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): July 31, 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 7
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Item 5. Other Events.
The press release dated July 31, 1997 attached as Exhibit 99.1
is hereby incorporated by reference.
Agreement
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<PAGE>
Item 7. Financial Statements and Exhibits.
__________________________________
Exhibit Number Description
______________ ___________
99.1 The Registrant's press release dated July 31, 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: July 31, 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 July 31, 1997
(filed herewith)
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<PAGE>
FOR IMMEDIATE RELEASE
For more information, contact Lora Maurer
Seragen, Inc.
Phone: 508-435-2331
SERAGEN GRANTS LICENSE OPTION TO U.S. SURGICAL
FOR RESTENOSIS PRODUCT
Program Will Be Joint Effort
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HOPKINTON, MA--July 31, 1997--Seragen, Inc. (Nasdaq:SRGN) announced today
that it has entered into an agreement with U.S. Surgical Corporation
(NYSE:USS) granting USS an option on worldwide rights to Seragen's
DAB389EGF (EGF Fusion Protein) for restenosis following cardiovascular
procedures. USS has acquired the option in exchange for an initial payment
to Seragen of $5 million. Under the terms of the option, USS is entitled
to acquire an exclusive license to the technology, at any time during a
15-month evaluation period, upon the payment to Seragen of an additional $5
million.
USS has agreed to fund trials associated with the development of EGF Fusion
Protein for restenosis. If the option is exercised, milestone payments to
Seragen by USS could amount to $22.5 million in addition to royalties upon
commercial sales by USS.
"We are delighted with U.S. Surgical's strong interest in the restenosis
application for our second therapeutic product," said Seragen chairman and
CEO, Reed Prior.
"Our pre-clinical studies have indicated that EGF Fusion Protein may be
useful in preventing and/or treating restenosis, which is the re-narrowing
of the artery that occurs after angioplasty," explained Seragen president
and chief technology officer, Jean Nichols, Ph.D. "U.S. Surgical and
Seragen will conduct joint studies to validate the technology for this
application. If these studies are successful, we believe DAB389EGF may be
used in a significant number of the one million angioplasties performed
each year."
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 principal focus to date has been 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. The company's 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, 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.
