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 29, 2006
 

POLYMEDICA CORPORATION

(Exact Name of Registrant as Specified in Charter)

Massachusetts	0-19842	04-3033368
(State or Other Jurisdiction of Incorporation	(Commission File Number)	(IRS Employer Identification No.)

701 Edgewater Drive, Suite 360, Wakefield, Massachusetts	01880
(Address of Principal Executive Offices)	(Zip Code)

Registrant’s telephone number, including area code: (781) 486-8111

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):

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))

TABLE OF CONTENTS

	Item 1.01.      Entry into a Material Definitive Agreement
	Item 5.02.      Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers
	Item 9.01.     Financial Statements and Exhibits
SIGNATURE
EXHIBIT INDEX
Ex-99.1 Press release dated June 30, 2006

Item 1.01.      Entry into a Material Definitive Agreement

Effective June 29, 2006, the Registrant’s Board of Directors granted 690 shares of restricted common stock to Krishna G. Palepu as compensation for his service as a member of the Board of Directors for the upcoming year. Mr. Palepu’s restricted stock grant will vest in accordance with a vesting schedule whereby 100% of the restricted shares vest on June 28, 2007.

Item 5.02.      Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers

On June 29, 2006, the Registrant’s Board of Directors appointed Krishna G. Palepu as a member of its Board of Directors and as a member of the Nominating and Corporate Governance Committee of the Board of Directors. This appointment fills a vacancy on the Registrant’s Board of Directors resulting from its resolution on June 29, 2006 to increase the size of the Board of Directors to twelve.

On June 29, 2006, Daniel S. Bernstein, M.D. gave the Registrant notice of his intent to retire from the Board of Directors effective as of the Registrant’s annual shareholders meeting on September 19, 2006.

Item 9.01.     Financial Statements and Exhibits

The full text of the press release issued in connection with Mr. Palepu’s appointment and Mr. Bernstein’s retirement is attached as Exhibit 99.1 to this Current Report on Form 8-K.

Exhibit Number	Description
99.1	Press Release dated June 30, 2006

SIGNATURE

     Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	POLYMEDICA CORPORATION
Date: July 6, 2006	By:	/s/ Devin J. Anderson
		Devin J. Anderson
		General Counsel and Secretary

EXHIBIT INDEX

Exhibit Number	Description
99.1	Press Release dated June 30, 2006

EX-99.1

Exhibit 99.1
 

 

Investor Contact:
Keith W. Jones
Chief Financial Officer
(781) 486-8111
 

POLYMEDICA ELECTS KRISHNA G. PALEPU
TO BOARD OF DIRECTORS
 

Wakefield, Massachusetts (June 30, 2006) – PolyMedica Corporation (NASDAQ/NM: PLMD) announced today that Krishna G. Palepu has been elected to the Company’s Board of Directors. Professor Palepu will be replacing Daniel S. Bernstein, M.D., who will retire from the Company’s Board of Directors at the Company’s annual shareholders meeting on September 19, 2006. Dr. Bernstein has served as a director of PolyMedica since 1992.

Krishna G. Palepu is the Ross Graham Walker Professor of Business Administration and Senior Associate Dean, International Development, at the Harvard Business School. In addition to teaching in the School’s MBA program, Professor Palepu teaches in several programs for senior executives specifically focusing on strategy and governance. Professor Palepu is a coauthor of the book, Business Analysis and Valuation: Text and Cases, which won the American Accounting Association’s Wildman Award for its impact on management practice, as well as the Notable Contribution to the Accounting Literature Award for its impact on academic research. Professor Palepu is a member of the Board of Directors of Dr. Reddy’s Laboratories and Satyam Computer Services, two leading Indian companies listed on the New York Stock Exchange, as well as Brooks Automation, Inc., a NASDAQ-listed company.

In announcing Professor Palepu’s addition to PolyMedica’s Board, President and Chief Executive Officer Patrick Ryan said “We are indeed fortunate to have someone of Professor Palepu’s caliber join our Board. We look forward to the wide range of knowledge, including his experience gained through his involvement as a consultant to a wide variety of businesses on issues related to valuation, strategy and governance, that Professor Palepu brings to our Board.

“We are also very grateful for Dr. Bernstein’s contributions during his 14-year tenure on our Board. As a physician at Brigham Medical Associates, a lecturer at Harvard Medical School, and a Clinical Professor of Medicine Emeritus, Boston University School of Medicine, his depth of experience has been a tremendous asset, and the Board will indeed miss Dr. Bernstein’s many insights and contributions.”

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PLMD Names Krishna G. Palepu To Board of Directors
Page 2
June 30, 2006
 

About PolyMedica
PolyMedica Corporation is a leading provider of healthcare products and services to patients suffering from chronic diseases. With over 875,000 active patients, the Company is the nation’s largest provider of blood glucose testing supplies and related services to people with diabetes. In addition, PolyMedica provides its patients with prescription medications through its wholly owned subsidiary, Liberty Healthcare Group. By communicating with patients on a regular basis, providing the convenience of home delivery and submitting claims for payment directly to Medicare and other insurers on behalf of its patients, PolyMedica provides a simple and reliable way for patients to obtain their supplies and medications and encourages compliance with their physicians’ orders. More information about PolyMedica can be found on the Company’s website at www.polymedica.com.

This press release contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ materially from those anticipated. Such risks and uncertainties include, but are not limited to, rules and regulations promulgated under the Act, unanticipated changes in Medicare reimbursement, outcomes of government reviews, inquiries, investigations and related litigation, continued compliance with government regulations, fluctuations in customer demand, management of rapid growth, competition from other healthcare product vendors, timing and acceptance of new product introductions, general economic conditions, geopolitical events and regulatory changes, as well as other especially relevant risks detailed in the Company’s filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the period ended March 31, 2006, and Quarterly Reports on Form 10-Q for the periods ended December 31, September 30 and June 30, 2005. The information set forth herein should be read in light of such risks. The Company assumes no obligation to update the information contained in this press release.

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