United States
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): February 17, 1998
Endorex Corp.
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(Exact name of registrant as specified in charter)
Delaware 0-11572 41-1505029
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(State or other Jurisdiction (Commission File Number) (IRS Employer
of Incorporation) Identification)
900 North Shore Drive, Lake Bluff, IL 60044
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (847)604-7555
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Former Name or Former Address, if changed since last report.
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Item 5. Other Events
Gerald Vosika, M.D. has resigned as Chairman and Director.
For additional information, please see the attached press release.
Item 7. Financial Statements and Exhibits.
(c) Exhibits
99.1 Press Release.
Signatures
Pursuant to requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
ENDOREX CORP.
David G. Franckowiak
Vice President, Finance and Administration
(principal financial officer)
<PAGE>
EXHIBIT 99.1
FOR IMMEDIATE RELEASE
Media Contacts: Mary Ann Dunnell Michael Rosen, President and CEO
Robinson Lerer & Montgomery Endorex Corp.
212-484-7797 847-604-7555
Investor Contact:Dian Griesel, Ph.D.
Investor Relations Group
212-664-8489
ENDOREX MOVES NORTH DAKOTA R&D OPERATIONS TO CHICAGO AREA
Chairman Resigns to Join Fargo-based Firm
Dr. Rick Wilson is Appointed to Newly Created Post of
Executive Vice President, Clinical Affairs and Regulatory Development
Chicago, IL, February 17, 1998 - Endorex Corp. (OTC Bulletin Board: ENDR)
announced today that it is moving its research and development operations
from Fargo, ND, to Lake Forest, IL. Endorex has leased a 7,500-square-foot
research and development facility in Lake Forest, Illinois, near the
Company's corporate headquarters. The Company's scientists will relocate
from Fargo to the new pre-clinical facility, which will be used for R&D
associated with the Company's oral delivery technology. This move situates
all Endorex facilities in the "Pharmaceutical Corridor" of the Midwest, just
minutes from the worldwide headquarters of Abbott Laboratories, Baxter
International and Searle. The closure of Endorex's North Dakota operations,
expected to be completed by mid-year, will cause no layoffs.
In addition, Gerald Vosika, M.D., Chairman of the Board and Scientific
Director, has resigned to pursue scientific activities with Entara Corp.,
a new start-up biotech company based in Fargo, ND. Endorex is negotiating
an exclusive out-license to Entara for development of non-competing
technology that was initiated at Endorex. Dr. Vosika will continue to be
involved with Endorex as a consultant on scientific activities. The
Company expects to name a replacement Board member shortly.
"Dr. Vosika has played an important role as founder of the Company and
inventor of the technology on which its ImmTher(R) and Theramide(TM) compounds
are based," said Endorex President and Chief Executive Officer Michael S.
Rosen. "We are grateful to Dr. Vosika for his scientific innovation and
are pleased that we will continue to benefit from his expertise as we move
to clinical trials in these programs."
The Company also announced that Dr. Rick Wilson, M.D., J.D., currently
Executive Vice President and Chief Scientific Officer for Endorex's
subsidiary, Wisconsin Genetics, Inc., will also assume the newly created
post of Executive Vice President, Clinical Development and Regulatory
Affairs, for the parent company Endorex. Dr. Wilson joined Wisconsin
Genetics in November.
Said Rosen, "Dr. Wilson's extensive and diverse expertise in infectious
disease, oncology, drug development and regulatory approval has positioned
him for greater responsibilities with the Company, particularly as we are
initiating several Phase II clinical trials for Endorex's lead cancer
compounds in 1998."
Prior to joining Endorex, Dr. Wilson held senior management positions with
a number of major pharmaceutical companies including Vice President of
Corporate Regulatory Affairs at Pharmacia and Upjohn, and Vice President of
Worldwide Regulatory Affairs at Upjohn. He also held executive regulatory
affairs positions with Syntex and E.R. Squibb & Sons and executive research
and development positions with Boehringer Ingelheim Pharmaceuticals and
Hoffmann-La Roche. Dr. Wilson's career also includes four years at the
Center for Disease Control and teaching positions with a number of
prestigious educational institutions, including service as an Adjunct
Clinical Assistant Professor at Columbia University School of Public
Health. Dr. Wilson has more than 60 scientific publications to his credit.
Endorex Corp. is a development stage biotechnology company involved in oral
drug delivery and cancer therapy. Orasomal Technologies, Inc., Endorex's
oral delivery subsidiary, licensed technology from the Massachusetts
Institute of Technology (MIT) that is being developed to deliver vaccines,
proteins and peptides. In 1998, Endorex formed a joint venture with Elan
Corporation, plc (NYSE:ELN) to develop oral and mucosal delivery systems
for human and animal vaccines. Wisconsin Genetics, Inc. (WGI), Endorex's
second subsidiary, is starting Phase II clinical trials for novel cancer
therapy based on monoterpenes. Endorex is presently developing two drugs
for cancer and infectious disease: an immunomodulator and an
immuno-adjuvant
for vaccines.
Note to Investors and Editors: Endorex's press releases are available on
the Internet at: http://www.endorex.com
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