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BZNE > SEC Filings for BZNE > Form 8-K on 24-Oct-2013All Recent SEC Filings




Entry into a Material Definitive Agreement

Item 1.01. Entry into a Material Definitive Agreement

Effective October 18, 2013, BioZone Pharmaceuticals, Inc. ("BioZone"), BioZone Laboratories, Inc. ("BioZone Labs"), Daniel Fisher ("Fisher") and Aphena Pharma Solutions ("Aphena") entered into a Settlement Agreement (the "Settlement Agreement").

Pursuant to the Settlement Agreement, Aphena agreed to dismiss all of its claims against BioZone, BioZone Labs and Fisher contained in the action, entitled Aphena Pharma Solutions - Maryland, LLC v. BioZone Laboratories, Inc. filed in the United States District Court for the Northern District of California No. C12-06292 (the "Lawsuit").

In consideration for dismissal of the Lawsuit, Aphena will be paid the sum of $400,000 within 30 days by BioZone's insurer, Evanston Insurance Company. In addition, BioZone and BioZone Labs issued to Aphena a Promissory Note in the amount of $500,000 to be paid by February 28, 2014 and BioZone issued to Aphena five-year warrants to purchase up to 200,000 shares of BioZone common stock at $0.50 per share.

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