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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) October 19, 1999
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TECHNICLONE CORPORATION
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(Exact name of registrant a specified in its Charter)
Delaware 0-17085 95-3698422
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
14282 Franklin Avenue, Tustin, California 92780-7017
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (714) 508-6000
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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 October 19, 1999, Techniclone Corporation, a Delaware corporation
(the "Company"), announced today that it will substantially reduce all
operations, other than clinical trial and related support functions, in order to
reduce expenses and conserve financial resources. The Company reported that it
will reduce its workforce by approximately 50% over the next several weeks.
The Company also announced that while it is in various stages of
discussions with potential corporate partners for its Vascular Targeting Agent
(VTA) technology, no agreement has been reached. If the Company's Common Stock
price does not enable the Company to access its Common Stock Equity Line
Subscription Agreement or the Company is unable to obtain an additional source
of adequate financing or complete a business combination, the Company
anticipates that it will be unable to fund operations as soon as the end of
November. If the Company is able to continue to partially access its Equity
Line, the Company anticipates that it will be able to fund operations for
approximately three months.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(a) Financial Statements of Business Acquired. Not applicable.
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(b) Pro Forma Financial Information. Not applicable.
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(c) Exhibits.
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A Press Release dated October 19, 1999.
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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 hereunto duly authorized.
Date: October 19, 1999 TECHNICLONE CORPORATION
By: /s/ Steven C. Burke
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Steven C. Burke, Chief Financial Officer
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INDEX TO EXHIBITS
TO CURRENT REPORT ON FORM 8-K
SEQUENTIALLY
NUMBERED
EXHIBIT NO. DESCRIPTION PAGE
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A Press Release dated October 19, 1999 5
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EXHIBIT A
TECHNICLONE ANNOUNCES CURRENT STATUS AND FUTURE PLANS
Tustin, Calif.--(BUSINESS WIRE)--Oct. 19, 1999--Techniclone Corporation
(NASDAQ:TCLN), announced today that it will substantially reduce all operations,
other than clinical trial and related support functions, in order to reduce
expenses and conserve financial resources. The Company reported that it will
reduce its workforce by approximately 50% over the next several weeks.
The Company also announced that while it is in various stages of discussions
with potential corporate partners for its Vascular Targeting Agent (VTA)
technology, no agreement has been reached. If the Company's Common Stock price
does not enable the Company to access its Common Stock Equity Line Subscription
Agreement or the Company is unable to obtain an additional source of adequate
financing or complete a business combination, the Company anticipates that it
will be unable to fund operations as soon as the end of November. If the Company
is able to continue to partially access its Equity Line, the Company anticipates
that it will be able to fund operations for approximately three months.
Techniclone is in preliminary discussions with respect to additional financing.
Techniclone has also retained the investment banking firm U.S. Bancorp Piper
Jaffray to pursue strategic alternatives for the Company. However, there can be
no assurance that any additional financing, business combination transaction or
other strategic alternatives will be available to the Company or, if available,
that the terms of such financing, transaction or other alternative will be at a
valuation favorable to the Company or its stockholders.
Company Overview: Techniclone Corporation is a biopharmaceutical focused on the
development, commercialization and licensing of unique technologies for the
treatment of cancer, primarily based on its "collateral targeting technologies."
These technologies therapeutically target cell structures and cell types, rather
than surface cancer cells, as a means to attack solid tumors, without causing
damage to surrounding healthy tissue. The Company has three collateral
technologies: CotaraTM, Vasopermeation Enhancement Agents (VEA), and Vascular
Targeting Agents (VTA). The Company also has a direct tumor targeting agent
called Oncolym(R) for the treatment of advanced non-Hodgkin's B-cell Lymphoma
which has been licensed to Schering AG, Germany, which is now responsible for
all existing and future Oncolym(R) clinical trial programs as well as marketing.
Safe Harbor Statement: This release may contain certain forward-looking
statements that are made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. Actual events or results may differ
from Techniclone's expectations as a result of risk factors discussed in its
reports on file with the U.S. Securities and Exchange Commission, including, but
not limited to, its report on Form 10K for the year ended April 30, 1999 and its
report on Form 10-Q for the quarter ended July 31, 1999.
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