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) June 5, 1998
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MEDICAL DISCOVERIES, INC.
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(Exact name of registrant as specified in its charter)
Utah 0-12627 87-0407858
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(State or other jurisdiction of (Commission (I.R.S. Employer
incorporation or organization) File Number) Identification No.)
2985 North 935 East, Suite 9, Layton, UT 84041
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(Address of principal executive offices) (Zip Code)
(801) 771-0523
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(Registrant's telephone number, including area code)
N/A
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(Former name, former address and former fiscal year, if changed since last
report)
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ITEM 5. OTHER EVENTS. AGREEMENT IN PRINCIPLE TO ESTABLISH JOINT VENTURE FOR
COMMERCIALIZATION OF WOUND CARE AND SKIN REPAIR PRODUCTS.
On June 5, 1998, Medical Discoveries, Inc. (the "Company" or "MDI") announced it
has agreed in principle with Advanced Bio-Technologies, Inc. ("ABT") to
establish a new company, Regenere(TM), Inc. (pronounced "ray jen air", French
meaning "to revitalize"). Regenere will focus on the development and
commercialization of a new generation of patented wound care and skin repair
"cosmeceuticals" for repairing, restoring and revitalizing damaged skin.
ABT, of Silverdale, Washington, is a privately held corporation specializing in
the research, development and sales of silicone based wound treatment and
related skin care products. ABT's flagship product is Kelo-cote(R), a clinically
proven silicone topical gel which aids in the rapid healing and reduction of
scar tissue resulting from cuts, burns and abrasions, as well as effectively and
dramatically reducing the appearance of older scars.
MDI, through its Japan and USA based research and development teams, has been
developing a new generation of wound cleansing and skin care products based on
its proprietary core technologies.
MDI and ABT, are transferring their existing skin care products into Regenere,
Inc., and will focus combined research and product development into additional
innovative products for wound healing and skin care.
ABT's Kelo-cote is a unique product which protects wounds and promotes rapid
healing, and has the proven ability to reduce the appearance of older scars.
Unlike "silicone sheeting" products which must be taped over the scar, Kelo-cote
is a gel which when applied becomes invisible, allowing the skin to breath while
acting as a barrier to waterborne bacteria. Kelo-cote(R) is the only patented
product of its type available. The formation of Regenere enables MDI and ABT to
introduce a complete "cosmeceutical system" for wound care and skin repair.
Regenere represents a commitment by MDI and ABT to become the world's leading
innovator and supplier of a new generation of "cosmeceuticals" targeted at
repairing, restoring and revitalizing damaged skin. This joint venture enables
both MDI and ABT to share technologies, collaborate on scientific research, and
provides for product development and rapid introduction of products in the fast
growing "cosmeceuticals" marketplace, and is the first step of a corporate
strategy to move certain aspects of the Company's our core technologies into
consumer-focused, revenue-producing, emerging markets, while pursuing FDA
approvals on the MDI-P compound targeted at anti-bacterial, anti-fungal and
anti-viral (HIV/AIDS) applications.
Date: June 5, 1998
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MEDICAL DISCOVERIES, INC.
/s/ Lee F. Kulas
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President and Chief Executive Officer
