UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 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): September 9, 1997
SERAGEN, INC.
(Exact name of registrant as specified in its charter)
DELAWARE 0-19855 04-2662345
____________ ___________ _____________
(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation)
97 South Street, Hopkinton, Massachusetts 01748
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (508) 435-2331
Exhibit Index on page 5
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Item 5. Other Events.
The press release dated September 9, 1997 attached as Exhibit 99.1
is hereby incorporated by reference.
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<PAGE>
Item 7. Exhibits.
__________________________________
Exhibit Number Description
______________ ___________
99.1 The Registrant's press release dated September 9, 1997
(filed herewith)
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<PAGE>
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.
SERAGEN, INC.
(Registrant)
Date: September 9, 1997 /S/ Reed R. Prior
__________________
Reed R. Prior
Chairman of the Board and
Chief Executive Officer
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<PAGE>
EXHIBIT INDEX
Exhibit
Number Description
99.1 The Registrant's press release dated September 9, 1997
(filed herewith)
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<PAGE>
FOR IMMEDIATE RELEASE
For more information, contact Lora Maurer
Seragen, Inc.
Phone: 508-435-2331
SERAGEN STOCK TO TRADE ON OTC BULLETIN BOARD
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HOPKINTON, MA--September 10, 1997--Seragen, Inc. announced today that
effective as of the close of business on September 9, 1997, the company's
common stock will be delisted from the Nasdaq Stock Market. Thereafter, bid
and asked quotations for the common stock will be available on the OTC
Bulletin Board under the symbol SRGN.
"Our current level of net tangible assets disqualifies us for continued
listing on the Nasdaq Stock Market," said Seragen Chairman and CEO, Reed
Prior. "Listing requirements are sometimes difficult for biotechnology
companies to maintain. In Seragen's case, accounting rules do not allow our
intellectual property to be taken into account in determining our net
assets, and that has contributed to our difficulty in maintaining compliance
with the Nasdaq listing requirements."
"The company is exploring a range of options," Mr. Prior continued. "Our
management team remains committed to doing everything possible to maximize
shareholder value."
Seragen is a biopharmaceutical company developing a proprietary portfolio of
therapeutic products. The company's unique receptor-active fusion proteins
consist of a toxin fragment genetically fused to a hormone, or growth factor,
that targets specific receptors on the surface of disease-causing cells.
Seragen's current focus is on cancer and dermatology. The company's most
advanced product, IL-2 Fusion Protein, is in Phase III clinical trials for
cutaneous T-cell lymphoma, in collaboration with Eli Lilly and Company.
Seragen is independently conducting clinical trials of the same product for
psoriasis. A second product, EGF Fusion Protein, is currently in a
Phase I/II clinical trial for non-small cell lung cancer.
Safe Harbor Information
Some of the statements contained in this document are forward-looking,
including statements relating directly or by implication to Seragen's
products, operations, strategic partnerships, financial condition, and ability
to fund its operations. These statements are based on current expectations
and involve a number of uncertainties and risks, including (but not limited
to) Seragen's ability to proceed with successful development, testing, and
licensing of its products and Seragen's ability to enter into additional
strategic partnerships and other collaborative arrangements or
to raise additional capital on satisfactory terms. For further information,
refer to the "Business Outlook" section in Seragen's Form 10-K as filed with
the Securities and Exchange Commission. Actual results may differ materially
from such expectations.
