NEOS THERAPEUTICS,INC. (NASDAQ:NEOS) Files An 8-K Costs Associated with Exit or Disposal Activities

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NEOS THERAPEUTICS,INC. (NASDAQ:NEOS) Files An 8-K Costs Associated with Exit or Disposal Activities

NEOS THERAPEUTICS,INC. (NASDAQ:NEOS) Files An 8-K Costs Associated with Exit or Disposal Activities
Item 2.05. Costs Associated with Exit or Disposal Activities.

On November29, 2018, the Board of Directors (the “Board”) of Neos Therapeutics,Inc. (the “Company”) approved a realignment of the Company’s commercial organization that is expected to affect approximately 45 employees, primarily in its U.S. sales force. This action is expected to be substantially complete by the end of 2018. As a result of this realignment, the Company estimates that it will incur aggregate charges of approximately $0.7 million to $0.9 million for one-time severance and employee related costs.

Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

Departure of Thomas McDonnell as Chief Commercial Officer

On November29, 2018, Thomas McDonnell, the Chief Commercial Officer of the Company, mutually agreed with the Board to his resignation from the Company, effective as of November29, 2018.

In connection with Mr.McDonnell’s departure as the Chief Commercial Officer, the Board approved the entry by the Company into a Separation Agreement and Release between the Company and Mr.McDonnell to provide for, among other things, the severance benefits contained in Mr.McDonnell’s existing executive employment agreement with the Company, and a general release of claims in favor of the Company.

Item 7.01. Regulation FD Disclosure.

On November30, 2018, the Company issued a press release announcing Mr.McDonnell’s departure and the realignment. A copy of the press release is furnished as Exhibit99.1 to this Current Report on Form8-K.

The information in this Item 7.01 and Exhibit99.1 attached hereto are intended to be furnished and shall not be deemed “filed” for purposes of Section18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall they be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.

Item 9.01. Financial Statements and Exhibits.

(d)Exhibits

FORWARD-LOOKING STATEMENTS

This Current Report on Form8-K includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. We caution readers not to place undue reliance on forward-looking statements. Statements including words such “anticipate,” “appears,” “approximately,” “believe,” “continue,” “could,” “designed,” “effect,” “estimate,” “evaluate,” “expect,” “forecast,” “goal,” “initiative,” “intend,” “may,” “objective,” “outlook,” “plan,” “potential,” “priorities,” “project,” “pursue,” “seek,” “should,” “target,” “when,” “will,” “would,” or the negative of any of those words or similar expressions may be used to identify forward-looking statements that represent our current judgment about possible future events. In making these statements we rely upon assumptions and analysis based on our experience and perception of historical trends, current conditions and expected future developments as well as other factors we consider appropriate under the circumstances. These statements are not guarantees of future performance; they involve risks and uncertainties, and actual events or results may differ materially from these statements. Potential risks and uncertainties that could cause actual results to differ from expected results include, among others, whether the Company will be able to implement the realignment as planned, whether the expected amount of the charges associated with the realignment will exceed the Company’s projections, and whether the Company will be able to realize the benefits thereof. Readers should also consult the other “risk factors” found in our Annual Report on Form10-K for the year-ended December31, 2017 and our subsequent filings with the U.S. Securities and Exchange Commission. We undertake no obligation to update publicly or otherwise revise any forward-looking statements, whether as a result of new information, future events or other factors that affect the subject of these statements, except where we are expressly required to do so by law.


Neos Therapeutics, Inc. Exhibit
EX-99.1 2 a18-40927_1ex99d1.htm EX-99.1 Exhibit 99.1   CONFIDENTIAL   Neos Therapeutics Announces Realignment of Commercial Organization   –    Strategic assessment leads to new salesforce structure and is expected to accelerate path to profitability —   –    Company to host conference call today at 8:30am ET –   Dallas/Fort Worth,…
To view the full exhibit click here

About NEOS THERAPEUTICS,INC. (NASDAQ:NEOS)

Neos Therapeutics, Inc. is a pharmaceutical company. The Company is focused on developing, manufacturing and commercializing products utilizing its modified-release drug delivery technology platform. Its segment is engaged in the development, manufacturing and commercialization of pharmaceuticals. It has utilized its platform to develop its product for the treatment of attention deficit hyperactivity disorder (ADHD). Its product candidates are extended-release (XR), medications in patient-friendly, orally disintegrating tablets (ODT) or liquid suspension dosage forms. Its branded product and product candidates incorporate over two of the prescribed medications for the treatment of ADHD, methylphenidate and amphetamine. Its modified-release drug delivery platform has enabled it to create extended-release ODT and liquid suspension dosage forms of the medications. It focuses on developing Adzenys XR-ODT, Cotempla XR-ODT and NT-0201.