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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): MAY 28, 1998
COMMISSION FILE NUMBER 1-14004
XENOMETRIX, INC.
(Exact name of registrant as specified in its charter)
DELAWARE 04-3166089
(State or other jurisdiction of (IRS employer
incorporation or organization) identification number)
2425 NORTH 55TH STREET
BOULDER, CO 80301
(Address of principal executive offices and zip code)
(303) 447-1773
(Registrant's telephone number, including area code)
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ITEM 5. OTHER EVENTS
Xenometrix, Inc. (the "Company") announced that it had entered into an
agreement (the "Amendment") with the Aries Domestic Fund L.P. and the Aries
Fund, a Cayman Islands Trust (together the "Aries Funds") to amend the Senior
Line of Credit Agreement (the "Credit Agreement") previously entered into on
September 25, 1997 and the $1,500,000 of senior secured promissory notes (the
"Notes") subsequently issued to the Aries Funds under the Credit Agreement. The
Amendment extends the due date on the Notes from May 25, 1998 to June 25, 1998.
Effective March 25, 1998, the interest rate on the Notes was increased from 12 %
to 18%. All other terms and conditions of the Credit Agreement, as amended, and
the Notes continue in force during the extension period.
On May 28, 1998, the Company issued the attached press release, a copy
of which is included as Exhibit 99.3 to this Current Report and is incorporated
by reference herein.
ITEM 7. EXHIBITS
99.3 Press release dated May 28, 1998 entitled "Xenometrix Receives
Extension On Bridge Notes"
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.
DATED: JUNE 4, 1998 XENOMETRIX, INC.
By: /s/ Ronald L. Hendrick
-------------------------------------
Ronald L. Hendrick
Executive Vice President and
Chief Financial Officer
(Principal Financial and
Accounting Officer)
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EXHIBIT INDEX
<TABLE>
<CAPTION>
Exhibit
Number Description of Document
- ------ -----------------------
<S> <C>
99.3 Press release dated May 28, 1998 entitled "Xenometrix Receives
Extension On Bridge Notes"
</TABLE>
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EXHIBIT 99.3
[XENOMETRIX LOGO] NEWS
- --------------------------------------------------------------------------------
FOR IMMEDIATE RELEASE Xenometrix, Inc.
2425 North 55th Street
Contact: Stephen J. Sullivan, C.E.O. Boulder, CO 80301
(303) 447-1773 ext.149 Telephone: (303) 447-1773
Facsimile: (303) 447-1758
XENOMETRIX RECEIVES EXTENSION ON BRIDGE NOTES
BOULDER, CO., MAY 28, 1998 - Xenometrix, Inc. (OTC BB: XENO), announced today
that it has received a one month extension on the $1,500,000 bridge notes that
were due May 25th. The new due date is June 25, 1998.
At May 15, 1998, the Company had cash and cash equivalents of approximately
$330,000. The Company estimates that its resources will be sufficient to meet
its operating needs through June 30, 1998. In the event the Company does not
repay the notes or secure an extension to the due date and obtain additional
financing, the Company will evaluate other options including, but not limited to
further curtailing or suspending its operations.
Xenometrix is a biotechnology company with proprietary gene expression profiling
technology and genotoxicology technology used to help pharmaceutical, chemical
and biotechnology companies to accelerate the selection of the most promising
drug and chemical leads.
Except for the historical information contained herein, this release contains
forward-looking statements relating to future financial results or business
expectations. Business plans may change as circumstances warrant. Actual results
could differ materially as a result of risk-related factors over which the
Company has no control. Such factors include, but are not limited to those
discussed in "Business," "Risk Factors," and "Management's Discussion and
Analysis of Financial Condition and Results of Operations" in the Company's Form
10-KSB filed with the Securities and Exchange Commission for the year ended June
30, 1997.
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