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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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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):
September 28, 1995
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EPITOPE, INC.
(Exact name of Registrant as specified in charter)
Oregon
(State or other jurisdiction of incorporation)
1-10492
(Commission File No.)
93-0779127
(IRS Employer Identification No.)
8505 S.W. Creekside Place
Beaverton, Oregon 97008
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code:
(503) 641-6115
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Item 5. Other Events.
On September 28, 1995, the Registrant issued a press release
announcing a restructuring. A copy of the press release is attached as an
exhibit to this report.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(a) Not applicable.
(b) Not applicable.
(c) Exhibits.
The exhibits filed herewith are listed in the exhibit index
following the signature page of this report.
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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.
EPITOPE, INC.
Dated: September 29, 1995 By: /s/Gilbert N. Miller
Gilbert N. Miller
Executive Vice President
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EXHIBIT INDEX
99.1 Press Release of Epitope, Inc., dated September 28, 1995.
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EXHIBIT 99.1
FOR IMMEDIATE RELEASE Contact: Mary Hagen
(503) 641.6115
Epitope Announces Restructuring
Beaverton, Oregon, September 28, 1995 - Epitope, Inc. (AMEX:EPT) today
reported that it is reducing its work force by approximately 28% as part of a
restructuring plan. Severance payments and related expenses associated with
the staff reduction will result in a charge of approximately $500,000 to
operating results for the quarter ending September 30, 1995. The staff
positions affected by the restructuring represent an annualized cost savings
of over $2.1 million.
"The restructuring program is a continuation of our previously announced
strategic plan to focus the efforts of the company on our core businesses.
Over the past several months, management and the board of directors have
performed an extensive review to determine which resources and activities are
absolutely necessary to bring the company to profitability and which positions
are essential to achieving that goal," said Adolph J. Ferro, president and
chief executive officer. "We will now have an organization that has a lower-
cost profile, yet is fully resourced to meet the needs of our customers and
match the plans and requirements of our medical diagnostics marketing partner,
SmithKline Beecham. With cash resources of over $20 million and a lower-cost
infrastructure, Epitope is well-positioned for the future."
Ferro also noted that Epitope recently entered into an agreement with
Solarcare Technologies Corporation (STC), Bethlehem, Pennsylvania, to
collaborate in obtaining regulatory approval for use of assays manufactured by
STC for the detection of certain drugs of abuse in oral specimens collected by
Epitope's OraSure(R) collection device. A 510(k) application for use of an STC
cocaine assay with OraSure was submitted to the Food and Drug Administration
in February 1995. The companies plan to submit applications for additional
drug analytes after the cocaine application is cleared by the FDA. Epitope
will act as STC's international distributor for products covered by the
agreement.
Epitope, Inc. is an Oregon corporation utilizing biotechnology to develop
diagnostic products for the detection of AIDS and other indications and,
through its agricultural unit, Agritope, Inc., superior new plant varieties.
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