Current Report Filing (8-k)
January 10 2020 - 5:08PM
Edgar (US Regulatory)
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):
December 12, 2019
BOSTON THERAPEUTICS, INC.
(Exact name of registrant as specified in its
charter)
Delaware
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000-54586
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27-0801073
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(State or Other Jurisdiction of Incorporation)
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(Commission File Number)
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(IRS Employer Identification Number)
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354 Merrimack Street, #4, Lawrence, MA 01843
(Address of principal executive offices) (zip
code)
(603) 935-9799
(Registrant's telephone number, including area
code)
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):
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Written communications pursuant to Rule 425 under the Securities
Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange
Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b)
under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c)
under the Exchange Act (17 CFR 240.13e-4(c))
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Indicate by check mark whether the registrant
is an emerging growth company as defined in 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. ☐
Securities registered pursuant to Section 12(b) of the Act:
Not applicable.
Title of each class
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Trading Symbol
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Name of each exchange on which registered
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Not applicable.
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Item 5.02
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Departure of Directors or Certain Officers; Election of Directors; Appointment
of Certain Officers; Compensatory Arrangements of Certain Officers
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On December 12, 2019, Carl Rausch resigned as a member of
the Board of Directors and as an executive officer of Boston Therapeutics, Inc. (the “Company”). The resignation is
not as a result of any disagreement between Mr. Rausch and the Company. The Company intends to engage Mr. Rausch as a pharma consultant
to address the next phase of the Company’s broader clinical development.
On January
10, 2020, Conroy Cheng was appointed by the Company to serve as the Interim Chief Executive Officer and Interim
Chief Financial Officer of the Company.
There
is no understanding or arrangement between Mr. Cheng and any other person pursuant to which he was appointed as an
executive officer and director. Mr. Cheng does not have any family relationship with any director, executive
officer or person nominated or chosen by us to become a director or an executive officer. Except as set forth below, Mr. Cheng has
not had direct or indirect material interest in any transaction or proposed transaction, in which the Company was or is a proposed
participant, exceeding $120,000. Conroy Chi-Heng Cheng is a director of the Company and a director of Advance Pharmaceutical
Company (“Advance Pharmaceutical”), a Hong Kong-based, privately-held company. On June 24, 2011, prior to his election
to the Company’s Board, the Company entered into a definitive Licensing and Manufacturing Agreement (the “Agreement”)
with Advance Pharmaceutical. Under terms of the Agreement, the Company manufactures and supplies product in bulk for Advance Pharmaceutical.
Advance Pharmaceutical is responsible for the packaging, marketing and distribution of SUGARDOWN®, in in Hong Kong,
China and Macau. In November 2014, we agreed to expand their marketing agreement to include 12 additional countries: Korea, Taiwan,
Singapore, Thailand, Malaysia, Vietnam, Philippines, Myanmar, Indonesia, Laos, Brunei and Cambodia. In March 2015, we agreed to
expand their marketing agreement to include Japan. Advance Pharmaceutical will also have rights to develop and manufacture SUGARDOWN®,
for commercial sale in these countries, subject to establishment of quality assurance and quality control standards set forth
by the Company. The Agreement provides that Advance Pharmaceutical will pay royalties to the Company for SUGARDOWN®,) and
related products developed by the Company and a reduced royalty rate for products based on the Company’s intellectual property
and developed by Advance Pharmaceutical. Revenue generated through this agreement for the years ended December 31, 2018 and 2017
were royalties of $0 and sales of $7,380, respectively. Advance Pharmaceutical, through a wholly owned subsidiary, has purchased
an aggregate 1,998,000 shares of the common stock in conjunction with the Company’s private placement offerings during the
years 2013 and 2014. The shares were purchased on the same terms as the other participants acquiring shares in the respective
offerings.
Mr. Cheng, a Director of our company since
December 2013. Mr. Cheng served as our interim Chief Executive Officer and Chief Financial Officer from March 2016 until August
12, 2016. He also serves as the Chief Executive Officer of Net Plus Company Limited. He serves as an Executive Director of Net
Plus Company Limited. He has been an Executive Director of New World Development Co. Ltd. since June 2010. He serves as a Director
of Chow Tai Fook Enterprises Limited. He served as an Independent Non-executive Director of Hong Kong Energy Holdings Limited (alternate
name JIC Technology Co. Ltd. & China Renewable Energy Investment Limited) from July 2002 to May 2007. Mr. Cheng has a Bachelor
of Arts degree majoring in Economics from the University of Western Ontario, Ontario, Canada in 1999. Mr. Cheng also serves as
a director of Advance Pharmaceutical Company, Ltd., our marketing and distribution partner for sixteen countries in Asia. We believe
that Mr. Cheng is well qualified to serve as a member of our Board of Directors due to his executive leadership experience and
his extensive experience with business development.
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.
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BOSTON
THERAPEUTICS, INC.
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Date: January 10, 2020
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By:
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/s/ Conroy Cheng
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Name:
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Conroy Cheng
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Title:
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Director
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