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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): November 12, 1999
Commission file number: 0-20081
PruTech Research and Development Partnership III
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(Exact name of Registrant as specified in its charter)
California 77-0129484
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(State or other jurisdiction (I.R.S. Employer Identification No.)
of incorporation or organization)
One Seaport Plaza, 28th Floor, New York, NY 10292
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (212) 214-3500
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
PruTech Research and Development Partnership III (the "Registrant")
was recently advised by Forest Laboratories, Inc. ("Forest") that
Forest has still not responded to the FDA's November 1998 non-approval
letter relating to their application for Synapton. As a result,
there is no expectation that the Registrant will receive
any revenues from its royalty interest in Synapton. The
Registrant's royalty positions with Creative BioMolecules, Inc.
and Forest, both of which expire in December 1999, are deemed
to have no value. As a result, the Registrant has been
liquidated in accordance with its partnership agreement.
On November 12, 1999 the Registrant made a final
liquidating distribution to the Unitholders of $23.26 per unit.
As this distribution to the Unitholders represented the final step
in the dissolution and liquidation of the Registrant,
R&D Funding Corp terminated the Registrant effective November
15, 1999 by filing a certificate of cancellation with the
Secretary of State of the state of California.
Item 7 - Financial Statements and Exhibits
(c) Exhibits
2.1 Letter to Unitholders of PruTech Research and Development
Partnership III
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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.
PruTech Research and Development Partnership III
By: R&D Funding Corp
A Delaware corporation, General Partner
By: /s/ Brian J. Martin Date: November 15, 1999
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Brian J. Martin
President, Chief Executive Officer, Chairman of the
Board of Directors and Director for the Registrant
By: R&D Funding Corp
A Delaware corporation, General Partner
By: /s/ Steven Carlino Date: November 15, 1999
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Steven Carlino
Vice President
Chief Accounting Officer for the Registrant
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PruTech Research and Development Partnership III
November 1999
To our Unitholders:
PruTech Research and Development Partnership III (the "Partnership")
was recently advised by Forest Laboratories, Inc. that Forest has still
not responded to the FDA's November 1998 non-approval letter relating
to their application for Synapton. Forest believes they would incur
significant additional costs to pursue the matter without any
assurance that Synapton would ultimately be approved. As a
result, there is no expectation that the Partnership will
receive any revenues from its royalty interest in Synapton. The
Partnership's royalty positions with Creative BioMolecules, Inc.
and Forest, both of which expire in December 1999, are deemed to
have no value. As a result, the Partnership has been liquidated
in accordance with the Partnership Agreement.
On November 12, 1999, the Partnership made a final liquidating
distribution to the Unitholders of $23.26 per unit. With this
final liquidating distribution, the Partnership has
made cash distributions to Unitholders of $720.76 per unit
since its inception or approximately 72% of the Unitholders'
original capital contributions.
As the final liquidating distribution to the Unitholders
represented the final step in the liquidation process, the
General Partner terminated the Partnership effective November
15, 1999. The General Partner will prepare and file the final
tax return, as soon as practicable, and will distribute the
final tax information return on Schedule K-1 to the
Unitholders in early 2000. Should you have any questions
concerning the dissolution and liquidation of the Partnership,
please feel free to contact your Financial Advisor or call
the Prudential Securities' Client Services Department
at 1-800-535-2077.
Sincerely,
/s/ Brian J. Martin
Brian J. Martin
President
R&D Funding Corp
General Partner
