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 September 30, 1996
(Date of earliest event reported)
BRADLEY PHARMACEUTICALS, INC.
(Exact name of registrant as specified in its charter)
New Jersey 33-36120 22-2581418
(State or other jurisdiction Commission File Number) (IRS Employer
of incorporation) Identification
Number)
383 Route 46 West, Fairfield, NJ 07004
(Address of principal executive offices) (Zip Code)
201-882-1505
(Registrant's telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
BRADLEY PHARMACEUTICALS, INC.
Item 1. Legal Proceedings
On September 30, 1996, Bradley Pharmaceuticals, Inc. and its
subsidiary, Doak Dermatologics, Inc. (collectively, the "Company"), entered into
a settlement agreement with Stiefel Canada, Inc., Trans CanaDerm, Inc. and
Louis Vogel and certain other parties (collectively, "Trans CanaDerm") pursuant
to which the lawsuit commenced by Trans CanaDerm on June 5, 1996 against
the Company in the United States District Court for the Southern District of
New York, 96 Civ. 4175 (JFK), was settled with prejudice.
Pursuant to the terms of the settlement, the Company received two
million dollars resulting from settling litigation relating to the sale of the
Company's independent Canadian distributor, Trans CanaDerm, Inc., of which
the Company did not have an ownership position to Stiefel Canada, Inc., a
competitor of the Company and the Company transferred to Trans CanaDerm
all of the Company's rights, title and interest in and to certain Doak
Dermatologics, Inc. products in Canada.
Trans CanaDerm currently distributes several Doak products, as well as
other unrelated brands in Canada, and by virtue of the foregoing transfer and
payment, Trans CanaDerm will continue to market that Doak product line in
Canada. Trans CanaDerm also has agreed to continue to purchase certain
materials used in connection with the manufacture of the transferred Doak
products through December 31, 1997.
BRADLEY PHARMACEUTICALS, INC.
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.
BRADLEY PHARMACEUTICALS, INC.
Date: October 14, 1996 By:/s/ Daniel Glassman
Name: Daniel Glassman
Title: Chairman & Chief Executive Officer
