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 (Date of earliest event reported): January
1, 2007
MEDASORB
TECHNOLOGIES CORPORATION
(Exact
name of registrant as specified in its charter)
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Nevada
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000-51038
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98-0373793
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(State
or other
jurisdiction
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(Commission
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(I.R.S.
Employer
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of
incorporation)
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File
Number)
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Identification
Number)
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7
Deer
Park Drive, Suite K, Monmouth Junction, New Jersey 08852
(Address
of principal executive office) (Zip Code)
Registrant’s
telephone number, including area code: (732)
329-8885
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):
o Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
o Soliciting
material pursuant to Rule 14a-12 under
the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement
communications pursuant to Rule
14d-2(b) under the Exchange Act (17
CFR
240.14d-2(b))
o Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13c-4(c))
Item
5.02. Departure
of Directors or Principal Officers; Election of Directors; Appointment of
Principal Officers; Compensatory Arrangements of Certain
Officers.
Appointment
of William R. Miller as Chairman of the Board
Effective
January 1, 2007, William R. Miller, 78, was appointed to our Board of Directors
to serve as its Chairman.
Mr.
Miller served as Vice Chairman of the Board of Directors of the Bristol-Myers
Squibb Company from 1985 until 1991, at which time he retired. Mr. Miller has
served as a director of ImClone Systems Incorporated since June 1996 and also
serves as the Chairman of the Board of Vion Pharmaceuticals, Inc. Mr. Miller
previously served as Chairman of Cold Spring Harbor Laboratory, a non-profit
institution, and the Pharmaceutical Manufacturers Association. Mr. Miller is
also a Trustee of the Manhattan School of Music, a director of the Opera
Orchestra of New York and a Managing Director of the Metropolitan Opera
Association. Mr. Miller earned his M.A. in Philosophy, Politics and Economics
from St. Edmund Hall, Oxford University, Oxford, England.
In
connection with his appointment as Chairman of the Board, we agreed to
compensate Mr. Miller at the rate of $20,000 per annum, and have issued Mr.
Miller a ten year option to purchase 200,000 shares of our Common Stock at
a
price of $1.65 per share (the last reported sales price on the OTC Bulletin
Board on December 29, 2006). We have also agreed to issue to Mr. Miller in
2008,
to the extent he continues to serve as our Chairman, an additional option to
purchase 100,000 shares of Common Stock.
Salary
Increases; Annual Bonus
Effective
January 1, 2006 the annual bases salaries of the executive officers listed
below
were increased as follows:
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Al
Kraus, President and Chief Executive Officer
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$216,351
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David
Lamadrid, Chief Financial Officer
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$145,801
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Vince
Capponi, Chief Operating Officer
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$195,527
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In
addition, as of December 31, 2006, each of David Lamadrid and Vince Capponi
received a $200 bonus.
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.
Date:
January 5, 2007
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MEDASORB
TECHNOLOGIES CORPORATION |
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By: |
/s/ Al
Kraus |
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Al
Kraus, |
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President
and
Chief Executive Officer |