(1) |
Title
of each class of securities to which transaction applies:
|
(2) |
Aggregate
number of securities to which transaction applies:
|
(3) |
Per
unit price or other underlying value of transaction computed pursuant
to
Exchange Rule 0-11 (Set forth the amount on which the filing fee
is
calculated and state how it was determined):
|
(4) |
Proposed
maximum aggregate value of transaction:
|
(5) |
Total
fee paid:
|
o |
Fee
paid previously with preliminary materials.
|
o |
Check
box if any part of the fee is offset as provided by Exchange Act
Rule
0-11(a)(2) and identify the filing for which the offsetting fee was
paid
previously. Identify the previous filing by registration statement
number,
or the Form or Schedule and the date of its filing.
|
(1) |
Amount
previously paid:
|
(2) |
Form,
Schedule or Registration Statement No.:
|
(3) |
Filing
Party:
|
(4) |
Date
Filed:
|
|
By
Order of the Board of Directors
|
|
|
|
|
|
|
/s/ Richard
Salvador
|
|
President
and Chief Executive Officer
|
Name
|
Age
|
Position
|
Served
as
Director
Since
|
|||
William
Garland
|
61
|
Chief
Operating Officer
|
-
|
|||
Martin
Murray
|
45
|
Chief
Financial Officer, Treasurer, Secretary, Director
|
1999
|
|||
Richard
Salvador, M.D.
|
73
|
President
and Chief Executive Officer, Director
|
1999
|
|||
Michael
Strage
|
48
|
Chairman
of the Board, Vice President Business Development,
Director
|
1999
|
A. |
Summary
Compensation Table
|
Name
and
Principal
Position
(a)
|
Year
(b)
|
Salary
($)
(c)
|
Bonus
($)
(d)
|
Stock
Awards
($)
(e)
|
Option
Awards
($)
(f)
|
Non-
Equity
Incentive
Plan
Compensation
($)
(g)
|
Non-
Qualified
Deferred
Compen-
sation
Earnings
($)
(h)
|
All
other
Compen-
sation
($)
(i)
|
Total
($)
(j)
|
|||||||||||||||||||
Richard
Salvador
Pres.
& CEO, Dir.
|
2006
|
0
|
0
|
0
|
29,644*
|
0
|
0
|
0
|
29,644
|
|||||||||||||||||||
2005
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
B.
|
Narrative
Disclosure to Summary Compensation
Table
|
C.
|
Outstanding
Equity Awards at Fiscal Year
End
|
Stock Awards
|
Option Awards
|
|||||||||||||||||||||||||||
Equity
|
Equity
|
|||||||||||||||||||||||||||
Incentive
|
Incentive
|
|||||||||||||||||||||||||||
Plan
|
Plan
|
|||||||||||||||||||||||||||
Equity
|
Awards:
|
Awards:
|
||||||||||||||||||||||||||
Incentive
|
Number
|
Market or
|
||||||||||||||||||||||||||
Plan
|
of
|
Payout
|
||||||||||||||||||||||||||
Awards
|
Number
|
Market
|
Unearned
|
Value of
|
||||||||||||||||||||||||
Number of
|
of Shares
|
Value of
|
Shares,
|
Unearned
|
||||||||||||||||||||||||
Number of
|
Number of
|
Securities
|
or Units
|
Shares
|
Units or
|
Shares
|
||||||||||||||||||||||
Securities
|
Securities
|
Underlying
|
of
|
or
|
Other
|
Units or
|
||||||||||||||||||||||
Underlying
|
Underlying
|
Unexer-
|
Stock
|
Units
|
Rights
|
Other
|
||||||||||||||||||||||
Unexercised
|
Unexercised
|
cised
|
Option
|
Option
|
That
|
That
|
That
|
Rights
|
||||||||||||||||||||
Options
|
Options
|
Unearned
|
Exercise
|
Expira-
|
Have Not
|
Have Not
|
Have Not
|
That Have
|
||||||||||||||||||||
(#)
|
(#)
|
Options
|
Price
|
tion
|
Vested
|
Vested
|
Vested
|
Not Vested
|
||||||||||||||||||||
Name
|
Exercisable
|
Unexercisable
|
(#)
|
($)
|
Date
|
(#)
|
($)
|
(#)
|
($)
|
|||||||||||||||||||
(a)
|
(b)
|
(c)
|
(d)
|
(e)
|
(f)
|
(g)
|
(h)
|
(i)
|
(j)
|
|||||||||||||||||||
Salvador
|
90,000
|
-
|
-
|
$
|
1.50
|
5/31/2010
|
-
|
-
|
-
|
$
|
-
|
|||||||||||||||||
200,000
|
-
|
-
|
$
|
1.00
|
1/1/2012
|
-
|
-
|
-
|
$
|
-
|
||||||||||||||||||
120,000
|
-
|
-
|
$
|
0.01
|
7/31/2015
|
-
|
-
|
-
|
$
|
-
|
D.
|
Compensation
of Directors
|
Change in
|
||||||||||||||||||||||
Pension
|
||||||||||||||||||||||
Non-quity
|
Vslue and
|
|||||||||||||||||||||
incentive
|
Nonqualified
|
All other
|
||||||||||||||||||||
Fees Earned
|
Option
|
Plan Com-
|
Deferred
|
Compensa-
|
Total
|
|||||||||||||||||
or Paid in
|
Stock Awards
|
Awards
|
pensation
|
Compensation
|
tion
|
($)
|
||||||||||||||||
Name
|
Cash ($)
|
($)
|
($)
|
($)
|
Earnings
|
($)
|
||||||||||||||||
(a)
|
(b)
|
(c)
|
(d)
|
(e)
|
(f)
|
(g)
|
(h)
|
|||||||||||||||
Gould
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|||||||||||||||
Murray
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|||||||||||||||
Salvador
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|||||||||||||||
Strage
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Name
and, as Appropriate,
Address
of
Beneficial
Owner (1)
|
Amount and Nature of
Beneficial Owner
|
Percent of Common Stock
|
|||||
Michael
Strage (2)
|
3,375,639
|
15.71%
|
|
||||
Richard
Salvador(3)
|
2,165,364
|
9.91%
|
|
||||
William
Garland (4)
|
1,250,000
|
5.85%
|
|
||||
George
Gould (5)
|
739,142
|
3.48%
|
|
||||
Martin
Murray (6)
|
189,000
|
*
|
|||||
All
directors and executive officers (six persons) as a group
|
7,719,145
|
33.09%
|
|
||||
Granadilla
Holdings Ltd. (8)
Abbott
Building, PO Box 3186, Main Street, Road Town, Tortola, British Virgin
Islands
|
4,026,828
|
19.28%
|
|
||||
Atypical
BioVentures Fund LLC (9)
c/o
Aurora Capital LLC
200
Park Avenue South, Suite 1301
New
York, NY 10003
|
3,652,505
|
14.88%
|
|
(1)
|
Unless
otherwise indicated, the address of each of the listed beneficial
owners
identified above is c/o 425
Madison Avenue, Suite 902, New York, New York 10017.
|
(2)
|
Michael
Strage. Includes 2,773,014 shares held by Mr. Strage, 200,000 options
exercisable at $1.65 per share, 100,000 options exercisable at $1.10
per
share, 120,000 options exercisable at $0.01 per share, and warrants
to
purchase 182,625 shares exercisable at $0.15 per
share.
|
(3)
|
Richard
Salvador. Includes 1,223,488 shares held by Mr. Salvador, 52,000
shares
held by his wife, a warrant to purchase 8,000 shares at $6.00 per
share
held by Dick Salvador’s wife, 90,000 options exercisable at $1.50 per
share, 200,000 options exercisable at $1.00 per share and 120,000
options
exercisable at $0.01 per share and 547,876 warrants exercisable at
$0.15
per share.
|
(4)
|
William
Garland. Includes 580,000 shares held by Mr. Garland, 30,000 options
exercisable at $3.00 per share, 200,000 options exercisable at $1.00
per
share, 240,000 exercisable at $0.01 per
share.
|
(5)
|
George
Gould. Includes 396,517 shares held by Mr. Gould, 90,000 options
exercisable at $1.50 per share, 50,000 options exercisable at $1.00
per
share, 20,000 options exercisable at $0.01 per share, and 182,625
warrants
exercisable at $0.15 per share.
|
(6)
|
Martin
Murray. Includes 129,000 shares held by Mr. Murray, 45,000 options
exercisable at $1.50 per share, 5,000 options exercisable at $1.00
per
share, and 10,000 options exercisable at $0.01 per
share.
|
(7)
|
Granadilla
Holdings Ltd. Includes 4,026,828 shares held by Granadilla Holdings
Ltd.
|
(8)
|
Atypical
BioVentures Fund LLC. Includes 3,652,505 warrants exercisable at
$0.15 per
share.
|
Amount
Invested
|
Shares
|
Warrants
|
||||||||
Michael
Strage
|
$
|
25,000
|
202,011
|
182,625
|
||||||
Richard
Salvador
|
$
|
75,000
|
605,488
|
547,876
|
||||||
George
Gould
|
$
|
25,000
|
201,517
|
182,625
|
By
Order of the Board of Directors
|
/s/
Martin Murray
|
Martin
Murray
|
Chief
Financial Officer, Secretary,
Treasurer
|
(01)
William Garland
|
|
(02)
Martin Murray
|
|
(03)
Richard Salvador
|
|
(04)
Michael Strage
|
Mark here for address change and note at left
|
o
|
Mark here if you plan to attend the meeting
|
o
|
Signature:
|
|
, 2007
|
|||
Signature:
|
|
, 2007
|