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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
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Date of Report (Date of earliest event reported): OCTOBER 5, 1998
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CREATIVE BIOMOLECULES, INC.
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(Exact name of registrant as specified in its charter)
DELAWARE 0-19910 94-2786743
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(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation)
45 SOUTH STREET, HOPKINTON, MASSACHUSETTS 01748
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (508) 782-1100
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ITEM 5. OTHER EVENTS.
On October 5, 1998, the Registrant publicly disseminated a press release
announcing that it will modify its partnership with Biogen, Inc. for the
development of therapies for the treatment of kidney failure. Under the revised
terms of this agreement, the Registrant will assume primary responsibility for
development of a therapy for chronic renal failure. Biogen, Inc. will provide
the Registrant with $4.75 million in research support and will retain an option
through 1999 to resume responsibility for development of OP-1 as a therapy for
chronic renal failure. In addition to financial support, Biogen, Inc. will share
technical expertise with the Registrant to support chronic renal studies. The
Registrant will assume all rights and responsibility, independent of Biogen,
Inc., for the development of acute renal failure therapies.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(c) Exhibits.
99.1 The Registrant's Press Release dated October 5, 1998.
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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.
Creative BioMolecules, Inc.
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(Registrant)
Date: October 13, 1998 /s/ Wayne E. Mayhew III
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Wayne E. Mayhew III
Vice President, Chief Financial
Officer, Treasurer and Secretary
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CONTACT: Karla MacDonald
Manager, Corporate Communications
Creative BioMolecules, Inc.
(617) 912-2953
CREATIVE BIOMOLECULES MODIFIES ITS
RENAL DISEASE PARTNERSHIP WITH BIOGEN
Hopkinton, MA, October 5, 1998--Creative BioMolecules, Inc. (Nasdaq: CBMI)
announced today that it will modify its partnership with Biogen, Inc. (Nasdaq:
BGEN) for the development of therapies for the treatment of kidney failure.
Under the revised terms of this agreement, Creative BioMolecules will assume
primary responsibility for development of a therapy for chronic renal failure.
Biogen will provide Creative BioMolecules with $4.75 million in research support
and will retain an option through 1999 to resume responsibility for development
of OP-1 as a therapy for chronic renal failure. In addition to financial
support, Biogen will share technical expertise with Creative to support chronic
renal studies. Creative BioMolecules will assume all rights and responsibility,
independent of Biogen, for the development of acute renal failure therapies.
Michael M. Tarnow, President and CEO of Creative BioMolecules commented, "We are
pleased with the recent encouraging preclinical results with OP-1 in renal
failure. The development timeline for a chronic renal failure product now
appears longer than first anticipated. With Biogen's financial support and
technical assistance, our internal renal team will work diligently over the
coming months to move a chronic renal failure product toward the clinic. At the
same time, we are evaluating the clinical opportunities for OP-1 in acute renal
failure."
Creative BioMolecules' decision to move forward with development of a therapy
for chronic renal failure is based on the promising results of recently
completed preclinical studies. Recent safety studies in primates have indicated
a good systemic safety profile for OP-1, with no local or distal bone formation.
This news release includes forward-looking statements that involve risks and
uncertainties. Factors which could cause actual results to differ from the
Company's expectations include, without limitation, the course of the research
and development programs, including the achievement of development and
regulatory milestones by the Company, the timely receipt of regulatory
clearances required for clinical testing, and completion of clinical testing,
manufacturing and marketing of products and the other risks and uncertainties
detailed from time to time in the Company's periodic reports.
(more)
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Creative BioMolecules has established a substantial proprietary position in the
field of morphogenic proteins, including OP-1. The Company's morphogenic protein
programs include a late stage development effort in orthopaedic reconstruction
with Stryker Corporation as well as ongoing research to develop renal disease
treatment with Biogen, Inc., and proprietary new therapies for stroke and other
neurological disorders.
NOTE: Creative BioMolecules, Inc. makes available its latest news releases on
the Internet at http://www.creativebio.com and http://www.prnewswire.com or by
facsimile by calling Fax On Demand at 1-800-758-5804, extension 212213.
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