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PROSPECTUS SUPPLEMENT NO. 22
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Filed pursuant to Rule 424(b)(3) |
(To Prospectus dated May 1, 2006)
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Registration No. 333-133072 |
UROPLASTY, INC.
1,918,809 Shares of Common Stock
and
1,180,928 Shares of Common Stock
Issuable Upon Exercise of Warrants
This prospectus supplement relates to shares of our common stock that may be sold at various
times by certain selling shareholders. You should read this prospectus supplement no. 22, the
prior prospectus supplements and the prospectus dated May 1, 2006, which are to be delivered with
this prospectus supplement. Our May 1, 2006 prospectus is a combined prospectus under Rule 429(a)
of the Securities Act of 1933, as amended, with our prior prospectus dated July 29, 2005 and
supplements thereto (Registration No. 333-126737).
This prospectus supplement contains our Current Report on Form 8-K that we filed with the
Securities and Exchange Commission on April 12, 2007. The attached information supplements and
supersedes, in part, the information contained in the prospectus.
Our common stock is traded on the American Stock Exchange under the symbol UPI. On April 19,
2007, the closing price of our common stock on the American Stock Exchange was $4.54 per share.
This investment is speculative and involves a high degree of risk. See Risk Factors on page 6 of
the prospectus to read about factors you should consider before buying shares of the common stock.
Neither the SEC nor any state securities commission has approved or disapproved these
securities or passed upon the accuracy or adequacy of this prospectus. Any representation to the
contrary is a criminal offense.
Prospectus Supplement dated April 20, 2007
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
Current Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report: April 6, 2007
UROPLASTY, INC.
(Exact name of registrant as specified in charter)
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000-20989
(Commission File No.)
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41-1719250
(IRS Employer Identification No.) |
Minnesota
(State or other jurisdiction of incorporation or organization)
5420 Feltl Road
Minnetonka, Minnesota 55343
(Address of principal executive offices)
952-426-6140
(Registrants telephone number, including area code)
Not Applicable
(Former Name and Address)
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:
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o Written communications pursuant to Rule 425 of the Securities Act (17 CFR 230.425) |
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o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17
CFR 240.14d-2(b)) |
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o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17
CFR 240.13e-4(c)) |
TABLE OF CONTENTS
Item 1.01. Entry into a Material Definitive Agreement
On April 6, 2007, we closed on the previously-announced asset purchase agreement with CystoMedix,
Inc., pursuant to which we acquired solely the intellectual property assets related to our Urgent®
PC neuromodulation system. In consideration, we will issue CystoMedix 1,417,144 shares of our
common stock.
Item 1.02. Termination of a Material Definitive Agreement
In April 2005, we entered into an exclusive manufacturing and distribution agreement, pursuant to
which we manufacture and sell the Urgent PC system in the United States and certain European
countries. That agreement terminated upon the closing, in April 2007, of the asset purchase
agreement.
Item 3.02. Unregistered Sales of Equity Securities
We will issue 1,417,144 unregistered common shares to CystoMedix in consideration for the
intellectual property assets of CystoMedix we acquired under the asset purchase agreement closed in
April 2007. We believe the sale to CystoMedix of our securities will be exempt from the
registration requirements of the Securities Act of 1933, as amended, pursuant to Section 4(2)
thereunder. Among other representations, CystoMedix agreed to acquire the shares for investment
purposes. We will place a restrictive legend on the certificate representing the shares and a stop
transfer order regarding the shares with our transfer agent.
Item 5.05. Amendments to the Registrants Code of Ethics, or Waiver of a Provision of the Code of Ethics
(a) |
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On April 11, 2006, our Board of Directors approved a revised Code of Ethics. Generally, the
revised Code of Ethics is more detailed than our original version. We are filing a copy of
the new version as an exhibit to this report. You can also access a copy of our revised Code
of Ethics at our website (www.uroplasty.com). |
Item 9.01. Financial Statements and Exhibits
(c) Exhibits (filed herewith)
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Exhibit No. |
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Description |
14.1
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Revised Code of Ethics titled Code of Business
Conduct and Ethics for Directors, Officers and Employees |
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99.1
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Press Release dated April 9, 2007 |
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, thereunto duly authorized.
Dated: April 11, 2007
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UROPLASTY, INC.
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By: |
/s/ Mahedi A. Jiwani
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Mahedi A. Jiwani |
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Vice President, Chief Financial Officer and Treasurer |
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UROLASTY, INC.
CODE OF BUSINESS CONDUCT AND ETHICS
FOR DIRECTORS, OFFICERS AND EMPLOYEES
Introduction
This Code of Business Conduct and Ethics covers a wide range of business practices and
procedures for Uroplasty, Inc. This Code does not cover every issue that may arise, but it sets
out basic principles to guide all of our employees, officers and directors.
We expect all of our employees, officers and directors to read and become familiar with the
ethical standards described in this Code, to conduct themselves accordingly and to avoid whenever
possible even the appearance of improper behavior.
Our employees should provide this Code to our agents and representatives, including
consultants. We also expect these persons to follow our Code.
Our Board of Directors is responsible for setting the standards of business conduct contained
in this Code and updating these standards as it deems appropriate to reflect changes in the legal
and regulatory framework that applies to our business, the business practices within our industry
and the prevailing ethical standards of the communities in which we operate. While our Chief
Financial Officer (or other officer designated from time to time by the Board of Directors) will
oversee the procedures designed to implement this Code to ensure that they are operating
effectively, it is the individual responsibility of each of our directors, officers and employees
to comply with this Code.
If a law conflicts with a policy in this Code, you must comply with the law. However, if a
local custom or policy conflicts with this Code, you must comply with the Code. You should refer
questions to your supervisor or to our Chief Financial Officer.
Those individuals who violate the standards in this Code, or who make false attestations as to
their compliance with this Code, will be subject to appropriate disciplinary action, which may
include demotion or termination of employment. If you are in a situation that you believe may
violate or lead to a violation of this Code, follow the guidelines described in Sections 14 and 15
of this Code.
1. Compliance with Laws, Rules and Regulations
Obeying the law, both in letter and in spirit, is the foundation on which our ethical
standards are built. All employees, officers and directors must respect and obey the laws of the
cities, states and countries in which we operate. Although we do not expect all employees,
officers and directors to know the details of these laws, it is important to know enough to
determine when to seek advice from supervisors, managers or other appropriate personnel.
2. Conflicts of Interest
We prohibit conflicts of interest as a matter of Uroplasty policy, except under guidelines
approved by our Board of Directors. A conflict of interest exists when a persons private
interests interfere in any way with the interests of Uroplasty. A conflict situation can arise
when an employee, officer or director takes actions or has interests that may make it difficult to
perform his or her work for Uroplasty objectively and effectively.
Conflicts of interest may also arise when an employee, officer or director, or members of his
or her family, receives improper personal benefits as a result of his or her position within
Uroplasty. We expressly prohibit loans to, or guarantees of obligations of, employees and/or their
family members, which may create conflicts of interest, with the exception of pre-approved loans
from Uroplasty to employees for moving and relocation, or except as otherwise expressly approved,
in writing, by the appropriate officers and/or directors of Uroplasty in accordance with our
written policies.
The best policy is to avoid any direct or indirect business connection with our customers,
suppliers or competitors, except on behalf of Uroplasty. In particular, without the specific
permission of our Chief Financial Officer, no director, officer or employee shall:
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be a consultant to, or a director, officer or employee of, or otherwise operate or have
a significant financial interest in an outside business that markets products or services
in competition with our current or potential products and services or supplies or purchase
products or services to or from us; |
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seek or accept any personal loan or services from any entity with which we do business,
except from financial institutions or service providers offering similar loans or services
to third parties under similar terms in the ordinary course of their respective businesses;
or |
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be a consultant to, or a director, officer or employee of, or otherwise operate an
outside business if the demands of the outside business would interfere with the
directors, officers or employees responsibilities to us (if in doubt, consult your
supervisor or our Chief Financial Officer). |
Employees must notify and inform our Board of Directors prior to accepting an appointment to
the board of directors or the advisory board of any public or privately held company. Our Board of
Directors will analyze and discuss the disclosure requirements and other possible conflict of
interest issues involved at the time of any such notification.
Conflicts of interest may not always be clear-cut, so if an employee has a question, he or she
should consult with his or her supervisor or our Chief Financial Officer. Any employee, officer or
director who becomes aware of an actual or apparent conflict or potential conflict should bring it
to the attention of a supervisor, manager or other appropriate personnel or consult the procedures
described in Section 15 of this Code.
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3. Insider Trading
Employees, officers and directors who have access to confidential information about Uroplasty,
its business relationships and operations may not use or share that information for stock trading
purposes or for any other purpose except the conduct of our business. All non-public information
about Uroplasty, its business relationships and operations is considered confidential information.
Using nonpublic information for personal financial benefit or to tip others who might make an
investment decision on the basis of this information is not only unethical but also illegal. In
order to assist us in our efforts to ensure compliance with laws against insider trading, we have
adopted a specific policy governing employees trading in securities of Uroplasty. We will make
this policy available to every employee and director. If you have any questions, please consult
our Chief Financial Officer.
4. Corporate Opportunities
We prohibit our employees, officers and directors from personally taking advantage of
opportunities that are discovered through the use of corporate property, information or position
without the consent of our Board of Directors. No employee or director may use corporate property,
information or position for improper personal gain, and no employee may compete with Uroplasty
directly or indirectly. Employees, officers and directors owe a duty to Uroplasty to advance its
legitimate interests when the opportunity to do so arises.
5. Competition and Fair Dealing
We seek to outperform our competition fairly and honestly. We seek competitive advantages
through superior performance, never through unethical or illegal business practices. Stealing
proprietary information, possessing trade secret information that was obtained without the owners
consent, or inducing such disclosures by past or present employees of other companies is
prohibited. Each of our employees should endeavor to respect the rights of and deal fairly with
our customers, suppliers, competitors and employees. None of our employees should take unfair
advantage of anyone through manipulation, concealment, abuse of privileged information,
misrepresentation of material facts, or any other intentional unfair-dealing practice.
To build and maintain our valuable reputation, compliance with our quality processes and
safety requirements is essential. In the context of ethics, quality requires that we design and
manufacture our products and services to meet our obligations to customers. We expect employees to
handle all inspection and testing documents in accordance with all applicable regulations.
The purpose of business entertainment and gifts in a commercial setting is to create goodwill
and sound working relationships, not to gain unfair advantage with customers. No employee,
director or agent, or family members thereof, may offer, give, provide or accept a gift or
entertainment unless it: (1) is not a cash gift; (2) is consistent with customary business
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practices; (3) cannot be construed as a bribe or payoff and (4) does not violate any laws or
regulations. Business gifts given or received should be of nominal value. Employees should
discuss with their supervisors or our Chief Financial Officer any gifts or proposed gifts that they
are not certain are appropriate.
6. Discrimination and Harassment
The diversity of our employees, officers and directors is a tremendous asset and resource. We
are firmly committed to providing equal opportunity in all aspects of employment and will not
tolerate any illegal discrimination or harassment of any kind. Examples include derogatory
comments based on racial or ethnic characteristics, sexual preference, religious beliefs and
unwelcome sexual advances.
7. Health and Safety
We strive to provide each of our employees with a safe and healthy work environment and to
conduct our activities in full compliance with all applicable environmental laws. Each of our
employees has responsibility for maintaining a safe and healthy workplace for all employees by
following safety and health rules and practices and reporting accidents, injuries and unsafe
equipment, practices or conditions.
We do not permit violence and threatening behavior. Employees should report to work in
condition to perform their duties, free from the influence of illegal drugs or alcohol. We will
not tolerate the use of illegal drugs in the workplace.
8. Record-Keeping
We require honest and accurate recording and reporting of information in order to make
responsible business decisions. For example, employees should report only the true and actual
number of hours worked.
Many employees regularly use business expense accounts, which must be documented and recorded
accurately. If you are not sure whether a certain expense is legitimate, ask your supervisor or
our Chief Financial Officer. We must maintain all of our books, records, accounts and financial
statements in reasonable detail so that they appropriately reflect Uroplastys transactions and
conform both to applicable legal requirements and to our system of internal controls. We prohibit
unrecorded or off the books funds, assets or obligations and you should not maintain them.
Business records and communications often become public, and we should avoid exaggeration,
derogatory remarks, guesswork or inappropriate characterizations of people and companies that other
may misunderstand. This policy applies equally to e-mail, internal memos, and formal reports. You
should retain or destroy records according to our record retention
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policies. In accordance with those policies, in the event of litigation or governmental
investigation please consult our Chief Financial Officer.
9. Confidentiality
Employees, officers and directors must not disclose confidential information entrusted to them
by us or our customers, except when disclosure is authorized by our legal counsel, or as may
otherwise be required by applicable laws or regulations. Confidential information includes all
non-public information that might be of use to competitors, or harmful to us or our customers, if
disclosed. Confidential information also includes information that suppliers and customers have
entrusted to us.
Maintaining confidentially includes ensuring that access to work areas and computers is
properly controlled, and refraining from discussions of sensitive matters in public places, such as
elevators, hallways, restaurants and restrooms. Not disclosing confidential information means not
communicating the information by any means including, without limitation, orally, in writing, or
electronically (e.g., in person or via telephone, mail, fax, email, Internet chat rooms, posting
to community bulletin boards or otherwise). In addition to the foregoing, you are also prohibited
from using any proprietary or confidential information for any unauthorized purpose, including for
your own personal gain. The obligation to preserve confidential information continues even after
employment or directorship terminates.
10. Protection and Proper Use of Uroplasty Assets
All employees, officers and directors should endeavor to protect our assets and ensure their
efficient use. Theft, carelessness and waste have a direct impact on our profitability. Any
suspected incident of fraud or theft should be immediately reported for investigation. Uroplasty
equipment should not be used for non-company business, though we may permit incidental personal
use.
The obligation of our employees, officers and directors to protect our assets includes our
proprietary information. Proprietary information includes intellectual property such as trade
secrets, patents, trademarks and copyrights, as well as business, marketing and service plans,
engineering and manufacturing ideas, designs, databases, records, salary information and any
unpublished financial data and reports. Unauthorized use or distribution of this information would
violate Uroplasty policy, and it also could be illegal and result in civil or criminal penalties.
11. Payments to Government Personnel
The U.S. Foreign Corrupt Practices Act prohibits giving anything of value, directly or
indirectly, to officials of foreign governments or foreign political candidates in order to obtain
or retain business. Making illegal payments to government officials of any country is strictly
prohibited. In addition, the U.S. government has a number of laws and regulations regarding
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business gratuities that may be accepted by U.S. government personnel. The promise, offer or
delivery to an official or employee of the U.S. government of a gift, favor or other gratuity in
violation of these rules would not only violate Uroplasty policy but could also be a criminal
offense. State and local governments, as well as foreign governments, may have similar rules.
Questions and/or requests for interpretations should be reviewed and all actions pre-approved by
our legal counsel.
12. Anti-Boycott Laws
U.S. law prohibits U.S. persons from taking actions or entering into agreements that have the
effect of furthering any unsanctioned boycott of a country that is friendly to the United States.
This prohibition applies to persons located in the United States (including individuals and
companies), U.S. citizens and permanent residents anywhere in the world and most activities of U.S.
subsidiaries abroad. In general, these laws prohibit the following actions (and agreements to take
such actions) that could further any boycott not approved by the United States: (1) refusing to do
business with other persons or companies (because of their nationality, for example); (2)
discriminating in employment practices; (3) furnishing information on the race, religion, gender,
or national origin of any U.S. person; (4) furnishing information about any persons affiliations
or business relationships with a boycotted country or with any person believed to be blacklisted by
a boycotting country; or (5) utilizing letters of credit that contain prohibited boycott
provisions.
We are required to report any request to take action, or any attempt to reach agreement on
such action, that would violate these prohibitions. Each employee should understand the policies
of their business unit that are designed to ensure compliance with these laws. All employees
should also be alert to the fact that boycott-related requests can be subtle and indirect.
Questions and/or requests for interpretations should be reviewed and all actions pre-approved by
our outside legal counsel.
13. U.S. Embargoes and Sanctions
We engage in a significant amount of international trade. We comply fully with U.S. economic
sanctions and embargoes restricting U.S. persons, corporations and, in some cases, foreign
subsidiaries, from doing business with certain countries, groups and individuals, including
organizations associated with terrorist activity and narcotics trafficking. Economic sanctions may
prohibit doing business of any kind with targeted governments and organizations, as well as
individuals and entities that act on their behalf. U.S. economic sanctions also may restrict
investments in certain targeted countries, as well as trading in goods, technology and services
with a targeted country. U.S. persons may not approve or facilitate transactions by a third party
that the U.S. person could not do directly. Questions and/or requests for interpretations should
be reviewed and all actions pre-approved by our outside legal counsel.
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14. Reporting Fraud or any other Illegal or Unethical Behavior
All employees are responsible for reporting fraud, falsification of records or reports,
misappropriation of funds or other assets of Uroplasty and other irregularities. Managers should
become familiar with the types of irregularities that might occur in their area of responsibility.
Fraud applies to any irregularity or suspected irregularity related to our business and involving
employees, vendors, or persons that provide service or materials.
Employees, officers and directors are encouraged to talk to supervisors, managers or other
appropriate personnel about observed fraudulent, illegal or unethical behavior and, when in doubt,
about the best course of action in a particular situation. If you suspect fraud, do not discuss
the matter with any of the individuals involved and do not attempt to investigate or determine
facts on your own. To report fraudulent, illegal or unethical behavior, or if you have a question
regarding the appropriate course of action, follow the guidelines described in Section 15 of this
Code. It is our policy not to allow retaliation for reports of misconduct by others made in good
faith by employees. We expect employees to cooperate in internal investigations of misconduct.
Our Chief Financial Officer will investigate any reported violations and will oversee an
appropriate response, including corrective action and preventative measures.
Employees must read our Employee Complaint Procedures for Accounting and Auditing Matters
below (Section 17), which describes our procedures for the receipt, retention and treatment of
complaints that we receive regarding accounting, internal accounting controls or auditing matters.
Any employee may submit a good faith concern regarding questionable accounting or auditing matters
without fear of dismissal or retaliation of any kind.
15. Compliance Procedures
We must all work to ensure prompt and consistent action against violations of this Code.
However, in some situations it is difficult to know if a violation has occurred. Since we cannot
anticipate every situation that will arise, it is important that we have a way to approach a new
question or problem. All employees should keep the following steps keep in mind when evaluating a
possible violation of the Code:
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Make sure you have all the facts. In order to reach the right solutions, we must be as
fully informed as possible. |
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Ask yourself: What specifically am I being asked to do? Does it seem unethical or
improper? This question will enable you to focus on the specific situation you are faced
with and the alternatives you may have. Use your judgment and common sense; if something
seems unethical or improper, it probably is. |
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Clarify your responsibility and role. In most situations, there is shared
responsibility. Are your colleagues informed? If so, it may help to get others involved
and discuss the problem. |
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Discuss the problem with your supervisor. This recommendation is basic guidance for all
situations. In many cases, your supervisor will be more knowledgeable about the question,
and will appreciate being brought into the decision-making process. Remember that it is
your supervisors responsibility to help solve problems. |
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Seek help from Uroplasty resources. In the rare case where it may not be appropriate to
discuss an issue with your supervisor, or in situations where you do not feel comfortable
approaching your supervisor with your question, please discuss the issue with our Chief
Financial Officer. |
You may report the ethical violations in confidence and without fear of retaliation. If your
situation requires that your identity be kept secret, we will take steps to ensure your anonymity
will be protected. We do not permit retaliation of any kind against employees for good faith
reports of ethical violations.
16. Code of Ethics for Senior Financial Officers
Our Chief Executive Officer and Chief Financial Officer and the other senior financial
officers performing similar functions who have been identified by our Chief Executive Officer
(collectively, the Senior Financial Officers) are responsible for full, fair, accurate, timely
and understandable disclosure in the periodic reports that we are required to file with the
Securities and Exchange Commission. In addition to being bound by all other provisions of our Code
of Business Conduct and Ethics, our Chief Executive Officer and all Senior Financial Officers are
subject to the following specific provisions:
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Each Senior Financial Officer shall act with honesty and integrity in the performance of
his or her duties at Uroplasty, shall comply with laws, rules and regulations of federal,
state and local governments and other private and public regulatory agencies that affect
the conduct of our business and our financial reporting. |
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Each Senior Financial Officer is prohibited from directly or indirectly taking any
action to interfere with, fraudulently influence, coerce, manipulate or mislead our
independent registered public accountants in the course of any audit of our financial
statements or accounting books and records. |
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Each Senior Financial Officer shall promptly bring to the attention of the internal
management disclosure team any material information of which he or she may become aware
that could affect the disclosures made by us in our public filings or otherwise assist
management in fulfilling its responsibilities. |
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Each Senior Financial Officer shall promptly bring to the attention of our internal
management disclosure team and the Audit Committee of our Board of Directors any |
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information he or she may have concerning (a) significant deficiencies in the design or
operation of internal controls which could adversely affect our ability to record, process,
summarize and report financial data or (b) any fraud, whether or not material, that involves
management or other employees who have a significant role in our financial reporting,
disclosures or internal controls. |
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Each Senior Financial Officer shall promptly bring to the attention of the Audit
Committee of our Board of Directors any information he or she may have concerning any
violation of this Code by any employee who has a significant role in our financial
reporting, disclosures or internal controls. |
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Each Senior Financial Officer shall promptly bring to the attention of our Chief
Financial Officer and the Audit Committee of our Board of Directors any information he or
she may have concerning evidence of a material violation of the securities or other laws,
rules or regulations that apply to us and the operation of our business, by us or any of
our agents, or of violation of this Code or of these additional procedures. |
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Each Senior Financial Officer shall promptly bring to the attention of our Chief
Financial Officer and the Audit Committee of our Board of Directors any material
transaction or relationship that arises and of which he or she becomes aware that
reasonably could be expected to give rise to an actual or apparent conflict of interest. |
Our Board of Directors shall determine, or designate appropriate persons to determine,
appropriate actions to be taken in the event of violations of this Code by our Senior Financial
Officers. Such actions shall be reasonably designed to deter wrongdoing and to promote
accountability for adherence to this Code, and may include written notices to the individual
involved that our Board has determined that there has been a violation, censure by our Board,
demotion or re-assignment of the individual involved, suspension with or without pay or benefits
and termination of the individuals employment.
17. Employee Complaint Procedures for Accounting and Auditing Matters
Any of our employees may submit a good faith complaint regarding accounting or auditing
matters to our management without fear of dismissal or retaliation of any kind. We are committed
to achieving compliance with all applicable securities laws and regulations, accounting standards,
accounting controls and audit practices. The Audit Committee of our Board of Directors will
oversee treatment of employee concerns in this area.
In order to facilitate the reporting of employee complaints, the Audit Committee of our Board
of Directors has established the following procedures for (1) the receipt, retention and treatment
of complaints regarding accounting, internal accounting controls or auditing matters and (2) the
confidential, anonymous submission by employees of concerns regarding questionable accounting or
auditing matters (collectively, Accounting Matters).
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Receipt of Employee Complaints
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Employees with concerns regarding Accounting Matters may report their concerns to our
Chief Financial Officer. |
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Employees may forward complaints on a confidential or anonymous basis to the Chairman of
our Audit Committee of our Board of Directors via e-mail at the following address:
auditchair@uroplasty.com. |
Scope of Matters Covered by these Procedures
These procedures relate to employee complaints relating to any Accounting Matters, including,
without limitation, the following:
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fraud or deliberate error in the preparation, evaluation, review or audit of any of our
financial statements; |
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fraud or deliberate error in the recording and maintaining of any of our financial
records; |
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deficiencies in or noncompliance with the our internal accounting controls; |
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misrepresentation or false statement to or by a senior officer or accountant with
respect to a matter contained in our financial records, financial statements or audit
reports; or |
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deviation from full and fair reporting of our financial condition. |
Treatment of Complaints
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Upon receipt of a complaint, our Chief Financial Officer or the Chairman of our Audit
Committee, as appropriate, will (1) determine whether the complaint actually pertains to
Accounting Matters and (2) when possible, acknowledge receipt of the complaint to the
sender. |
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Our Audit Committee will direct and oversee the review of complaints relating to
Accounting Matters by our Chief Financial Officer or another senior officer designated by
our Audit Committee (or such other persons as our Audit Committee determines to be
appropriate). We will maintain confidentiality to the fullest extent possible, consistent
with the need to conduct an adequate review. |
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Our Audit Committee will take prompt and appropriate corrective action when and as
warranted in its judgment. |
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We will not discharge, demote, suspend, threaten, harass or in any manner discriminate
against any employee in the terms and conditions of his or her employment based upon any
lawful actions of such employee with respect to good faith reporting of complaints
regarding Accounting Matters or otherwise as specified in Section 806 of the Sarbanes-Oxley
Act of 2002. |
Reporting and Retention of Complaints and Investigations
Our Chief Financial Officer will maintain a log of all complaints, tracking their receipt,
investigation and resolution and shall prepare a periodic summary report thereof for our Audit
Committee. We will maintain copies of complaints and such log as directed by our Audit Committee.
18. Waivers and Amendments of this Code
We will make every effort to resolve potential conflicts of interest or potential violations
of this Code when these situations are disclosed promptly to management and the parties involved
have acted in good faith. In the unlikely event we cannot resolve potential conflicts of this
Code, we will grant waivers only for matters where it is absolutely appropriate under the
circumstances and granting of such a waiver will not present a material financial or reputational
risk to Uroplasty. Any waiver for executive officers and directors must be approved, in advance,
by our full Board of Directors. We will disclose any waiver of this Code for any director or
executive or amendments to this Code either on a Current Report on Form 8-K within the period
required by that Form 8-K or in any other manner permitted by the Securities and Exchange
Commission.
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NEWS RELEASE
UROPLASTY ANNOUNCES THE CLOSE OF THE AGREEMENT TO PURCHASE URGENT® PC
INTELLECTUAL PROPERTY ASSETS
UROPLASTY TO HOST AUDIO CONFERENCE CALL ON APRIL 16
MINNEAPOLIS, MN, April 10, 2007 Uroplasty, Inc. (AMEX:UPI) announced it has closed on the
previously-announced agreement to purchase from CystoMedix, Inc. certain intellectual property
assets related to its Urgent® PC neuromodulation system. The agreement also provided
for the termination of the April 2005 exclusive manufacturing and distribution agreement with
CystoMedix.
In consideration, Uroplasty issued CystoMedix 1,417,144 shares of Uroplasty common stock. With the
issuance of the shares to CystoMedix, Uroplasty will have 13.0 million common shares outstanding.
Uroplasty also announced that it will host an audio conference call on Monday, April 16, at 3.30
Central Time to review its strategic objectives for the fiscal year starting on April 1. David
Kaysen, President and Chief Executive Officer and Medi Jiwani, Vice President, Chief Financial
Officer and Treasurer will host the call. Listeners wishing to participate in the conference call
should call toll free at 1-888-868-9083. The conference call ID number is 867-5221. A digital
recording at toll free telephone number 1-877-519-4471 (ID number 867-5221) will be available
starting 2 hours after the completion of the conference call through May 15, 2007.
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Uroplasty, Inc., headquartered in Minnetonka, Minnesota, with wholly-owned subsidiaries in The
Netherlands and the United Kingdom, is a medical device company that develops, manufactures and
markets innovative, proprietary products for the treatment of voiding dysfunctions. Our minimally
invasive products treat urinary and fecal incontinence, symptoms of overactive bladder and
vesicoureteral reflux. Additionally, some of our soft-tissue bulking agent products are used for
the treatment of vocal cord rehabilitation and for augmentation or restoration of soft tissue
defects in plastic surgery indications. Some of our products are not approved for use in the U.S.
The Private Securities Litigation Reform Act of 1995 provides a safe harbor for certain
forward-looking statements. This press release contains forward-looking statements, which reflect
our views regarding future events and financial performance. These forward-looking statements are
subject to certain risks and uncertainties, including those identified below, which could cause
actual results to differ materially from historical results or those anticipated. The words aim,
believe, expect, anticipate, intend, estimate and other expressions, which indicate
future events and trends, identify forward-looking statements. Actual future results and trends
may differ materially from historical results or those anticipated depending upon a variety of
factors,
including, but not limited to: the effect of government regulation, including when and if we
receive approval for marketing products in the United States; the impact of international currency
fluctuations on our cash flows and operating results; the impact of technological innovation and
competition; acceptance of our products by physicians and patients, our historical reliance on a
single product for most of our current sales; our ability to commercialize our recently licensed
product lines; our intellectual property and the ability to prevent competitors from infringing our
rights; the ability to receive third party reimbursement for our products; the results of clinical
trials; our continued losses and the possible need to raise additional capital in the future; our
ability to manage our international operations; our ability to hire and retain key technical and
sales personnel; our dependence on key suppliers; future changes in applicable accounting rules;
and volatility in our stock price. We cannot assure that our Urgent PC product will generate our
expected sales or profitability. Uroplasty undertakes no obligation to update or revise these
forward-looking statements to reflect new events or uncertainties.
FOR FURTHER INFORMATION: visit Uroplastys
web page at www.uroplasty.com or contact Mr. Kaysen,
President & CEO, or Medi Jiwani, Vice President, CFO and Treasurer.
UROPLASTY, INC.
5420 Feltl Road
Minnetonka, Minnesota 55343
Tel: 952.426.6140
Fax: 952.426.6199