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): January 14, 1998
PHYMATRIX CORP.
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(Exact name of registrant as specified in its charter)
Delaware 000-27568 65-0617076
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(State of incorporation (Commission (I.R.S. Employer
or organization) File Number) Identification No.)
777 South Flagler Drive, Suite 1000E, West Palm Beach, Florida 33401
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(Address of principal executive offices and zip code)
Registrant's telephone number, including area code: (781) 433-1000
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N/A
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(Former name or former address, if changed since last report.)
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Item 5. Other Events
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On Wednesday, January 14, 1998, PhyMatrix Corp. issued the following
press release:
"West Palm Beach, FL -- January 14, 1998 -- PhyMatrix Corp. (Nasdaq:
PHMX), a multispecialty, integrated physician practice management company, today
announced that it has entered into administrative services agreements with two
diagnostic imaging centers located in New York.
PhyMatrix will provide administrative services to Highway Imaging
Associates, LLP, which operates a multi-modality imaging center in Brooklyn, New
York. The center has agreements with more than 30 managed care companies.
PhyMatrix will also provide services to Queens Open MRI, a multi-modality center
located in Queens, New York. The facility has contracts with more than 100 local
and national payors.
Abraham D. Gosman, Chairman and Chief Executive Officer of PhyMatrix
stated, "These diagnostic imaging transactions are consistent with our mission
to continue expansion of our ancillary services and to broaden our presence in
the New York market."
Previously, the Company announced that during October 1997, PhyMatrix
merged with Clinical Studies, Ltd. in a transaction that was accounted for as a
pooling of interests. Pursuant to the merger agreement, PhyMatrix is required to
report the results for the month of November which is the first full month after
the completion of the merger within 45 days after the end of such month.
PhyMatrix had revenues of $30,469,000 and net income of $1,854,000 during the
month ended November 30, 1997.
Headquartered in West Palm Beach, Florida, PhyMatrix Corp., is a
multispecialty, integrated physician practice management company providing
physician management and related medical support services to medical communities
throughout the country. The Company's primary strategy is to develop and operate
provider networks in specific geographic locations that deliver cost effective
care with quality clinical outcomes. This is accomplished through PhyMatrix's
affiliated physicians organized in independent medical group practices,
independent practice associations (IPAs) or specialty care networks. Further,
the Company integrates and operates ancillary medical services and provides
clinical studies site management and medical facility development services.
This release contains forward-thinking statements regarding PhyMatrix's
future plans, operations and prospects. The Company's actual results could
differ materially from the results anticipated in these forward looking
statements as a result of uncertainties, including risks relating to demand,
pricing, competition, construction, and other factors identified in the
Company's filings with the Securities and Exchange Commission."
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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 thereunto duly authorized.
PHYMATRIX CORP.
By: /s/ Frederick R. Leathers
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Frederick R. Leathers,
Chief Financial Officer
Date: January 14, 1998
