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EX-10.1 - EX-10.1 - NEXGEN BIOFUELS LTD | c13633exv10w1.htm |
Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
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
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 18, 2011
LAXAI PHARMA, LTD.
(Exact name of registrant as specified in its charter)
Israel | 0-17788 | N/A | ||
(State or other jurisdiction of incorporation) |
(Commission File Number) | (IRS Employer Identification No.) |
15851 Dallas Parkway Suite 600, Dallas, TX |
75001 |
|
(Address of principal executive offices) | (Zip Code) |
Registrants telephone number, including area code: (214) 676-5475
8905 Regents Park Drive, Suite 210, Tampa, FL 33647
(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:
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
TABLE OF CONTENTS
Item 1.01 | Entry into a Material Definitive Agreement |
Laxai Pharma, Ltd., formerly known as NexGen Biofuels, Ltd. (Registrant),
and OSR Holding Corp. (Subsidiary), a wholly owned subsidiary of Laxai Pharma, Ltd., have
entered into a binding agreement for Terms for Continued Forbearance and Borrowers Restructuring
Plan dated as of February 18, 2011 (the Term Sheet) with its secured lender, its
principal shareholder and certain directors and officers of Registrant in connection with certain
matters arising out of certain prior agreements to which Registrant, Subsidiary and or J. Ram
Ajjarapu, a director and former officer of Registrant (JRA) are a party, including,
without limitation, the following: (i) Note and Warrant Purchase Agreement by and between
Registrant and UTA Capital LLC, a secured lender to Registrant (UTA), dated as of March
2, 2010 (the NWPA), as modified by the Loan Extension and Modification Agreement
effective as of July 31, 2010 (the Modification Agreement); (ii) Modification Agreement;
(iii) Amended And Restated Senior Secured Bridge Note dated as of July 1, 2010 (the Amended
Note), (iv) Individual Guaranty of JRA executed and delivered as of March 2, 2010 (the
PG); (v) Deposit Account Control Agreement dated as of March 15, 2010 among Subsidiary
(and, with any other subsidiaries or controlled affiliates of Registrant, the
Subsidiaries), UTA and Wachovia Bank, N.A. (the DACA); (vi) Company Pledge and
Security Agreement, Subsidiary Guarantee, Pledge and Security Agreement, Shareholder Pledge and
Security Agreement, and Membership Interest Pledge and Security Agreement (each of the foregoing as
defined in the NWPA and, collectively, with the DACA, being the Collateral Agreements);
(vii) Ordinary Shares Purchase Warrant for up to 5,800,000 shares issued March 2, 2010, and the
Ordinary Shares Purchase Warrant issued as of July 1, 2010 for up to 2,020,000 shares
(collectively, the Warrants). The NWPA, Modification Agreement, Amended Note, PG, DACA
and Collateral Agreements are referred to as the Loan Documents and, with the Warrants,
as the Transaction Documents. The Term Sheet constitutes a binding amendment and
restatement of each of the Loan Documents, but only to the extent of the terms specified therein.
Except as and to the extent modified by the Term Sheet, all terms and conditions of the Loan
Documents remain in full force and effect.
The following summary of the Term Sheet is qualified in its entirety by the Term Sheet
attached as an exhibit to this Current Report on Form 8-K. Under the Term Sheet:
Lender Forbearance and Extension of Maturity Date
1. | UTA has agreed, subject to continued performance and compliance by Registrant,
Subsidiary and JRA, with the terms and conditions of the Term Sheet and of the
Transaction Documents as modified by the Term Sheet, to not exercise its remedies under
the Loan Documents with respect to any past breaches by Registrant, Subsidiary or JRA
or past events of default which arose prior to the execution and delivery of the Term
Sheet and which were the subject of a notice of default from UTA. |
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2. | The new Maturity Date of the Amended Note shall be December 15, 2011 (the
Extended Maturity Date), and the Interest Rate for the Amended Note effective
immediately and until the Extended Maturity Date shall continue to be 15% per annum.
In addition to the existing events of default set forth in the Amended Note, a breach
by Registrant or any of the Subsidiaries of the terms and conditions of the Term Sheet
shall, if continuing unremedied for a period of five (5) days after written notice to
Registrant or Subsidiary (as applicable) of such default, constitute an event of
default under the Amended Notes and the Collateral Agreements. |
Partial Loan Conversion to Equity
3. | A portion of the principal balance of the Amended Note in the amount of
$240,000 was irrevocably converted into 4,800,000 of Registrants Ordinary Shares (the
Conversion Shares) at the rate of $0.05 per share. Registrant, UTA and JRA
agreed that the fair market value of the Conversion Shares as of February 18, 2011 was
$48,000 ($0.01/share). |
Other Amended Loan Terms
4. | After giving effect to prior application of $100,000 of the LALS Cash AR
Security Amount (as defined in the Transaction Documents) and the conversion of
$240,000 of the principal balance of the Amended Note to equity effected by the Term
Sheet and described above, the principal balance of the Amended Note is $1,100,000. |
5. | Registrant agreed to make commercially reasonable best efforts to repay at
least $0.2 million of the outstanding principal balance of the Amended Note by June 1,
2011. Its failure to do so shall not be an event of default, but Registrant will then
immediately issue to UTA or its designee a 5-year warrant to purchase up to 1 million
shares of Registrants common stock at $0.02 per share, and otherwise having terms
comparable to those in the Warrants. |
6. | All collateral which is the subject of the Collateral Agreements (other than
pledged shares included in Transferred Shares (as described below)), to the extent such
shares are not required to be reconveyed to RACA (as described below) shall be released
upon indefeasible repayment of the principal of, and all accrued interest on, the
Amended Note. |
Amendment of Controlling Affiliates Personal Guarantee
7. | The amount of the obligations guaranteed by JRA pursuant to the PG are limited
to those arising out of or in connection with certain bad acts as described in the
Term Sheet. |
Transfer of Substantial Equity from Principal Shareholder to UTA
8. | JRA and Raca Investors, L.P., a limited partnership (RACA) which is
an affiliate of JRA and a principal shareholder of Registrant and which had previously
pledged 31,151,842 ordinary shares of Registrant to UTA as security for the obligations
under the Amended Note, transferred and assigned, for no additional consideration, 12
million ordinary shares (the Transferred Shares) of Registrant to UTA or its
designees, subject to certain contingent rights of reconveyance to RACA with respect to
up to 7 million of the Transferred Shares, as described in the Term Sheet. |
9. | UTA has separately advised the Registrant that (a) a substantial number of the
Transferred Shares (as well as of warrants to purchase ordinary shares of Registrant
previously issued to UTA) may in the future be (i) contributed to a Registrant
incentive plan for employees, officers and consultants, and/or (ii) assigned and
transferred by UTA to other existing shareholders, officers and directors of
Registrant, or (b) UTA may agree to a reduction in the number of its warrants as
options or warrants are granted to certain officers, directors and consultants to
Registrant. |
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Changes to Board of Directors; Minimum Vote or Consent Required for Board Action with
Respect to Certain Matters
10. | Effective upon execution of the Term Sheet, the respective boards of directors
of Registrant and each Subsidiary shall consist of three directors: (i) JRA or his
designee, (ii) E. Thomas Layton (Layton) or another designee of UTA, and
(iii) another individual designated by the holders of a majority of the
Registrants ordinary shares purchased for cash by those equity investors who invested
in Registrants private placement prior to March 2, 2010 (the Equity Investor
Director). |
11. | Approval by vote or written consent of: (a) all of the members of the board of
directors of Registrant and/or Subsidiary, as applicable, is required for the: (i)
commencement of any litigation by or on behalf of Registrant and/or the Subsidiary,
whether as direct or derivative action, against UTA, JRA, or any current or former
officer or director of Registrant or the Subsidiary; and (b) a majority of the board of
directors of Registrant and/or Subsidiary, as applicable, is required for the: (i)
filing or other commencement of a federal or state bankruptcy or insolvency petition or
proceeding by or on behalf of Registrant or any Subsidiary; or (ii) commencement or
consummation of any equity or debt financing of Registrant or any Subsidiary. |
12. | UTA has agreed to cause its board designee to vote for or consent to (x) any
equity financing of Registrant that fully repays all obligations to UTA under the
Amended Note, provided it is offered the opportunity to participate in any such equity
financing on a basis that maintains its beneficial ownership percentage of Registrant
equity, and (y) any debt financing that fully repays all obligations to it under the
Amended Note; and JRA agrees to cause its board designee to vote for or consent to any
debt financing that fully repays all obligations to UTA under the Amended Note. |
Voting Agreement as to Shares
13. | The parties have agreed to, until the first to occur of (a) the Amended Note
being repaid in full or (b) UTA ceasing to have beneficial ownership (calculated in
accordance with SEC Rule 13d) of 3 million ordinary shares of Registrant, vote as
follows: (1) for the election and re-election of a Registrant board of three directors
consisting of (x) Layton or another designee of UTA as a director, (y) JRA or a
designee of JRA as a director, and (z) the Equity Investor Director; (2) for the
election and re-election of Layton as Chairman, Chief Executive Officer (CEO) and
President and Chief Financial Officer (CFO) of Registrant and of each of the
Subsidiaries; (3) for the implementation of cash and asset control and collection and
financial reporting policies and procedures consistent with the Term Sheet and
prevailing business practices for public companies; (4) for approval of certain
executive compensation matters set forth in the Term Sheet and described below; and (5)
for the implementation of the corporate migration described below. |
Termination or Mitigation of Certain Equity Claims
14. | The parties have agreed to use commercially reasonable best efforts to
terminate or otherwise mitigate the dilutive effect of any obligation to issue shares
or options to certain persons, including without limitation any employee or consultant
who has been terminated or is terminated within 30 days after execution and delivery of
the Term Sheet (Excess Equity Grants); and Registrant, JRA and RACA have
agreed that any Excess Equity Grants, shall, to the extent not terminated by legal
action or negotiated settlement within 90 days after execution and delivery of the Term
Sheet, be satisfied (x) 25% by JRA transferring 25% of such number of shares (which
shall not include Transferred Shares or Contributed Shares (as defined in the Term
Sheet) but may include shares previously pledged by RACA to UTA to the extent JRA and
RACA have no further unpledged shares available) to the grantees of such Excess Equity
Grants, and (y) 75% by Registrant issuing 75% of the remaining Excess Equity Grants. |
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Termination or Mitigation of Certain Liability Claims
15. | The parties have agreed to use commercially reasonable best efforts over the
next 90 days to negotiate, terminate or otherwise mitigate (including by conversion to
equity) the impact of certain liabilities of Registrant and the Subsidiaries. |
Appointment of New Executive Officers; Resignation of Officer
16. | Effective February 11, 2011, Layton is Chairman,
CEO and President and CFO of
Registrant and of each subsidiary (including OSR Holding Corp.), and JRA has resigned from all officer and employee
positions with Registrant and any of the Subsidiaries. Effective as of February 18,
2011, JRA waived any and all claims to unpaid compensation or severance by reason of
his past services, and agreed to promptly deliver to Layton all corporate, legal,
financial and business records of Registrant and each Subsidiary in his possession or
under his control, and failure to so deliver any requested records within 5 business
days after a written request shall constitute a breach of the Loan Documents and an
event of default. The officers of Registrant shall also be officers of each of the
Subsidiaries, with equivalent titles and responsibilities, but with no additional
compensation. |
Lockbox Arrangement, Cash Management and Future Budget Process
17. | All receipts received from any Subsidiary or Registrant customers and clients
shall be promptly deposited in the account which is the subject of the DACA or any
successor account (the Lockbox), and all customers and clients of Registrant
and of any Subsidiary shall be directed at all times to direct the payments to the
Lockbox. At no time shall any Registrant or Subsidiary bank or investment accounts be
maintained as to which UTA and Registrants designated CFO, Layton, do not have full
knowledge and access. Any disbursements from the Lockbox or from the
Registrant/Subsidiary operating account shall require approval of Layton as CFO.
Disbursements from the operating account may be made upon the signature or approval of
Layton. Layton shall present a rolling six-month operational budget, subject to review
and approval by UTA and Registrants board of directors. UTA shall approve all
disbursements from the Lockbox to pay Registrant or any Subsidiary expenses which are
not in conformity with such previously approved budget. UTA may delegate such approvals
to Layton. The parties will cooperate in any process required to replace Wachovia as
the Lockbox custodian. Following an event of default, funds in the Lockbox may be
applied in such manner and for such purposes as UTA shall determine. |
Compensation of Certain Officers and Directors; Restrictive and Affirmative Covenants of
Certain Directors and Officers
18.
(a) JRA is entitled to receive $5,000 per month for a minimum period of 12 months. Such
compensation (JRA Variable Compensation) shall accrue monthly but shall be payable
currently only if in such calendar month the consolidated free cash flow of Registrant and
all Subsidiaries after payment of all expenses of operation (including current interest and
reimbursement of UTA expenses but not amortization of loan principal) but before all officer
and director compensation (Excess Cash Flow), exceeds $15,000. Any amounts accrued
and unpaid shall be deferred and subordinated to repayment of the Amended Note. In
addition, with respect to each acquisition closed by Registrant within the next 24 months
which was originated by JRA, there will be a finders fee of 5% of the value of the
transaction consideration earned by JRA.
(b) Layton shall be retained as Chairman, CEO and President, and CFO, with a minimum
time commitment of 40 hours per week. In his capacity as President and CFO, Mr. Layton shall
be entitled to receive a minimum of $8,000 per month (TL Fixed Compensation). An
additional $2,000 per month (TL Variable Compensation) shall accrue monthly but
shall be payable currently only if in such calendar month the Excess Cash Flow exceeds
$15,000. Any amounts accrued and unpaid shall be deferred and subordinated to repayment of
the Amended Note.
(c) Should Excess Cash Flow for any calendar month exceed $15,000 but be less than
$30,000, JRA and Layton shall each be entitled to receive their pro rata share (calculated
by reference to JRA
Variable Compensation and TL Variable Compensation) of such Excess Cash Flow after payment
of TL Base Compensation.
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(d) No other director or officer compensation shall be payable by Registrant or any
Subsidiary prior to repayment of the Amended Note without consent of UTA and the board of
directors.
19. | Each of JRA and Layton has agreed (and future directors and officers are to
agree) to certain non-solicitation and non-competition restrictive covenants with
respect to the Registrant, the Subsidiaries, and their respective customers, employees
and consultants, and in their respective fields of business, which restrictive
covenants shall terminate upon the first to occur of (a) 24 months from the date of
the Term Sheet, or (b) 12 months after repayment in full of the Amended Note, but as to
any individual director or officer no later than 24 months after such individual ceases
to provide services to Registrant and any Subsidiary, and as to JRA shall terminate if
Registrant fails to pay JRA his JRA Variable Compensation for any two consecutive or
non-consecutive months notwithstanding that the free cash flow condition to such
payment has been met for such months. |
20. | JRA has agreed to cause and direct any JRA-affiliated companies holding
personnel, licenses or other tangible or intangible assets, including H-1B or other
visas currently utilized by personnel performing services for Registrant or
Subsidiaries, to continue to make such personnel, visas and other assets available for
use by Registrant and its Subsidiaries at no cost or expense, except that Registrant
shall reimburse at market rates the direct compensation and benefits costs actually
incurred for those personnel whom Registrants CEO, President and CFO individually
identifies as required personnel and whom he does not wish to employ directly with
Registrant or a Subsidiary. Within 60 days following the execution and delivery of the
Term Sheet, Registrants CEO, President and CFO shall identify those H-1B visas which
are held by any JRA-affiliated companies which should be transferred to the Registrant
or a Subsidiary, and JRA shall cause and direct the applicable JRA-affiliated company
to effect such transfers immediately upon request of Registrant, at Registrants
expense. After such 60-day period, Registrant or its Subsidiaries may continue to use
visas held by any JRA-affiliated company for employees or agents of Registrant or its
Subsidiaries, provided that Registrant shall reimburse the holder of such visas at
market rates for its direct costs actually incurred by such holder in making such visas
available. |
21. | JRA has agreed to immediately cause each of his direct or indirect affiliates
(other than Registrant and Subsidiary) having a legal name or doing business under a
name that includes the words OSR or Laxai to change their legal name to a name not
including such words, and to refrain, for so long as Registrant and Subsidiary is
actively engaged in operations, from using or doing business under a name or
description that includes the words OSR or Laxai. |
Future Corporate Migration
22. | The parties shall cooperate to cause Registrant to migrate its jurisdiction of
organization from Israel to Delaware by June 1, 2011. |
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Mutual Releases
23. | UTA, on the one hand, and Registrant, Subsidiary and JRA, on the other, have
released each other from certain claims relating to Registrant, Subsidiary, the UTA
investment in Registrant, the administration or funding thereof or the Transaction
Documents, subject to certain exceptions. |
Dismissal of Certain Litigation, Payment of Certain Expenses and Certain other Matters
24. | Concurrently with the execution and delivery of the Term Sheet, (a) Registrant
and Subsidiary agreed to cause a certain Florida complaint filed in December 2010
against UTA to be dismissed, with
prejudice, and (b) UTA agreed to cause a certain New York State motion for summary
judgment in lieu of complaint action commenced in January 2011 against JRA to be
dismissed, but without prejudice. UTA covenanted that it will not re-commence an action
against JRA on the PG unless based on the terms of the PG as amended and modified as
described above. |
25. | Registrant agreed to pay to UTA and JRA their respective certain legal and
other fees previously incurred relating to prior refinancing efforts or otherwise
incurred in negotiation and documentation of the Term Sheet and the restructuring
contemplated thereby. |
26. | The new CEO, President and CFO is to conduct a review of all prior Registrant
and Subsidiary agreements, and may cancel, based on the review of corporate counsel,
certain agreements if they are invalid and if such action is in the best interests of
Registrant and its creditors and equity holders. |
27. | Registrant, Subsidiary and JRA agreed to hold UTA harmless from any and all
damages or liabilities arising in connection with the restructuring other than as a
result of UTAs fraud or willful misconduct. JRA is and shall remain entitled to such
statutory rights to indemnification by Registrant or Subsidiary as may be available to
him under applicable Israeli or Delaware law or as may be available to him by the
provisions of their respective articles of association, certificate of incorporation
and/or bylaws as currently in effect. |
Dismissal of Chapter 11 Petitions
28. | Each of Registrant, Subsidiary, UTA and JRA agreed to use their best efforts to
cause a recently filed Chapter 11 petitions with respect to Registrant and Subsidiary
to be immediately withdrawn or dismissed, with no conditions attached to such
withdrawal or dismissal, and the assets, operations and business of Registrant and
Subsidiary no longer subject to the jurisdiction of the Bankruptcy Court. Each of the
parties agreed not to seek sanctions or other disciplinary relief with respect to the
filing of such Chapter 11 petitions. To the extent the prompt withdrawal or dismissal
of the Chapter 11 cases requires approval by the Bankruptcy Court of any partys entry
into the Term Sheet as a condition of its binding nature and effectiveness, all parties
agreed to use their best efforts to seek such approval on an expedited basis. If the
enforceability of the Term Sheet as against any party requires such Bankruptcy Court
approval, all other parties shall nonetheless remain bound thereby while such approval
is being sought and obtained, unless such approval, despite best efforts, is not
obtained within 15 business days of the execution of the Term Sheet. As described below
under Item 8.01, on February 25, 2011, the U.S. Bankruptcy Court for the Middle
District of Florida Tampa Division, in response to motions filed by the Registrant
and the Subsidiary with the support of UTA, entered orders terminating the Chapter 11
petitions previously filed on behalf of the Registrant and the Subsidiary on February
14, 2011. |
Item 3.02 | Unregistered Sales of Equity Securities |
Reference is made to Item 1.01 of this Current Report on Form 8-K, which is
incorporated herein by reference. Under the Term Sheet, effective February 18, 2011, a portion of
the principal balance of the Amended Note in the amount of $240,000 was irrevocably converted into
4,800,000 of Registrants Ordinary Shares (the Conversion Shares) at the rate of $0.05
per share. Registrant, UTA and JRA agreed that the fair market value of the Conversion Shares as of
February 18, 2011 was $48,000 ($0.01/share).
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The Conversion Shares were issued to UTA, a United States resident who qualifies as an
accredited investor. The Conversion Shares are deemed restricted securities within the meaning
of that term as defined in Rule 144 of the Securities Act of 1933 (the Securities Act)
and have been issued pursuant to the private placement exemption under Section 4(2) of the
Securities Act. These transactions did not involve any public offering of securities. UTA had
access to information about the Registrant which was necessary to allow them to make an informed
investment decision. The Registrant has been informed that UTA is able to bear the economic
risk of his investment and UTA is aware that the securities are not registered under the Securities
Act and cannot be re-offered or re-sold unless the securities are registered or are qualified for
sale pursuant to an exemption from registration. Neither the Registrant nor any person acting on
its behalf offered or sold the securities by means of any form of general solicitation or general
advertising. UTA acquired the securities for its own account and not with a view to or for resale
in connection with any distribution. A legend shall be placed on each of the stock certificates
when issued stating that the securities are restricted, they have not been registered under the
Securities Act and they cannot be sold or otherwise transferred without an effective registration
or an exemption therefrom.
Item 5.01 | Changes in Control of Registrant |
Reference is made to Item 1.01 of this Current Report on Form 8-K, which is
incorporated herein by reference. Under the Term Sheet, UTA has certain rights regarding the
appointment of directors and officers of Registrant, as well as certain consent rights with respect
to director and officer compensation and cash flow and accounting controls. Following the
execution and delivery of the Term Sheet, UTA now has beneficial ownership of 31.1% of the equity
of Registrant, including its ownership of Warrants, all Transferred Shares and the Conversion
Shares.
Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of
Certain Officers; Compensatory Arrangements of Certain Officers |
Reference is made to Item 1.01 of this Current Report on Form 8-K, which is incorporated
herein by reference.
(a) Not applicable.
(b) and
(c) Under the Term Sheet, effective February 11, 2011, Layton is Chairman, CEO and
President and CFO of Registrant and of each subsidiary (including OSR
Holding Corp.), and JRA has resigned from all officer and
employee positions with Registrant and any of the Subsidiaries. Layton, 75, is currently a
Principal of Maine Consultants, Inc. and has served as a Officer and a Director of a number of
companies over his 54-year business career. Over the last five years, Layton has assisted clients
in the staffing, hotel development, and real estate development industries with financial
restructuring and reorganization. Most recently he represented a clients interest in three cases
filed in a bankruptcy court in the Southern District of Texas. Layton participated in the 2010
equity financing of Registrant and in early 2010 a request was made that he serve as a Director.
Layton was appointed Vice President of Finance of the Registrant in November 2010. Layton and JRA
shall be entitled to certain compensation as further described in Item 1.01 of this Current Report
on Form 8-K.
(d) Under the Term Sheet, effective February 18, 2011, the respective boards of directors of
Registrant and each Subsidiary shall consist of three directors: (i) JRA; (ii) Layton; and (iii)
the Equity Investor Director. Layton and JRA shall be entitled to certain compensation as further
described in Item 1.01 of this Current Report on Form 8-K.
(e) Layton and JRA shall be entitled to certain compensation as further described in Item 1.01
of this Current Report on Form 8-K.
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Item 8.01 | Other Events |
On February 25, 2011, the U.S. Bankruptcy Court for the Middle District of Florida Tampa
Division, in response to motions filed by the Registrant and the Subsidiary with the support of
UTA, entered orders terminating the Chapter 11 petitions previously filed on behalf of the
Registrant and the Subsidiary on February 14, 2011 and reported in the Registrants Current Report
on Form 8-K filed on February 15, 2011.
Item 9.01 | Financial Statements and Exhibits |
Exhibit No. | Description of Exhibit | |||
10.1 | Term Sheet dated February 18, 2011 |
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.
Date: March 4, 2011 LAXAI PHARMA, LTD. (Registrant) |
||||
By: | /s/ E. Thomas Layton | |||
E. Thomas Layton | ||||
Chairman and Chief Executive Officer |
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