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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: DECEMBER 3, 1997
(Date of earliest event reported)
PHOTOGEN TECHNOLOGIES, INC.
(Exact name of registrant as specified in its charter)
NEVADA 0-95440 36-4010347
(State or other jurisdiction of (Commission File Number) (I.R.S. Employer
incorporation or organization) Identification No.)
7327 OAK RIDGE HIGHWAY, SUITE B
KNOXVILLE, TENNESSEE 37931
(Address of principal executive offices) (Zip Code)
(423) 769-4012
(Registrant's telephone number including area code)
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ITEM 5. OTHER EVENTS.
As set forth in the press release of Photogen Technologies, Inc.
(the "Company") dated December 3, 1997 filed as Exhibit 99 hereto and
incorporated herein by reference, the Company has received a written notice
of allowance from the United States Patent and Trademark Office on a portion
of the claims in the Company's therapeutic patent application.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(c) The following exhibit is filed with this report.
99. Press release of the Company, dated December 3, 1997, relating to the
receipt of the written notice of allowance from the United States Patent
and Trademark Office.
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.
Photogen Technologies, Inc.
By: /s/ JOHN SMOLIK
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Date: December 4, 1997 John Smolik, President
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EXHIBIT INDEX
Exhibit
No. Description
99 Press Release of the Company dated December 3, 1997, relating
to the receipt of the written notice of allowance from the
United States Patent and Trademark Office.
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EXHIBIT 99 to
FORM 8-K
FOR IMMEDIATE RELEASE
KNOXVILLE, TENNESSEE DECEMBER 3, 1997
Photogen Technologies, Inc. (stock symbol PHGN) of Knoxville, Tennessee
today announced that it has received a written notice of allowance from the
United States Patent and Trademark Office on a portion of the Company's
therapeutic patent application. The notice of allowance makes it likely that
Photogen will receive United States patent protection on over 60 claims
covering its simultaneous two photon excitation technology in a variety of
applications.
Photogen is attempting to develop proprietary laser-based technologies to
enhance the safety and efficacy of photodynamic therapy (PDT) and
photodynamic imaging for the diagnosis and treatment of cancer and infectious
diseases.
Because current laser activation systems for photodynamic pharmaceuticals
cannot safely penetrate deeply beyond the skin, PDT has to date been limited
to the treatment of topical or easily accessible cancers and other diseases.
As a result, many internal organs and muscle tissue cannot be reached, except
by invasive procedures. Using its proprietary two photon excitation
technology, Photogen scientists have demonstrated the ability to focus laser
light in phantom tissue at a depth of up to 4 cm, and believe that efficacy
at greater depths may be attainable. The ability to extend the range of PDT
beyond topical and intra-cavitary applications will dramatically increase the
number of cancer or other diseased sites that can be treated with
light-activated drugs.
Photogen has also submitted a patent application with the U. S. Patent
and Trademark Office covering its laser-based imaging technology, which is
intended to employ light-activated imaging agents to detect diagnostically
significant features at the cellular level. In addition, Photogen is filing
divisional applications seeking patent protection on other claims covering
its therapy technologies. Photogen is not aware of any developments at the
U. S. Patent and Trademark Office regarding its other divisional patent
applications for its therapy technologies or its imaging technology.
Photogen cannot provide assurances that it will successfully achieve its
goals or the commercial development of its technology in the foreseeable
future. The Company's success in this regard must at this time be deemed
speculative. This press release contains forward-looking statements which
involve risks, uncertainties and other factors that may cause Photogen's
actual results or performance to differ materially from any results or
performance expressed or implied by such forward looking statements. Factors
that could cause or contribute to those differences include the following:
* There is a risk that some of Photogen's patent applications will not result
in issued patents; and there is a risk that any issued patents will not
provide Photogen with proprietary protection or competitive advantages, that
they will be designed around by others, will be challenged by others and
held to be invalid or unenforceable or that the patents of others will have
a material adverse effect on Photogen.
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* Photogen does not have any products for sale and has not generated
revenues from sales, and does not expect to achieve revenues for at least
several years. Photogen expects to incur substantial and increasing losses
as its financial resources are used for product development activities
(including research and development, preclinical and clinical testing,
seeking regulatory approval, manufacturing and marketing) that will be
necessary before commercialization of any proposed products. Photogen
will require substantial additional funding (the amount of which cannot be
accurately estimated at this time; however, the amount could be at least
$50 million) to continue or undertake these product development
activities. In addition, Photogen's profitability may be affected by the
willingness of health insurers and similar organizations to reimburse for
procedures using Photogen's technologies.
* Many of Photogen's competitors have substantially greater financial,
technological and human resources than Photogen and have substantially
greater experience in product development activities. Photogen intends to
enter into collaborative relationships with third parties in connection
with its product development activities, and Photogen initially will also
be dependent on third parties for supplies of laser products and for
supplies of photodynamic drugs. There can be no assurances that Photogen
will be able to negotiate acceptable collaborative and supply arrangements
or that collaborative arrangements will result in marketable products.
* Photogen's officers, directors and principal stockholders beneficially own
sufficient common stock to elect the Company's directors and influence
significantly the Company's business and affairs. The concentration of
ownership of Photogen's stock and scarcity of shares available for
purchase may affect the market and the market price for the common stock
in ways that do not reflect the intrinsic value of Photogen's stock.
For further information, please contact John Smolik, Photogen's President
and Chief Executive Officer, at (423) 769-4012.
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