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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
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CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) December 1, 1997
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GLOBAL PHARMACEUTICAL CORPORATION
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(Exact Name of Registrant as Specified in its Charter)
Delaware 0-27354 65-0403311
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(State or Other Jurisdiction (Commission (IRS Employer
of Incorporation) File Number) Identification No.)
Castor & Kensington Avenues, Philadelphia, PA 19124
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (215) 289-2220
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Not Applicable
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(Former Name or Former Address, if Changed Since Last Report)
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Item 5. Other Events
On December 1, 1997, Global Pharmaceutical Corporation issued the press
release filed herewith as Exhibit 99.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(c) Exhibits.
99. Press Release dated December 1, 1997.
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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.
GLOBAL PHARMACEUTICAL
CORPORATION
Date: December 9, 1997 By: /s/ Max Mendelsohn
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Name: Max Mendelsohn
Title: President and Chief Executive
Officer
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Exhibit 99
COMPANY PRESS RELEASE
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GLOBAL PHARMACEUTICAL CORPORATION SELLS $5 MILLION OF
SERIES B PREFERRED STOCK TO
INVESTORS LED BY KINGDON CAPITAL MANAGEMENT
PHILADELPHIA, December 1, 1997 -- Global Pharmaceutical Corporation (Nasdaq;
GLPC) announced today that it has completed the sale of approximately $5 million
of its Series B Convertible Preferred Stock to various institutional and
accredited investors, including a $4 million investment by Kingdon Capital
Management and its affiliates.
Max L. Mendelsohn, President and Chief Executive Officer, commented, "I am
pleased that such a prestigious institution as Kingdon Capital has invested $4
million in Global Pharmaceutical. With the proceeds from this $5 million private
placement and the earlier placement of approximately $1.3 million of Series A
Preferred Stock, we are now able to implement our strategic plan to reintroduce
our portfolio of products previously manufactured and marketed under ANDA's and
NDA's, and other prescription and over-the-counter (OTC) formulations not
subject to ANDA approval by the FDA. This working capital will also allow us to
move forward with the introduction of those drugs which the Company is currently
developing with strategic partners."
Mr. Mendelsohn added, "The initial marketing of the Pancrelipase 4,500 USP
Lipase content product, which we sell through our licensing agreement with
Eurand America, a unit of American Home Products, is indicating strong
acceptance by drug wholesalers, chains and major distributors. This agreement,
along with others, affirms the confidence health care companies have in Global's
ability to effectively manufacture and market quality generic pharmaceutical
products."
Global Pharmaceutical Corporation is engaged in the manufacture and sale of
solid, oral generic prescription and OTC drug products. The Company currently
owns 54 previously manufactured and marketed ANDAs and NDAs, more than 100
previously manufactured and marketed prescription and OTC formulations not
subject to ANDA approval by FDA, and a recently renovated 115,000 square foot
manufacturing facility.
"Safe Harbor" statement under the Private Securities Litigation Reform Act of
1995:
To the extent any statements made in this release contain information that is
not historical, these statements are essentially forward looking and are subject
to risks and uncertainties, including the difficulty of predicting FDA
approvals, acceptance and demand for new pharmaceutical products, the impact of
competitive products and pricing, new product development and launch, reliance
on key strategic alliances, availability of raw materials, the regulatory
environment, fluctuations in operating results and other risks detailed from
time to time in the Company's filings with the Securities and Exchange
Commission.
