UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
________________
FORM 8-K
CURRENT REPORT
REPORT PURSUANT TO SECTION 13 OR 15 (d)
OF THE SECURITIES EXCHANGE ACT OF 1934
DATE OF REPORT (Date of earliest event reported) December 24, 1996
INTERFERON SCIENCES, INC.
(Exact Name of Registrant as Specified in Charter)
Delaware 0-10379 22-2313648
____________________________________________________________________
(State or Other (Commission (IRS Employers
Jurisdiction of File Number) Identification No.)
Incorporation)
783 Jersey Avenue, New Brunswick, NJ 08901
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code (908) 249-3250
______________________________________________________________________
(Former Name or Former Address, if Changed Since Last Report)
Item 5. Other Events
On December 24, 1996, Interferon Sciences, Inc. (the "Company")
sold in a private placement (the "Private Placement") 5,615,000 shares
(the "Private Placement Shares") of Common Stock at a price of $1.625
per share. The $9,124,375 of proceeds from such sale (less estimated
expenses of $50,000) will be used (i) to increase the Company's inventory of
ALFERON N injection in response to increased market demand, (ii) to expand the
Company's manufacturing facility, which will provide significantly increased
production capacity in the event the Company's Phase 3 clinical trials
currently in progress for HIV and hepatitis C are successfully concluded and
ALFERON N injection is approved for the treatment of these new indications by
the FDA (of which there can be no assurance), (iii) to increase the
Company's marketing and sales capabilities, and (iv) to fund the Company's
clinical programs. Sunrise Securities Corp. ("Sunrise"), the underwriter for
the best efforts offerings by the Company in 1995 and 1996, acted as
placement agent in the Private Placement and in connection therewith received
a commission of 449,200 shares of Common Stock (the "Private Placement
Commission Shares") and options (the "Private Placement Commission Options")
to purchase 449,200 shares of Common Stock at a purchase price of $1.95 per
share. The Private Placement Options are exercisable for a period of four
years, commencing on December 24, 1997, and cannot be sold, transferred,
assigned, or hypothecated until such date, except that they may be assigned,
in whole or in part, to any successor, officer, or partner of Sunrise.
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.
INTERFERON SCIENCES, INC.
BY: Lawrence M. Gordon
Chief Executive Officer
DATED: January 14, 1997
