latest sec filing

More unwinding of Cook's legacy:

On November 18, 2013, the Board of Directors of Biota Pharmaceuticals, Inc. (the “Company”) adopted a change in the Company’s operations
whereby the Company will immediately suspend investment in its preclinical antibiotic program and will continue to seek collaborations,
license agreements or other transactions to advance the development of this program and the associated intellectual property. The Company’s
Board of Directors made this decision based upon its ongoing assessment of the Company’s strategy and development programs. The
implementation of this change will result in a reduction in the Company’s workforce and the termination of certain associated contracts.
The reduction in the Company’s workforce and the termination of the associated contracts constitutes a plan of termination described under
FASB ASC paragraph 420, Exit or Disposal Cost Obligations (formerly paragraph 8 of FASB Statement of Financial Accounting Standards
No. 146, Accounting for Costs Associated with Exit or Disposal Activities). As a result, the Company anticipates incurring approximately $2.9
million in total costs associated with the related termination, exit or disposal activities, including $2.0 million in one-time termination benefits
in the second quarter of its 2014 fiscal year related thereto. The Company estimates that its ongoing annual operating costs will be reduced by
approximately $4.5 million as a result of this change.