214 BUSINESS ADDRESS: STREET 1: 10701 RED CIRCLE DR CITY: MINNETONKA STATE: MN ZIP: 55343 BUSINESS PHONE: 6129332291 MAIL ADDRESS: STREET 1: 10701 RED CIRCLE DRIVE STREET 2: 10701 RED CIRCLE DRIVE CITY: MINNETONKA STATE: MN ZIP: 55343 8-K 1 c06221e8vk.txt FORM 8-K ================================================================================ 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): JUNE 21, 2006 LECTEC CORPORATION (Exact name of registrant as specified in its charter) Commission File Number: 0-16159 ------------------------------------- MINNESOTA 41-1301878 (State or other jurisdiction of (IRS Employer Identification No.) incorporation) 5610 LINCOLN DRIVE, EDINA, MINNESOTA 55436 (Address of principal executive offices, including zip code) (952) 933-2291 (Registrant's telephone number, including area code) 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: [ ] 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 8.01 OTHER EVENTS. On June 21, 2006, LecTec Corporation ("LecTec") issued a press release noting that Novartis Consumer Health, Inc. ("Novartis") had issued a recall of all of its Triaminic(R) Vapor Patch product in the United States. Royalties received by LecTec from Novartis based on sales of this patch represented substantially all of LecTec's revenues in fiscal year 2005 and the first quarter of 2006. As a result of this development, unless and until Novartis reintroduces this patch product or LecTec develops another source of revenue, LecTec will have no source of revenue. A copy of the press release is attached as Exhibit 99.1 to this report and is incorporated herein by reference. ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS. (d) Exhibits. The following exhibit is being filed with this Form 8-K: 99.1 Press release issued by LecTec Corporation on June 21, 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. LECTEC CORPORATION By: /s/ Alan C. Hymes, M.D. ----------------------------- Alan C. Hymes, M.D. Chief Executive Officer Date: June 22, 2006 EXHIBIT INDEX EXHIBIT NUMBER DESCRIPTION - ---------- ----------------------------------------------------------------- 99.1 Press release issued by LecTec Corporation on June 21, 2006. EX-99.1 2 c06221exv99w1.txt PRESS RELEASE EXHIBIT 99.1 [LECTEC CORPORATION LOGO] Contact William Johnson, Controller Phone: (952) 933-2291 ext. 24 Email: bjohnson@lectec.com LECTEC CORPORATION REACTS TO NOVARTIS CONSUMER HEALTH RECALL OF VAPOR PATCHES JUNE 21, 2006 -- EDINA, MN -- LECTEC CORPORATION (OTCBB: LECT) LecTec Corporation reported today that Novartis Consumer Health has announced a nationwide voluntary recall of its Triaminic(R) Vapor Patch product in the United States. According to Novartis' press release the recall was "due to the serious adverse health effects that could result if the product is ingested by the child removing the patch and chewing on it." At the same time that Novartis announced this voluntary recall the U. S. Food and Drug Administration issued a release warning consumers "not to use the Triaminic Vapor Patch .... due to reports of serious adverse events associated with accidental ingestion by children." In January 2004, LecTec entered into a Supply and License Agreement with Novartis Consumer Health under which LecTec licensed certain of its patents to Novartis for the production of vapor patches. The royalties received by LecTec under this agreement represented substantially all of the Company's revenues in fiscal 2005 and the first quarter of fiscal 2006. In response to a question from LecTec, a representative of Novartis indicated that no decision had yet been made whether to reintroduce the product in certain markets, although the vapor patches would not be reintroduced for use with young children. According to news reports the recall was triggered by an adverse event experienced by a child who suffered a seizure after chewing on a Triaminic Vapor Patch. Novartis has confirmed for LecTec that the patch involved in this incident was not manufactured by LecTec. LecTec noted that, although all of its revenues in recent periods are attributable to the Novartis agreement, LecTec still owns a number of patents relating to patch technology from which it could derive royalty income if suitable licensees are identified. The Board of Directors and management of LecTec are currently assessing the Company's position and strategy in light of this new development. ABOUT LECTEC CORPORATION LecTec Corporation is primarily an intellectual property licensing and holding company. The Company's primary focus is to obtain royalty income through licensing agreements related to patents that the Company owns based on its advanced skin interface technologies. The Company was an innovator in hydrogel-based topical delivery of therapeutic over-the-counter medications, which provide alternatives to topical creams and ointments. A hydrogel is a gel-like material having an affinity for water and similar compounds. These gels are ideal for delivering medication onto the skin. The Company holds multiple domestic and international patents on its hydrogel technology. This press release contains forward-looking statements that may include statements regarding intent, belief or current expectations of the company and its management. These forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties that may cause the company's actual results to differ materially from the results discussed in these statements. Factors that might cause such differences are detailed from time to time in the company's filings with the Securities and Exchange Commission, and particularly in Exhibit 99.01 to our Form 10-KSB for the year ended December 31, 2005. -----END PRIVACY-ENHANCED MESSAGE-----