Current Report Filing (8-k)
July 26 2022 - 8:35AM
Edgar (US Regulatory)
0001446159
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0001446159
2022-07-20
2022-07-20
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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): July 20, 2022
Predictive Oncology Inc.
(Exact name of Registrant as Specified in its Charter)
Delaware |
001-36790 |
33-1007393 |
(State or Other Jurisdiction of Incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
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2915 Commers Drive, Suite 900
Eagan, Minnesota |
55121 |
(Address of Principal Executive Offices) |
(Zip Code) |
Registrant’s telephone number, including area code: (651) 389-4800
Former Name or Former Address, if Changed Since Last Report: Not Applicable
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)) |
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
Trading
Symbol(s) |
Name
of each exchange on which registered |
Common
stock, $0.01 par value |
POAI |
Nasdaq Capital Market |
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 2.05 Costs Associated with Exit or Disposal Activities.
On July 20, 2022, the Board of Directors of Predictive
Oncology Inc., a Delaware corporation (the “Company”), determined to consolidate its research and development activities by
moving the TumorGenesis division located in Salem, Massachusetts to the offices of the Company’s Helomics subsidiary located in
Pittsburgh, Pennsylvania. The Company is expanding the laboratory space at the Pittsburgh office and believes there is adequate space
at the Pittsburgh office to add the TumorGenesis equipment. The consolidation of research and development activities will result in the
reduction of two employees. The Company expects the transition of the TumorGenesis division to the Pittsburgh office to be completed by
September 30, 2022.
The total costs related to the consolidation of research
and development activities in Pittsburgh are estimated to be approximately $250,000. This amount includes the buyout of the Salem office
lease and termination benefits for the affected employees. The Company expects to incur future expenditures of approximately $12,000 per
month related to increased laboratory expenses for Helomics and TumorGenesis.
Item 5.02 Departure
of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On July 26, 2022 the Company
announced that Julia Kirshner, Ph.D., has been appointed Chief Scientific Officer of the Company, effective August 1, 2022.
Dr. Kirshner currently serves
as Senior Vice President of the Company and President of the Company’s zPREDICTA division, positions she has held since November
24, 2021. Prior to joining the Company, Dr. Kirshner founded zPREDICTA, Inc. in 2014 and served as its Chief Executive Officer. From 2008
to 2015, she served as an assistant professor in the Department of Biological Sciences at Purdue University. Dr. Kirshner holds a B.S.
in Genetics from the University of California, Davis, and a Ph.D. from the City of Hope National Medical Center, Duarte, California.
In connection with the promotion of Dr. Kirshner, the
Company entered into an amended and restated employment agreement (“Agreement”) with Dr. Kirshner. The Agreement is effective
as of August 1, 2022 and has a three-year term (“Term”), subject to earlier termination, including by the Company with cause
(as defined in the Agreement) or without cause.
The Agreement provides for an initial annual base salary
of $380,000 per year, less applicable payroll deductions and withholdings. In addition, Ms. Kirshner will be eligible to receive an annual
incentive bonus. The bonus will be awarded based on her performance compared to annual MBO/objectives on a percentage of base salary.
Dr. Kirshner will be eligible to participate in a long-term incentive plan (“LTIP”) pursuant to which she will be granted
restricted stock units (RSUs). The RSUs will vest if (i) Dr. Kirshner remains continuously employed through the Term, and (ii) satisfies
certain performance objectives to be adopted by the Compensation Committee of the Board of Directors. The target number of RSUs under
the LTIP will be 150,000. Dr. Kirshner will also be considered for stock option awards in connection with grants to key employees and
in other circumstances. If Dr. Kirshner remains employed through the Term and is not in breach of the Agreement, Dr. Kirshner will also
be entitled to receive an additional cash bonus of $380,000, payable on the first payroll date after July 31, 2025.
In the event Dr. Kirshner’s employment is terminated
by the Company without cause before the end of the Term, she will be entitled to receive (i) payment of her base salary through the last
date of employment and accrued and unused PTO, (ii) severance pay in an amount equal to six months of her base salary and (iii) an annual
incentive bonus payment provided for the calendar year in which the termination occurs on a pro-rata basis. Payment of the severance and
bonus amounts will be contingent upon signing a waiver of claims against the Company.
Item 8.01 Other Events
On July 26, 2022, the
Company issued a press release announcing Dr. Kirshner’s appointment as Chief Scientific Officer and the
consolidation of research and development activities in Pittsburgh. A copy of the press release is attached to this Current Report on
Form 8-K as Exhibit 99.1.
Forward-Looking Statements
This Current Report on Form 8-K (“8-K”)
contains forward-looking statements. These forward-looking statements reflect our current expectations and projections about future events
and are subject to substantial risks, uncertainties and assumptions about our operations and the investments we make. All statements,
other than statements of historical facts, included in this 8-K regarding our strategy, future operations, future financial position,
future revenue and financial performance, projected costs, prospects, changes in management, plans and objectives of management are forward-looking
statements. The words “anticipate,” “believe,” “estimate,” “expect,” “intend,”
“may,” “plan,” “would,” “target” and similar expressions are intended to identify forward-looking
statements, although not all forward-looking statements contain these identifying words. Our actual future performance may materially
differ from that contemplated by the forward-looking statements as a result of a variety of factors including, among other things, factors
discussed under the heading “Risk Factors” in our filings with the SEC. Except as expressly required by law, the Company disclaims
any intent or obligation to update these forward-looking statements.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
SIGNATURES
Pursuant to the requirements of the Securities Exchange
Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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PREDICTIVE ONCOLOGY inc. |
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By: |
/s/ Bob Myers |
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Name: Bob Myers
Title: Chief Financial Officer |
Date: July 26, 2022
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