<SEC-DOCUMENT>0001079973-16-001190.txt : 20160919
<SEC-HEADER>0001079973-16-001190.hdr.sgml : 20160919
<ACCEPTANCE-DATETIME>20160919165609
ACCESSION NUMBER:		0001079973-16-001190
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20160919
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20160919
DATE AS OF CHANGE:		20160919

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Venaxis, Inc.
		CENTRAL INDEX KEY:			0001167419
		STANDARD INDUSTRIAL CLASSIFICATION:	IN VITRO & IN VIVO DIAGNOSTIC SUBSTANCES [2835]
		IRS NUMBER:				841553387
		STATE OF INCORPORATION:			CO
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-33675
		FILM NUMBER:		161892251

	BUSINESS ADDRESS:	
		STREET 1:		1585 S. PERRY STREET
		CITY:			CASTLE ROCK
		STATE:			CO
		ZIP:			80104
		BUSINESS PHONE:		(303) 794-2000

	MAIL ADDRESS:	
		STREET 1:		1585 S. PERRY STREET
		CITY:			CASTLE ROCK
		STATE:			CO
		ZIP:			80104

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	AspenBio Pharma, Inc.
		DATE OF NAME CHANGE:	20051110

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ASPENBIO INC
		DATE OF NAME CHANGE:	20020213
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<div style="FONT-SIZE: 18pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">UNITED STATES</div>

<div style="FONT-SIZE: 18pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">SECURITIES AND EXCHANGE COMMISSION</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">WASHINGTON, DC 20549</div>

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<div style="FONT-SIZE: 18pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">FORM 8-K</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">CURRENT REPORT</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">PURSUANT TO SECTION 13 OR 15(d) OF THE<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><br>
</font> SECURITIES EXCHANGE ACT OF 1934</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">Date of Report (Date of earliest event reported) September 19, 2016</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">(Exact name of Registrant as specified in its charter)</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">1585 South Perry Street<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><br>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">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):</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">&#9744;&#160;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">&#9744;&#160;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">&#9744;&#160;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">&#9744;&#160;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</div>

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<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Item 7.01 Regulation FD Disclosure.</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Stephen Lundy, the President and Chief Executive Officer of Venaxis, Inc., a Colorado corporation (the "Company") is providing the attached letter to the shareholders of the Company.&#160; The letter to shareholders attached as Exhibit 99.1 to this Form 8-K is incorporated herein by reference.</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Item 9.01 Financial Statements and Exhibits.</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">(d) Exhibits</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">The following exhibit is furnished herewith:</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">99.1</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Venaxis, Inc. Letter to Shareholders, dated September 19, 2016.</div>
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<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">SIGNATURES</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">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, thereunto duly authorized.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Venaxis, Inc.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">/s/ Jeffrey McGonegal</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Jeffrey McGonegal</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-TOP: 9pt; TEXT-ALIGN: left; CLEAR: both">Date: September 19, 2016</div>

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<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">EXHIBIT INDEX</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">99.1</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Venaxis, Inc. Letter to Shareholders, dated September 19, 2016.</div>
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<div style="TEXT-ALIGN: right">Exhibit 99.1</div>

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<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">September 19, 2016</div>

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<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Dear Venaxis Shareholders:</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">On behalf of the Venaxis Board of Directors, I would like to take this opportunity to provide further information regarding our decision to acquire a controlling interest in BiOptix Diagnostics, Inc., including how Venaxis intends to execute on the BiOptix opportunity and return long-term value to all of our shareholders.&#160; I will also take this opportunity to respond to the recent Schedule 13D filings made with the SEC by Mr. Barry Honig.</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">On investor calls over the past twelve to eighteen months, I have described the process employed by the Venaxis Board and management to evaluate potential merger and/or acquisition opportunities.&#160; Our focus has been primarily on companies in the life science space with commercial stage products and services in which we could leverage our assets to maximize long-term value for the Venaxis shareholders. We have further focused on opportunities where the Venaxis capital and public company listing status would also potentially lead to significant value inflection.&#160; Our goal during this process was to evaluate as many high quality opportunities meeting our criteria as possible while conserving cash.&#160;&#160; During this process we extensively interviewed dozens of companies, negotiated with a number of promising targets, and conducted diligence on several companies, including BiOptix.</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">The decision to ultimately acquire BiOptix represented our assessment, after diligence was completed, that the acquisition of BiOptix, including its commercial stage products, represented, in the view of the Board and management, the best opportunity available to Venaxis to create value for our shareholders.&#160; Let me explain why.&#160; First, the market for label-free instrumentation for drug discovery is large and growing, with multiple potential customers, including pharmaceutical companies, life science companies, academic research institutions and contract research organizations.&#160;&#160; While we certainly recognize that there are large competitors in this estimated $1 billion market, we believe there is room for BiOptix, which has developed a product with significant performance and cost advantages.&#160; As a smaller company in the space, BiOptix has a significant opportunity to differentiate itself through its science and technical support.&#160; Second, our interviews with BiOptix customers and pipeline prospects, conducted as part of our diligence process, reflected their delight with the BiOptix product, team and approach to the market.&#160;&#160;Third, our technical diligence on the BiOptix 404pi product reflected a highly credible team, which has developed a solid product platform using technology which is scalable to future high value products.&#160; Finally, the main things BiOptix was missing were the resources needed to fully launch their product and to provide services in the field required to sell and service the 404pi product, and management with proven commercial experience.&#160;&#160; It was our assessment of the BiOptix commercial plan that a relatively modest investment in commercialization of the 404pi product could create significant momentum for this commercial stage company.</div>

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<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Another major factor the Venaxis Board considered in choosing the BiOptix acquisition was the significant value received for the consideration paid, which was approximately 14% of current Venaxis outstanding stock. No cash was needed to be used in the execution of this transaction.&#160; We believe this provides tremendous value, particularly considering that over $20 million was previously invested to develop the 404pi instrument and bring the product to market.&#160;&#160; With no regulatory barriers, such as FDA approval requirements, needed to market the 404pi, our funds will be deployed to grow sales, improve the product and develop next generation systems.&#160; We believe the investment in commercialization will result in a potentially significant return to our shareholders.</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Let me now address the accusations made by Mr. Honig in his recent Schedule 13D filings:</div>

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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">1.</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">Mr. Honig asserts that the BiOptix transaction was an "inside job" which we executed quickly and with limited diligence.</td>
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<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 36pt">As mentioned earlier, Venaxis evaluated many companies before choosing BiOptix.&#160; Our first significant meeting with BiOptix was in April 2016 and we carefully conducted diligence on BiOptix (and other companies) after that.&#160; While Mr. Jeffrey Peierls, who is a long-term investor in Venaxis with minimal holdings and a larger investor in BiOptix, made the initial introduction, Venaxis evaluated the business and made the decision to acquire BiOptix separate of any influence by Mr. Peierls.&#160; As stated in the attached letter, he fervently objects to the unfounded accusations of Mr. Honig.</div>

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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">2.</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">Mr. Honig asserts that the decision to acquire BiOptix was made to entrench the Venaxis management team and Board.</td>
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<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 36pt">While many of the opportunities we evaluated did involve potential transactions where the Venaxis management and Board would not have been in control after the transaction, we did not select the BiOptix transaction to entrench the Venaxis Board and management team.&#160; Instead, we believe it is an advantage to the combined company that the skills and experience of our management team and Board provide additional assets to the combined company.&#160; We were willing to, and did, consider potential transactions where such control would not have been present, the Strand transaction (which was announced but ultimately terminated) is an example.&#160; During our evaluation process, Mr. Honig brought to my attention several companies which fell into this category, including some where he owned a stake or had a relationship with the potential target.&#160; As Mr. Honig is well aware, we were open to looking at companies he brought forward and we met with the management teams and conducted preliminary diligence on two of these companies during the process.&#160; After our process, we determined that the BiOptix transaction, which can use the skills of the current management team and Board of Venaxis to complement and enhance the BiOptix team, coupled with the value acquired for the consideration paid, and the ability to deploy our capital and public company experience in a large potential market for a commercial-ready product created potential long-term value for all of our shareholders.&#160; As I mentioned in the investor call on September 14, 2016, our Nominating and Corporate Governance Committee of the Board is evaluating the skills, qualifications and experience of one or more of the legacy BiOptix directors, and we may add to our Board to further enhance the experience and background of our Board members in the relevant industries.</div>

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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">Mr. Honig asserts that I withheld "negative information" about BiOptix from the Venaxis Board.</td>
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<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 36pt">This is not an accurate statement.&#160; My obligation as CEO is to keep our Board informed of all relevant information and I have consistently done so as the CEO of Venaxis.&#160; Mr. Honig has no grounds to impugn my personal integrity and our management team has consistently provided, and our Board has consistently been vigilant in gathering, all relevant facts before making decisions in the exercise of their fiduciary duties for the good of all Venaxis shareholders.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">I find it unfortunate that Mr. Honig has decided to take an adversarial course of action against Venaxis.&#160; Since he became a significant shareholder in the spring of 2016, I have met with and spoken with him on many occasions and have been open to his thoughts and ideas.&#160; When he determined that he wanted to propose a new slate of directors recently, I told him that any shareholder could, of course, follow the Board-approved process to propose Board candidates.&#160; The Venaxis Nominating and Corporate Governance Committee is evaluating the candidates he has proposed.&#160;&#160; Again, the Board is committed to serving as fiduciaries for all of the shareholders of Venaxis.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">In closing, we are excited about moving forward and building value for the Venaxis shareholders by developing and growing the exciting BiOptix opportunity.&#160;&#160; I sincerely request your support as we move forward.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Very best regards&#8230;&#8230;</div>

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<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><br>
</font> Stephen Lundy</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Stephen Lundy<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><br>
</font> President and Chief Executive Officer</div>

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<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">E. Jeffrey Peierls<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><br>
</font>73 South Holman Way<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><br>
</font> Golden, CO 80401</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">September 15, 2016</div>

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<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Stephen T. Lundy<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><br>
</font>Chief Executive Officer<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><br>
</font>Venaxis, Inc.<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><br>
</font>1585 South Perry Street<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><br>
</font> Castle Rock, CO 80104</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Re:</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 36pt; DISPLAY: inline-block">&#160;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Barry Honig's scurrilous letter of September 14th</font></div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Dear Stephen:</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">A friend spotted Mr. Honig's Schedule 13D/A filing this afternoon. I was shocked to see what I consider defamatory allegations that he made against you and the rest of management. And I strongly resent the implication by him that I somehow colluded with you to protect your jobs.&#160; I'm sure that you are aware that Honig's call for a special meeting was never mentioned to me. During our negotiations over the BiOptix acquisition, I did hear that Honig was acquiring a significant ownership in Venaxis stock, and that he was urging Venaxis to enter into transactions that the Board determined were not in the best interest of the company's shareholders.&#160; I did not realize, however, that he was a person who would launch a personal attack against you when you turned down his proposals.</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Mr. Honig has implied that my ownership in Venaxis stock created the perception that the BiOptix acquisition was not done on an arms' length basis. To the contrary, my beneficial ownership, including a modest number of out-of-the-money warrants was in the range of 3% to 4% of Venaxis' outstanding shares before the acquisition. That was apparently far less than his ownership when he was pushing his proposals.</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">If Venaxis shareholders contact you, you might wish to mention my strong preference to receive Venaxis shares for my ownership in BiOptix during our negotiations, rather than being cashed out. I strongly disagree with Mr. Honig's allegations regarding the value of BiOptix' business. I feel that the combination of BiOptix' technology and Venaxis' resources has the potential to make the shares of Venaxis that I received considerably more valuable over a reasonable period of time.</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Please accept my sympathy for being attacked so unfairly. And my best wishes as you build a successful business.</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Best regards,</div>

<div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Jeff</div>
</div>

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