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 8, 2008
VioQuest
Pharmaceuticals, Inc.
(Exact
name of registrant as specified in its charter)
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Delaware
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000-16686
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58-1486040
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(State
or other jurisdiction of incorporation)
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(Commission
File Number)
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(IRS
Employer
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Identification
No.)
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180
Mt. Airy Road, Suite 102
Basking
Ridge, NJ 07920
(Address
of principal executive offices)
(908)
766-4400
(Registrant's
telephone number, including area code)
N/A
(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))
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Item
1.01
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Entry
into a Material Definitive
Agreement.
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On
July
8, 2008, VioQuest Pharmaceuticals, Inc. (the “Company”) amended its Escrow
Agreement, dated October 18, 2005, by and among the Company, J. Jay Lobell
(the
“Stockholders’ Representative”), U.S. Bank National Association (the “Escrow
Agent”) and Greenwich Therapeutics, Inc., to extend the Escrow Termination Date
until June 30, 2009. The amendment was made effective as of June 30, 2008,
and
replaced the original Escrow Termination Date of the same date. The Company
received a copy of a claim, dated June 25, 2008, from the Stockholders’
Representative to the Escrow Agent requesting the release of a portion of the
Company’s securities held by the Escrow Agent arising upon the Company’s
achievement of a milestone. The Company disputed the achievement of the
milestone and the parties resolved the dispute by entering into the amendment.
All other obligations set forth in the original Escrow Agreement remain in
full
force and effect.
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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
July
9, 2008, the Company and Brian Lenz, the Company’s Chief Financial Officer,
agreed to reduce Mr. Lenz’s annualized base salary from $185,000 to $92,500,
effective on July 16, 2008.
SIGNATURE
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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VioQuest
Pharmaceuticals, Inc.
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Date:
July 10, 2008
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By: |
/s/ Brian
Lenz |
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Brian
Lenz
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Chief
Financial Officer
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