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This article was originally published in The Tan Sheet

Executive Summary

CEO Rodney Young, board member Donald Wegmiller resign from the firm in early August. LecTec co-founder and director Alan Hymes, MD, will serve as the firm's chairman and CEO until further notice. TheraPatch marketer is seeking a buyer, strategic investor or partner to boost its financials and satisfy NASDAQ listing requirements (1"The Tan Sheet" Dec. 9, 2002, In Brief)...

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TheraPatch marketer hopes to "find a strategic investor, partner or an acquirer which will enable us to once again satisfy the NASDAQ SmallCap listing requirements," firm says in Nov. 27 release announcing NASDAQ stock delisting due to failure to satisfy minimum bid price and stockholder equity standards. Firm's issue now trades on OTC Bulletin Board. In 1LecTec's third quarter 10-Q filing, firm says it expects to "continue to operate at a net loss and experience negative cash flow...for the foreseeable future." While it has sufficient cash to fund operations through year end, future activities "will require additional investments...of equity or debt either by outside investors or as part of a business combination transaction." Firm reported a net loss of $370,461 in Q3, compared to a $1.2 mil. loss in the year-ago period...

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