-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Lg85GPNb1PWhnXc6zNsltmsd7RyFi5RrSahQ7vJXw+aqD3HJH+4esfOSJMtXlO3N ulaWaBQ/AWqsSzljdK97aw== 0000892569-02-000976.txt : 20020507 0000892569-02-000976.hdr.sgml : 20020507 ACCESSION NUMBER: 0000892569-02-000976 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20020507 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20020507 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NEOTHERAPEUTICS INC CENTRAL INDEX KEY: 0000831547 STANDARD INDUSTRIAL CLASSIFICATION: PHARMACEUTICAL PREPARATIONS [2834] IRS NUMBER: 930979187 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-28782 FILM NUMBER: 02636366 BUSINESS ADDRESS: STREET 1: 157 TECHNOLOGY DR STREET 2: STE J-821 CITY: IRVINE STATE: CA ZIP: 92618 BUSINESS PHONE: 9497886700 MAIL ADDRESS: STREET 1: 157 TECHNOLOGY DR STREET 2: STE J-821 CITY: IRVINE STATE: CA ZIP: 92618 FORMER COMPANY: FORMER CONFORMED NAME: AMERICUS FUNDING CORP DATE OF NAME CHANGE: 19920703 8-K 1 a81384e8-k.txt FORM 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 AND EXCHANGE ACT OF 1934 May 7, 2002 Date of Report (Date of earliest event reported) ------------------ NEOTHERAPEUTICS, INC. (Exact name of registrant as specified in its charter)
DELAWARE 000-28782 93-0979187 (State or other Jurisdiction (Commission File Number) (IRS Employer of Incorporation) Identification Number) 157 TECHNOLOGY DRIVE 92618 IRVINE, CALIFORNIA (ZIP CODE) (Address of principal executive offices)
(949) 788-6700 (Registrant's telephone number, including area code) N/A (Former Name or Former Address, if Changed Since Last Report) ITEM 5. OTHER EVENTS. On May 7, 2002, NeoTherapeutics, Inc. issued a news release announcing that the Company has shifted its strategic focus to out-licensing of neurology drug candidates and internal development of oncology drugs and will include strategic and restructuring changes to reduce the Company's monthly expenses. The text of the press release is set forth in Exhibit 99.1 attached to this report and incorporated herein by this reference. ITEM 7. EXHIBITS Exhibits: 99.1 Press Release dated May 7, 2002. 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. NEOTHERAPEUTICS, INC. Date: May 7, 2002 By: /s/Samuel Gulko --------------------------------- Name: Samuel Gulko Title: Senior Vice President Finance, Chief Financial Officer, Secretary and Treasurer
Exhibit Number Document Description - ------- -------------------- 99.1 Press Release dated May 7, 2002.
EX-99.1 3 a81384ex99-1.txt EXHIBIT 99.1 EXHIBIT 99.1 [NEOTHERAPEUTICS LETTERHEAD] NEOTHERAPEUTICS SHIFTS STRATEGIC FOCUS TO OUT-LICENSING OF NEUROLOGY DRUG CANDIDATES AND INTERNAL DEVELOPMENT OF ONCOLOGY DRUGS STRATEGIC AND RESTRUCTURING CHANGES TO REDUCE MONTHLY EXPENSES BY NEARLY 50 PERCENT WHILE PRESERVING KEY DEVELOPMENT PROGRAMS IRVINE, Calif., May 7, 2002 -- NeoTherapeutics, Inc. (NASDAQ: NEOT) today announced a change in strategic focus emphasizing the out-licensing of neurology drug candidates discovered by Company researchers and the internal development of in-licensed late stage anti-cancer drugs. As a result of these changes and the completion of a large Alzheimer's disease clinical trial, the Company expects its burn rate to fall from approximately $7 million per quarter to approximately $3.5 million per quarter over the next few months. Cost savings will be principally due to reductions in clinical and research personnel working on Neotrofin(TM), reductions in administrative staff, and the elimination of expenses for the manufacturing of Neotrofin supplies. The Company will maintain its capabilities to manage the clinical development of satraplatin, which is expected to begin a phase 3 trial in prostate cancer later this year, as well as Neotrofin in chemotherapy-induced neuropathy, spinal cord injury and Parkinson's disease. Neurological drug discovery and research support for products such as AIT-034, NEO-339 and the Company's anti-psychotic platform will also be maintained. NeoTherapeutics is in active discussions with pharmaceutical companies regarding licensing agreements for the development of AIT-034, NEO-339, the anti-psychotic drug platform and Neotrofin. "Last year we reduced our cash burn rate while broadening our product portfolio and moving forward the pre-clinical and clinical development of many of these products. The changes we are now instituting should reduce our annual burn rate to approximately $14 million going forward", stated Alvin J. Glasky, Chairman and Chief Executive Officer of NeoTherapeutics. "Our new strategic focus will allow us to channel our cash and human resources into the development of our late stage products, such as satraplatin, while we can leverage our neurology research efforts through development partnerships with larger pharmaceutical companies. Our strategic plan is to license out our neurology products in the pre-clinical stage rather than initiate costly clinical development of these products. I also want to reiterate that we will not devote additional resources to the clinical development of Neotrofin for Alzheimer's disease." NeoTherapeutics plans to report financial results for the first quarter of 2002 on Thursday, May 16, 2002 and will update its financial position and financing strategy at that time. The Company will hold a conference call to discuss financial results and to provide an update on corporate strategy and milestones at 11:00 am eastern time, 8:00 am pacific time on May 16, 2002. 2 NeoTherapeutics seeks to create value for stockholders through the discovery and licensing out of central nervous system (CNS) drugs, the in-licensing and commercialization of anti-cancer drugs, and the licensing out of new drug targets discovered through genomics research. The Company's lead oncology drug, satraplatin, is being prepared for a phase 3 study in prostate cancer. Phase 2 studies of Neotrofin(TM) in Parkinson's disease, spinal cord injury and chemotherapy-induced neuropathy are ongoing. Additional anti-cancer drugs are in phase 1 and 2 human clinical trials, and the Company has a rich pipeline of pre-clinical neurological drug candidates. For additional information visit the Company's web site at www.neot.com. This press release may contain forward-looking statements regarding future events and the future performance of NeoTherapeutics that involve risks and uncertainties that could cause actual results to differ materially. These risks are described in further detail in the Company's reports filed with the Securities and Exchange Commission. # # # -----END PRIVACY-ENHANCED MESSAGE-----