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BZNE > SEC Filings for BZNE > Form 8-K on 28-Oct-2013All Recent SEC Filings




Termination of a Material Definitive Agreement

Item 1.02. Termination of a Material Definitive Agreement

Effective October 22, 2013, BioZone Pharmaceuticals, Inc. ("BioZone"), BioZone Laboratories, Inc. ("BioZone Labs"), Matrixx Initiatives, Inc. ("Matrixx") and Zicam, LLC ("Zicam") entered into a Settlement Agreement and Mutual Release (the "Settlement Agreement") related to a voluntary recall initiated by Matrixx on December 18, 2012 of one lot of ZicamŽ Extreme Congestion Relief nasal gel that BioZone Labs manufactured on Matrixx' behalf (the "Product Recall").

In connection with the Product Recall, Matrixx sent BioZone Labs on January 3, 2013 a Notice of Default under the Supply Agreement dated May 8, 2009 by and between BioZone Labs and Zicam, LLC (the "Supply Agreement") to formally notify BioZone Labs that Matrixx is handling the Product Recall and will require BioZone Labs to reimburse Matrixx for all costs and expenses related to the Product Recall.

Pursuant to the Settlement Agreement, BioZone agreed to pay Zicam seven hundred thousand dollars ($700,000) within 10 days of the date of execution of the Settlement Agreement to settle all remaining amounts due to Zicam under the Supply Agreement and the parties agreed to terminate the Supply Agreement effective as of the date of the Settlement Agreement. In addition, Zicam agreed to release BioZone Labs' from the post-termination non-compete provision contained in the Supply Agreement. BioZone has now paid in full the required cash settlement payment.

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