UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 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) September 18, 2019
Universal Biosensors, Inc.
(Exact Name of Registrant as Specified in Its Charter)
Delaware | 000-52607 | 98-0424072 | ||
(State or Other Jurisdiction of Incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
1 Corporate Avenue Rowville, 3178, Victoria Australia |
Not Applicable | |
(Address of Principal Executive Offices) | (Zip Code) |
+61 3 9213 9000
(Registrants 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 (see General Instruction A.2. below):
☐ |
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)) |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☒
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 1.01. Entry into a Material Definitive Agreement.
As previously disclosed by Universal Biosensors, Inc. (the Company), on September 9, 2019, the Company, together with the Companys wholly-owned operating subsidiary, Universal Biosensors Pty Ltd (UBS) (the Company and UBS collectively referred to as UBI), and Siemens Healthcare Diagnostics Inc. (Siemens) (UBI and Siemens collectively referred to as the Parties), entered into executed binding term sheets modifying their commercial relationship relating to coagulation products (the Term Sheets) with respect to the following matters:
The Term Sheets restored the Parties commercial relationship and provide for cooperation between the Parties to retain and grow the incumbent user base on a non-exclusive basis. Siemens will support this with a minimum strip purchase guarantee over 42 months on favorable payment terms, and manufacturing assistance which will enable a reduction in manufacturing costs.
The Term Sheets further enable UBI to pursue partnership and distribution opportunities beyond Siemens, with access to global markets and market segments, including the hospital point-of-care segment which was previously exclusive to Siemens.
The Term Sheets also provide UBI with increased management over the pricing for analyzers and strips and provide UBI with ongoing access to Siemens proprietary reagent necessary for strip manufacturing (subject to conditions being fulfilled by Siemens), across certain global markets and market segments and now including patient self-test (with the exception of any product that comprises lipidated recombinant human tissue factor which is useful for automated prothrombin time based testing and is marketed or sold (i) in multi-test packages, or (ii) single test packages, and which is not a single test PT product).
The Term Sheets preserve value created from the Parties previous development spending for UBIs sole benefit while ceasing UBIs development spending obligations, providing UBI with complete control over all development activities.
Under the Term Sheets, the Parties are required to enter into definitive agreements reflecting the Term Sheets (the Definitive Agreements).
On September 18, 2019, UBI executed the Definitive Agreements with Siemens on substantially the same terms as the Term Sheet.
The foregoing is a summary of certain terms of the Term Sheets and the Definitive Agreements. This summary does not purport to be complete and is qualified in its entirety by reference to the full text of the Term Sheets and the Definitive Agreements, which will be filed as an exhibit to the Companys Quarterly Report on Form 10-Q for the quarter ending September 30, 2019. The Company intends to seek confidential treatment for certain portions of the Term Sheets and the Definitive Agreements pursuant to a confidential treatment request that it intends to submit to the Securities and Exchange Commission.
Item 7.01 Regulation FD Disclosure.
The Company filed a release with the Australian Securities Exchange (ASX Release) on September 23, 2019 announcing that UBI and Siemens executed the Definitive Agreements on September 18, 2019. A copy of the ASX Release is included as Exhibit 99.1 to this current report on Form 8-K. The information in the ASX Release attached hereto shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
Pursuant to General Instruction B.2 of Form 8-K, the following exhibits are furnished with this Form 8-K.
99.1 | Press Release of Universal Biosensors, Inc., dated September 23, 2019. |
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.
Universal Biosensors, Inc. | ||||||
Date: September 23, 2019 | ||||||
By: | /s/ Salesh Balak | |||||
Name: Salesh Balak | ||||||
Title: Principal Financial Officer |
Exhibit 99.1
Universal Biosensors, Inc. |
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ARBN 121 559 993
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1 Corporate Avenue Rowville Victoria 3178 | ||
Australia
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Telephone +61 3 9213 9000 | ||
Facsimile +61 3 9213 9099 | ||
Email info@universalbiosensors.com www.universalbiosensors.com |
23 September 2019
UBI and Siemens Execute Definitive Agreements
Universal Biosensors, Inc. (UBI) is pleased to advise that it has executed the Definitive Agreements with Siemens Healthcare Diagnostics Inc. (Siemens) on substantially the same terms as announced to the market on 9 September 2019.
Ends
Enquiries: | ||
Mr. Craig Coleman | Mr. Salesh Balak | |
0401 990 472 | +61 3 9213 9000 |
About Universal Biosensors
For additional information regarding Universal Biosensors, refer to: http://www.universalbiosensors.com. Universal Biosensors is a specialist medical diagnostics company, founded in 2001, that is focused on the development, manufacture and commercialisation of a range of in vitro diagnostic tests for point-of-care use. These tests capitalise on a technology platform which uses a novel electrochemical cell that can be adapted for multiple analytes and provide for enhanced measurements in whole blood.
Forward-Looking Statements
The statements contained in this release that are not purely historical are forward-looking statements within the meaning of the US Securities Exchange Act of 1934. Forward-looking statements in this release include statements regarding our expectations, beliefs, hopes, intentions or strategies. All forward-looking statements included in this release are based upon information available to us as of the date hereof, and we assume no obligation to update any such forward-looking statement as a result of new information, future events or otherwise. Our actual results could differ materially from our current expectations. We cannot assure you when, if at all, the proposals outlined in this release will occur, and the terms of any such proposal are subject to change. Factors that could cause or contribute to such differences include, but are not limited to, factors and risks disclosed from time to time in reports filed with the SEC.