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 Earliest Event Reported): April 27, 2007
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TRANSDERM LABORATORIES CORPORATION
(Exact Name of Registrant as Specified in its Charter)
Delaware 0-27642 13-3518345
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(State of other jurisdiction (Commission (I.R.S. Employer
of incorporation or File Number) Identification No.)
organization Number)
101 Sinking Springs Lane, Emigsville, PA 17318
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(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code: (717) 764-1191
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(Former name or former address, if changed since last report)
Item 1.02 Termination of a Material Definitive Agreement.
By letter dated April 26, 2007 and received on April 27, 2007, Key
Pharmaceuticals, Inc. notified the registrant that it had terminated the License
Agreement between the parties dated March 13, 2000 as a result of its failure to
make royalty payments due under the agreement. The License Agreement granted
Hercon Laboratories Corporation, 98.5% of the outstanding stock of which is
owned by Transderm Laboratories Corporation, the right to use certain
intellectual property developed by Key, including technology covered by a US
patent, in the transdermal nitroglycerin patch products the company sells. The
letter demands that Hercon immediately cease manufacturing, using, importing and
selling drug-in-adhesive transdermal nitroglycerin patch products that
incorporate Key's technology.
Transderm's board of directors continues to negotiate with Key in the hope
that it can enter into a settlement with Key as to the payment of the past due
royalties.
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.
TRANSDERM LABORATORIES CORPORATION
Dated: May 2, 2007
By: /s/ Andy E. Yurowitz
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Andy E. Yurowitz, President