On March 13, 2017, the employment of Jonathan H. McGrael, our Vice President of Commercial Operations, terminated, as a result of which he will receive payment equal to six months of salary and an allowance for relocation-related expenses, as well as the vesting in full of his unvested options to purchase an aggregate of 40,000 shares of our common stock and his 140,000 restricted shares.


Other Events.

In our third fiscal quarter of 2017, we sold all of the shares of common stock of Acerus Pharmaceutics Corporation that we acquired in April 2016 for approximately $2.0 million as a condition to our licensing of Natesto. The per share purchase price was Cdn. $0.207. Acerus common stock is traded on the Toronto Stock Exchange under the symbol ASP. The gross proceeds from the sale of the Acerus shares was approximately $1.1 million.


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 17, 2017


/s/ Gregory A. Gould


Gregory A. Gould


Chief Financial Officer

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