8-K

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): March 3, 2003

LIPID SCIENCES, INC.

(Exact name of registrant as specified in its charter)

Delaware	0-497	43-0433090
(State or other jurisdiction of	(Commission File Number)	(I.R.S. Employer Identification No.)
incorporation)

7068 Koll Center Parkway, Suite 401, Pleasanton, California	94566
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: (925) 249-4000

Item 7. Financial Statements and Exhibits.

(c) Exhibits.

Exhibit	Description
99.1	Lipid Sciences, Inc. Press Release dated March 3, 2003

Item 9. Regulation FD Disclosure.

     On March 3, 2003 Lipid Sciences, Inc., a Delaware corporation, issued a press release entitled “Lipid Sciences Announces Director Resignation”. As described in such press release, Bill E. Cham, Ph.D., has resigned from the Board of Directors of Lipid Sciences, Inc.

SIGNATURE

     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.

	Lipid Sciences, Inc.
Date: March 3, 2003	By:	/s/ Sandra Gardiner Name: Sandra Gardiner Title: Chief Accounting Officer

EXHIBIT INDEX

Exhibit	Description
99.1	Lipid Sciences, Inc. Press Release dated March 3, 2003

EX-99.1 3 p67542exv99w1.txt EX-99.1 [LIPID SCIENCES PRESS RELEASE LETTERHEAD] FOR FURTHER INFORMATION CONTACT: AT THE COMPANY: Deborah S. Lorenz Investor Relations & Corporate Communications 925-249-4031 dlorenz@lipidsciences.com FOR IMMEDIATE RELEASE MARCH 3, 2003 LIPID SCIENCES ANNOUNCES DIRECTOR RESIGNATION PLEASANTON, CALIF., MARCH 3, 2003 - LIPID SCIENCES, INC. (NASDAQ: LIPD), today announced the resignation of Bill E. Cham, Ph.D., as a member of the Board of Directors. Dr. Cham has been a Director since 1999 and was a co-founder of Lipid Sciences. In announcing his resignation, Dr. Cham said, "I fully support the direction that the Board is taking the Company, including the new strategic direction announced earlier this year, and believe that the Company is in good hands. I will now be able to focus more specifically on my scientific research." Commenting on Dr. Cham's resignation, Richard G. Babbitt, Chairman, said, "We wish Bill well and sincerely thank him for his service and scientific efforts that led to the development of our Viral Pathogen Inactivation (VPI(TM)) and Vascular Lipid Removal (VLR(TM)) platforms." The first indication being pursued by LIPD to demonstrate the efficacy of the application of the viral platform technology is HIV. The VPI technology successfully inactivated the HIV particle and has the potential to be a therapeutic treatment for this disease. Lipid Sciences, Inc. is a development-stage biotechnology company that is researching and developing products and processes to treat major medical conditions, such as HIV and other viral infections, and cardiovascular disease in which lipids, or fat components, play a key role. The Company's technologies are based on a patented process that selectively removes lipids from proteins in blood plasma without disrupting protein function. This process of lipid removal, known as plasma delipidation, potentially reverses the condition while enhancing the body's natural ability to heal itself. The Company believes that this unique delipidation process has the potential for far-reaching implications for human health. It may provide an effective therapeutic effect on many infectious agents, including the viruses that cause AIDS, Hepatitis B, Hepatitis C, and herpes as well as reverse cardio- and cerebrovascular disease. FORWARD-LOOKING STATEMENTS This release contains forward-looking statements concerning plans, objectives, goals, strategies, future events or performance as well as all other statements that are not statements of historical fact. The forward-looking statements contained in this release reflect our current beliefs and expectations on the date of this release. Actual results, performance or outcomes may differ materially from what is expressed in the forward-looking statements. Readers are referred to the documents filed by us with the SEC, specifically the most recent reports on Form 10-K and Form 10-Q which identify important risk factors that could cause actual results to differ from those contained in the forward-looking statements. In addition to those risk factors, other factors that could cause actual results to differ materially include the following: Our inability to obtain adequate funds; our inability to receive regulatory approval for our technology, which is only in the clinical development stage; delay or failure to complete clinical studies; our dependence on our license agreement with Aruba International; our reliance on collaborations with strategic partners; competition in our industry; failure to secure and enforce our intellectual property rights; risks associated with use of biological and hazardous materials; product liability claims; economic downturn in the real estate market; our dependence on key personnel; additional shares of common stock will become available for sale after expiration of certain lock-up periods; and existing stockholders may experience dilution if additional shares are issued to former NZ Corporation stockholders who have perfected certain rights. The financial information contained in this release should be read in conjunction with the consolidated financial statements and notes thereto included in our most recent reports on Form 10-K and Form 10-Q. Copies are available through the SEC's Electronic Data Gathering Analysis and Retrieval system (EDGAR) at www.sec.gov. Lipid Sciences assumes no obligation to update the forward-looking statements included in this document. -----END PRIVACY-ENHANCED MESSAGE-----

EX-99.1

                   [LIPID SCIENCES PRESS RELEASE LETTERHEAD]


FOR FURTHER INFORMATION CONTACT:

AT THE COMPANY:
Deborah S. Lorenz
Investor Relations &
Corporate Communications
925-249-4031
dlorenz@lipidsciences.com

FOR IMMEDIATE RELEASE
MARCH 3, 2003

                  LIPID SCIENCES ANNOUNCES DIRECTOR RESIGNATION

PLEASANTON, CALIF., MARCH 3, 2003 - LIPID SCIENCES, INC. (NASDAQ: LIPD), today
announced the resignation of Bill E. Cham, Ph.D., as a member of the Board of
Directors. Dr. Cham has been a Director since 1999 and was a co-founder of Lipid
Sciences.

In announcing his resignation, Dr. Cham said, "I fully support the direction
that the Board is taking the Company, including the new strategic direction
announced earlier this year, and believe that the Company is in good hands. I
will now be able to focus more specifically on my scientific research."

Commenting on Dr. Cham's resignation, Richard G. Babbitt, Chairman, said, "We
wish Bill well and sincerely thank him for his service and scientific efforts
that led to the development of our Viral Pathogen Inactivation (VPI(TM)) and
Vascular Lipid Removal (VLR(TM)) platforms." The first indication being pursued
by LIPD to demonstrate the efficacy of the application of the viral platform
technology is HIV. The VPI technology successfully inactivated the HIV particle
and has the potential to be a therapeutic treatment for this disease.

Lipid Sciences, Inc. is a development-stage biotechnology company that is
researching and developing products and processes to treat major medical
conditions, such as HIV and other viral infections, and cardiovascular disease
in which lipids, or fat components, play a key role. The Company's technologies
are based on a patented process that selectively removes lipids from proteins in
blood plasma without disrupting protein function. This process of lipid removal,
known as plasma delipidation, potentially reverses the condition while enhancing
the body's natural ability to heal itself. The Company believes that this unique
delipidation process has the potential for far-reaching implications for human
health. It may provide an effective therapeutic effect on many infectious
agents, including the viruses that cause AIDS, Hepatitis B, Hepatitis C, and
herpes as well as reverse cardio- and cerebrovascular disease.

FORWARD-LOOKING STATEMENTS

This release contains forward-looking statements concerning plans, objectives,
goals, strategies, future events or performance as well as all other statements
that are not statements of historical fact. The forward-looking statements
contained in this release reflect our current beliefs and expectations on the
date of this release. Actual results, performance or outcomes may differ
materially from what is expressed in the forward-looking statements. Readers are
referred to the documents filed by us with the SEC, specifically the most recent
reports on Form 10-K and Form 10-Q which identify important risk factors that
could cause actual results to differ from those contained in the forward-looking
statements. In addition to those risk factors, other factors that could cause
actual results to differ materially include the following: Our inability to
obtain adequate funds; our inability to receive regulatory approval for our
technology, which is only in the clinical development stage; delay or failure to
complete clinical studies; our dependence on our license agreement with Aruba
International; our reliance on collaborations with strategic partners;
competition in our industry; failure to secure and enforce our intellectual
property rights; risks associated with use of biological and hazardous
materials; product liability claims; economic downturn in the real estate
market; our dependence on key personnel; additional shares of common stock will
become available for sale after expiration of certain lock-up periods; and
existing stockholders may experience dilution if additional shares are issued to
former NZ Corporation stockholders who have perfected certain rights.

The financial information contained in this release should be read in
conjunction with the consolidated financial statements and notes thereto
included in our most recent reports on Form 10-K and Form 10-Q. Copies are
available through the SEC's Electronic Data Gathering Analysis and Retrieval
system (EDGAR) at www.sec.gov. Lipid Sciences assumes no obligation to update
the forward-looking statements included in this document.