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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">UNITED STATES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SECURITIES AND EXCHANGE COMMISSION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Washington, D.C. 20549</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM 8-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CURRENT REPORT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Pursuant to Section 13 or 15(d) of</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">the Securities Exchange Act of 1934</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Date of Report (Date of earliest event reported):
July 9, 2012</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <TD STYLE="width: 18%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 67%; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">CHELSEA THERAPEUTICS INTERNATIONAL, LTD.</TD>
    <TD STYLE="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">(Exact name of registrant as specified in its charter)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 33%; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Delaware</TD>
    <TD STYLE="width: 34%; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">000-51462</TD>
    <TD STYLE="width: 33%; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">20-3174202</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">(State or other jurisdiction of incorporation)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">(Commission File Number)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">(IRS Employer ID Number)</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
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    <TD STYLE="width: 50%; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; vertical-align: bottom">3530 Toringdon Way, Suite 200, Charlotte, North Carolina</TD>
    <TD STYLE="width: 50%; border-bottom: Black 1pt solid">28277&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">(Address of principal executive offices) </TD>
    <TD>(Zip Code)&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 56%; padding-right: 5.4pt; padding-left: 5.4pt">Registrant&rsquo;s telephone number, including area code</TD>
    <TD STYLE="width: 44%; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">(704) 341-1516</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.2in 0pt 0">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:</P>

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<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</FONT></TD>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt">&nbsp;</P>

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<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</FONT></TD>
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<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.25pt; text-indent: -30.95pt">&nbsp;</P>

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<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.25pt; text-indent: -30.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.25pt; text-indent: -30.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.2in 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.2in 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.2in 0pt 0">&nbsp;</P>

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<TD STYLE="width: 0in"></TD><TD STYLE="width: 1in; text-align: left"><B>Item 5.02</B></TD><TD STYLE="text-align: justify"><B>Departure of Directors or Certain Officers; Election
of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.2in 0pt 0"><B>&nbsp;</B></P>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><I>(a)</I></TD><TD STYLE="text-align: justify"><I>Departure of Directors</I></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.2in 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.2in 0pt 0; text-indent: 0.5in">On July 9, 2012, Johnson Y. N.
Lau, Norman Hardman and Simon Pedder resigned as members of the Board of Directors of Chelsea Therapeutics International, Ltd.,
effective immediately. The resignations were not related to any disagreement with Chelsea on any matter relating to Chelsea&rsquo;s
operations, policies or practices.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.2in 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.2in 0pt 0; text-indent: 0.5in">Dr. Lau served as Chairman of
the Board&rsquo;s Audit and Risk Management Committee and also served as Chairman of the Nominating and Corporate Governance Committee.
Dr. Hardman served on the Nominating and Corporate Governance Committee and the Strategic Advisory Committee. As a result of their
departures, the remaining four directors all have been appointed to all Board committees. Mr. William Rueckert has been appointed
as the Chairman of the Audit and Risk Management Committee and Dr. Roger Stoll has been appointed as the Chairman of the Nominating
and Corporate Governance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.2in 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><I>(b)</I></TD><TD STYLE="text-align: justify"><I>Departure of Officers</I></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.2in 0pt 0; text-indent: 0.5in">Effective July 10, 2012, Simon
Pedder resigned his position as President and Chief Executive Officer of Chelsea. Pursuant to the terms of a Separation and General
Release Agreement entered into by Dr. Pedder and us, we will pay Dr. Pedder&rsquo;s base annual salary of $491,000 on our regular
payroll schedule for 24 months following the date of termination. We will be entitled to a dollar for dollar set off of any amounts
earned by Dr. Pedder in a new full time employment during the severance period. We also will pay Dr. Pedder an amount equal to
the amount of COBRA premiums that would be paid by him for continuation of coverage for a period of 12 months following the date
of termination. Dr. Pedder has agreed to consult with us on an as-needed basis for no additional consideration for up to 12 hours
per week on average to effect an orderly transition of his duties. Dr. Pedder will continue to be bound by the confidentiality,
non-competition and non-solicitation provisions of his employment agreement dated March 2, 2012. The terms of his severance reflect
in large part the terms of his employment agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.2in 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.2in 0pt 0; text-indent: 0.5in">All of Dr. Pedder&rsquo;s stock
options vested in full on July 10, 2012 and will remain exercisable for 24 months thereafter. Based on the $1.11 closing price
of our common stock on July 10, 2012, there was no intrinsic value to any of his stock options on that date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.2in 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The foregoing description of the Severance
and Release Agreement is qualified in its entirety by reference to the full text of the Severance and Release Agreement, which
is attached as Exhibit 10.18 hereto and is incorporated by reference herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.2in 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Also, on July 10, 2012, Keith Schmidt tendered
his resignation as Vice President, Marketing and Sales, to be effective upon a mutually agreed upon date not later than July 31,
2012. We expect to enter into an  arrangement
with Mr. Schmidt at market rates pursuant to which he will be available in an advisory capacity to use his significant knowledge
of the neurogenic orthostatic hypotension market and patient advocacy groups to assist in our key short-term initiatives.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.2in 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.2in 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.2in 0pt 0">&nbsp;</P>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><I>(c)</I></TD><TD STYLE="text-align: justify"><I>Appointment of Interim President and Chief Executive
Officer</I></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.2in 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Effective July 10, 2012, the Board of Directors
of the Company appointed Mr. <FONT STYLE="color: black">Joseph G. Oliveto as interim President and Chief Executive Officer</FONT>
until such time as we appoint a new President and Chief Executive Officer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Prior to being appointed interim President
and Chief Executive Officer, Mr.&nbsp;Oliveto served as our Vice President, Operations, a position he had held since June 2008.
As our Vice President, Operations, Mr. Oliveto was a member of the senior management team and reported directly to Dr. Pedder.&nbsp;
His responsibilities spanned areas of development and commercialization including the functional oversight of project management,
production and supply, regulatory affairs, quality management, and trade and distribution. Before joining us, Mr. Oliveto was employed
in the position of Executive in Residence at Pappas Ventures, a life sciences venture capital firm. Prior to Pappas Ventures, he
served in a number of progressively senior positions at Hoffmann-La Roche, most recently as the Global Alliance Director for Roche&rsquo;s
licensing organization. Previous experience at Roche includes clinical development, project management, manufacturing process improvement
and global business. During his tenure, he played an integral part in the success of multiple NDA filings, developed comprehensive
launch programs, including those for both Pegasys and Copegus, and closed multiple licensing deals. Mr.&nbsp;Oliveto obtained a
BA in Chemistry and an MBA from Rutgers University.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Mr. Oliveto is 45 years old and has no familial
relationships with any executive officer or director of the Company. Other than his employment with us, there have been no transactions
in which we have participated and in which Mr. Oliveto had a direct or indirect material interest involving in excess of $120,000
since January 1, 2011, the beginning of our last completed fiscal year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our Board of Directors has approved the
following additional compensation for Mr.&nbsp;Oliveto: (i)&nbsp;an annual base salary of $300,000 until the new President and
Chief Executive Officer is appointed; (ii)&nbsp;a stock option grant of 150,000 shares of our common stock vesting over four years
beginning July 9, 2013; and (iii) a severance agreement to be negotiated between the parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">A copy of the press release announcing the
resignations of Drs. Lau, Hardman and Pedder from our Board of Directors, Dr. Pedder&rsquo;s resignation as President and Chief
Executive Officer, Mr. Schmidt&rsquo;s resignation as Vice President, Marketing and Sales and Mr. Oliveto&rsquo;s appointment as
our interim President and Chief Executive Officer is attached as Exhibit 99.1 and is incorporated herein by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.2in 0pt 0"><B>&nbsp;</B></P>

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<TD STYLE="width: 0in"></TD><TD STYLE="width: 1in; text-align: left"><B>Item 8.01.</B></TD><TD STYLE="text-align: justify"><B>Other Events.</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.2in 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On June 10, 2012, we announced the implementation
of a corporate reorganization, pursuant to which we expect to significantly reduce our number of employees, retaining only those
employees necessary to gain marketing authorization for Northera&trade; (droxidopa) in the United States for the treatment of symptomatic
neurogenic hypotension in patients with primary autonomic failure. We also announced that we plan to stop patient enrollment in
our ongoing Study 306B in July 2012, which we expect to result in data by year-end 2012. These matters were reported in the press
release attached hereto as Exhibit 99.1, which is incorporated herein by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As a result of the significant headcount
reduction and the increased work expected of our directors during this transitional period, effective July 9, 2012, we terminated
the previously announced cost savings initiative that we announced on June 7, 2012, involving a 25% reduction of all corporate
officer salaries and director fees. The salary and director fee reductions were to have been effective July 1, 2012. The previously
announced suspension of 2012 performance bonuses for all employees remains in effect. We expect to reestablish a performance bonus
program in 2013.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Nearly all of the non-officer employees
who also were to have transitioned to part-time employment pursuant to the cost savings initiatives announced on June 7, 2012 have
been or will be terminated as part of the reduction in force. As a result, the employment status of those non-officer employees
remaining with the company will be reinstated to full-time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: left"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: left">&nbsp;</P>

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<TD STYLE="width: 0in"></TD><TD STYLE="width: 1in; text-align: left"><B>Item 9.01.</B></TD><TD STYLE="text-align: justify"><B>Financial Statements and Exhibits.</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><I>(d)</I></TD><TD STYLE="text-align: justify"><I>Exhibits</I></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 93%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 12%; text-decoration: none; border-bottom: Black 1pt solid">Exhibit No.</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 83%; text-decoration: none; border-bottom: Black 1pt solid">Description</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>10.18</TD>
    <TD>&nbsp;</TD>
    <TD>Severance and Release Agreement, dated July 9, 2011, between Chelsea Therapeutics International, Ltd. and Simon Pedder.</TD></TR>
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>99.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD> Press release dated July 10, 2012.&nbsp; &nbsp;</TD></TR>
</TABLE>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>SIGNATURES</U></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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.</P>

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    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><B>CHELSEA THERAPEUTICS INTERNATIONAL, LTD.</B>&nbsp;</TD></TR>
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    <TD>&nbsp;</TD>
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    <TD STYLE="width: 50%">Date:&nbsp; July 13, 2012</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 35%; text-decoration: none; border-bottom: Black 1pt solid">/s/ J. Nick Riehle</TD>
    <TD STYLE="width: 12%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>J. Nick Riehle, Chief Financial Office</TD>
    <TD>&nbsp;</TD></TR>
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[{"type": "8-K", "sequence": "1", "filename": "v318424_8k.htm", "description": "FORM 8-K", "secsgml_size_bytes": 28893}]
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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 (Date of earliest event reported):
July 9, 2012
CHELSEA THERAPEUTICS INTERNATIONAL, LTD.
(Exact name of registrant as specified in its charter)
Delaware
000-51462
20-3174202
(State or other jurisdiction of incorporation)
(Commission File Number)
(IRS Employer ID Number)
3530 Toringdon Way, Suite 200, Charlotte, North Carolina
28277
(Address of principal executive offices)
(Zip Code)
Registrant's telephone number, including area code
(704) 341-1516
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:
¨
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 5.02
Departure of Directors or Certain Officers; Election
of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
(a)
Departure of Directors
On July 9, 2012, Johnson Y. N.
Lau, Norman Hardman and Simon Pedder resigned as members of the Board of Directors of Chelsea Therapeutics International, Ltd.,
effective immediately. The resignations were not related to any disagreement with Chelsea on any matter relating to Chelsea's
operations, policies or practices.
Dr. Lau served as Chairman of
the Board's Audit and Risk Management Committee and also served as Chairman of the Nominating and Corporate Governance Committee.
Dr. Hardman served on the Nominating and Corporate Governance Committee and the Strategic Advisory Committee. As a result of their
departures, the remaining four directors all have been appointed to all Board committees. Mr. William Rueckert has been appointed
as the Chairman of the Audit and Risk Management Committee and Dr. Roger Stoll has been appointed as the Chairman of the Nominating
and Corporate Governance.
(b)
Departure of Officers
Effective July 10, 2012, Simon
Pedder resigned his position as President and Chief Executive Officer of Chelsea. Pursuant to the terms of a Separation and General
Release Agreement entered into by Dr. Pedder and us, we will pay Dr. Pedder's base annual salary of $491,000 on our regular
payroll schedule for 24 months following the date of termination. We will be entitled to a dollar for dollar set off of any amounts
earned by Dr. Pedder in a new full time employment during the severance period. We also will pay Dr. Pedder an amount equal to
the amount of COBRA premiums that would be paid by him for continuation of coverage for a period of 12 months following the date
of termination. Dr. Pedder has agreed to consult with us on an as-needed basis for no additional consideration for up to 12 hours
per week on average to effect an orderly transition of his duties. Dr. Pedder will continue to be bound by the confidentiality,
non-competition and non-solicitation provisions of his employment agreement dated March 2, 2012. The terms of his severance reflect
in large part the terms of his employment agreement.
All of Dr. Pedder's stock
options vested in full on July 10, 2012 and will remain exercisable for 24 months thereafter. Based on the $1.11 closing price
of our common stock on July 10, 2012, there was no intrinsic value to any of his stock options on that date.
The foregoing description of the Severance
and Release Agreement is qualified in its entirety by reference to the full text of the Severance and Release Agreement, which
is attached as Exhibit 10.18 hereto and is incorporated by reference herein.
Also, on July 10, 2012, Keith Schmidt tendered
his resignation as Vice President, Marketing and Sales, to be effective upon a mutually agreed upon date not later than July 31,
2012. We expect to enter into an  arrangement
with Mr. Schmidt at market rates pursuant to which he will be available in an advisory capacity to use his significant knowledge
of the neurogenic orthostatic hypotension market and patient advocacy groups to assist in our key short-term initiatives.
(c)
Appointment of Interim President and Chief Executive
Officer
Effective July 10, 2012, the Board of Directors
of the Company appointed Mr.
Joseph G. Oliveto as interim President and Chief Executive Officer
until such time as we appoint a new President and Chief Executive Officer.
Prior to being appointed interim President
and Chief Executive Officer, Mr. Oliveto served as our Vice President, Operations, a position he had held since June 2008.
As our Vice President, Operations, Mr. Oliveto was a member of the senior management team and reported directly to Dr. Pedder. 
His responsibilities spanned areas of development and commercialization including the functional oversight of project management,
production and supply, regulatory affairs, quality management, and trade and distribution. Before joining us, Mr. Oliveto was employed
in the position of Executive in Residence at Pappas Ventures, a life sciences venture capital firm. Prior to Pappas Ventures, he
served in a number of progressively senior positions at Hoffmann-La Roche, most recently as the Global Alliance Director for Roche's
licensing organization. Previous experience at Roche includes clinical development, project management, manufacturing process improvement
and global business. During his tenure, he played an integral part in the success of multiple NDA filings, developed comprehensive
launch programs, including those for both Pegasys and Copegus, and closed multiple licensing deals. Mr. Oliveto obtained a
BA in Chemistry and an MBA from Rutgers University.
Mr. Oliveto is 45 years old and has no familial
relationships with any executive officer or director of the Company. Other than his employment with us, there have been no transactions
in which we have participated and in which Mr. Oliveto had a direct or indirect material interest involving in excess of $120,000
since January 1, 2011, the beginning of our last completed fiscal year.
Our Board of Directors has approved the
following additional compensation for Mr. Oliveto: (i) an annual base salary of $300,000 until the new President and
Chief Executive Officer is appointed; (ii) a stock option grant of 150,000 shares of our common stock vesting over four years
beginning July 9, 2013; and (iii) a severance agreement to be negotiated between the parties.
A copy of the press release announcing the
resignations of Drs. Lau, Hardman and Pedder from our Board of Directors, Dr. Pedder's resignation as President and Chief
Executive Officer, Mr. Schmidt's resignation as Vice President, Marketing and Sales and Mr. Oliveto's appointment as
our interim President and Chief Executive Officer is attached as Exhibit 99.1 and is incorporated herein by reference.
Item 8.01.
Other Events.
On June 10, 2012, we announced the implementation
of a corporate reorganization, pursuant to which we expect to significantly reduce our number of employees, retaining only those
employees necessary to gain marketing authorization for Northera™ (droxidopa) in the United States for the treatment of symptomatic
neurogenic hypotension in patients with primary autonomic failure. We also announced that we plan to stop patient enrollment in
our ongoing Study 306B in July 2012, which we expect to result in data by year-end 2012. These matters were reported in the press
release attached hereto as Exhibit 99.1, which is incorporated herein by reference.
As a result of the significant headcount
reduction and the increased work expected of our directors during this transitional period, effective July 9, 2012, we terminated
the previously announced cost savings initiative that we announced on June 7, 2012, involving a 25% reduction of all corporate
officer salaries and director fees. The salary and director fee reductions were to have been effective July 1, 2012. The previously
announced suspension of 2012 performance bonuses for all employees remains in effect. We expect to reestablish a performance bonus
program in 2013.
Nearly all of the non-officer employees
who also were to have transitioned to part-time employment pursuant to the cost savings initiatives announced on June 7, 2012 have
been or will be terminated as part of the reduction in force. As a result, the employment status of those non-officer employees
remaining with the company will be reinstated to full-time.
Item 9.01.
Financial Statements and Exhibits.
(d)
Exhibits
Exhibit No.
Description
10.18
Severance and Release Agreement, dated July 9, 2011, between Chelsea Therapeutics International, Ltd. and Simon Pedder.
99.1
Press release dated July 10, 2012.
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.
CHELSEA THERAPEUTICS INTERNATIONAL, LTD.
Date:  July 13, 2012
/s/ J. Nick Riehle
J. Nick Riehle, Chief Financial Office