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) July 2, 1998
IOMED, Inc.
(Exact name of registrant as specified in its charter)
Utah 001-14059 87-0441272
(State or other jurisdiction of (Commission File Number) (IRS Employer
incorporation) Identification No.)
3385 West 1820 South, Salt Lake City, Utah 84104
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(Address of principal executive offices) (Zip Code)
(801) 975-1191
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Registrant's telephone number, including area code
N/A
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(Former name or former address, if changed since last report.)
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ITEM 5. OTHER MATTERS.
On July 2, 1998, the attached press release was issued by the Company
regarding the decision by Novartis Pharmaceuticals Corporation not to renew the
Research and Development Agreement among the Company, Dermion, Inc., the
Company's wholly-owned subsidiary, and Novartis beyond its scheduled December
31, 1998 expiration date.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(a) Exhibits. Exhibit 99.1 is the Company's press release dated
July 2, 1998.
(b) Financial Statements. N/A.
Pursuant to the requirements of the Securities and Exchange Act of
1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
IOMED, Inc.
(Registrant)
July 2, 1998 /s/ Ned M. Weinshenker
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(Date) By: Ned M. Weinshenker
Chief Executive Officer
Iomed, Inc.
[GRAPHIC OMITTED]
NEWS RELEASE
IOMED, Inc.
3385 West 1820 South
Salt Lake City, UT 84104
Phone (801) 975-1191
FAX: (801) 972-9072
Contact:
Ned M. Weinshenker, Ph.D.
President and CEO
[email protected]
Tel.: 801.975.1191
IOMED, Inc. Announces the Discontinuance of its Collaboration with Novartis
Effective December 31, 1998 and Subsequent Reversion of Rights to IOMED.
SALT LAKE CITY, July 2, 1998. IOMED, Inc. announced today that Novartis
Pharmaceuticals Corporation will not renew its collaborative research and
development agreement with the Company beyond its scheduled December 31, 1998
expiration date. The R&D collaboration was entered into in 1995 between
Ciba-Geigy Corporation, a predecessor to Novartis, and Dermion, Inc., a
wholly-owned subsidiary of IOMED. The recent focus of the collaboration has been
the development of an iontophoretic delivery system to deliver a drug to treat
osteoporosis.
Ned M. Weinshenker, Ph.D. president and CEO of IOMED stated "The news
is disappointing given the level of success that the program has achieved. We
have had an exceptional working relationship with the development group at
Novartis and, to date, have met all of the essential development objectives. In
addition, IOMED believes that it has established the technical and manufacturing
feasibility of a wearable iontophoretic drug delivery system for the systemic
treatment of chronic medical conditions". Mr. Weinshenker noted that Novartis
has indicated that it has elected to focus its development efforts on an
alternative drug delivery system which was under evaluation at Sandoz
Corporation prior to its merger with Ciba-Geigy.
In addition, Mr. Weinshenker stated "following the expiration of the
agreement, Novartis' rights to exclusivity in those fields covered by the
agreement will terminate and IOMED will be free to apply the technologies
developed for Novartis to any available drug candidates either independently or
on behalf of other parties. Such application of the technology may shorten our
future product development cycles". Mr. Weinshenker also noted that Novartis
remains a shareholder in IOMED.
IOMED, Inc., (AMEX;IOX) (www.iomed.com) is a leader in the research,
development and manufacture of iontophoretic drug delivery systems which are
marketed to health care providers worldwide. Advanced research for local and
systemic delivery of ionic pharmaceutical compounds to treat various medical
conditions is conducted by its wholly owned subsidiary, Dermion, Inc. IOMED is
based in Salt Lake City, Utah.
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The statements contained in this release that are not purely historical are
forward-looking statements, as defined in section 21E of the Securities and
Exchange Act of 1934, and include IOMED's beliefs, expectations, or intentions,
regarding its future operations and financial condition. All forward-looking
statements included in this release are made as of the date hereof and are based
upon information available to IOMED as of such date. IOMED assumes no obligation
to update any forward looking statement. It is important to note that actual
outcomes could differ materially from those in such forward looking statements.
Readers should also refer to the risk and other disclosures set forth in IOMED's
filings with the Securities and Exchange Commission on Forms S-1 and 10-Q.
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