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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(D) OF
THE SECURITIES ACT OF 1934
Date of Report (Date of earliest event reported): March 9, 1998
NEUROMEDICAL SYSTEMS, INC.
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
Delaware 0-26984 13-3526980
(State or other (Commission File No.) (I.R.S. Employer
jurisdiction Identification No.)
of incorporation
Two Executive Boulevard, Suite 306
Suffern, New York 10901-4164
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (914) 368-3600
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ITEM 5.
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Neuromedical Systems, Inc. Announces Management Changes
On March 9, 1998, Neuromedical Systems, Inc. ("NSI" and, the "Company")
announced the appointment of Mark L. Smith as Vice President of Finance and
Administration and Chief Financial Officer. Mr. Smith will be replacing David
Duncan, Jr. Mr. Duncan, who made important contributions to the Company during
the past four years, has left the Company to pursue other career opportunities.
Prior to accepting the position at NSI, Mr. Smith worked for Genzyme Corporation
of Cambridge, Massachusetts. At Genzyme, Mr. Smith served as Group Controller
for Genzyme Genetics, Genzyme Pharmaceuticals and Genzyme Diagnostic Products.
He supervised the finance functions for all the Genzyme manufacturing activities
and genetic services in the United States, the United Kingdom and Europe.
Before joining Genzyme, Mr. Smith served as Vice President of Finance and
Administration and Chief Financial Officer of Genetrix, Inc., and as a member of
the accounting firm of Price Waterhouse in both Australia and the United
States. He is a Certified Public Accountant (US) and a member of the Institute
of Chartered Accountants in Australia.
Neuromedical Systems, Inc. focuses intelligent vision on medicine. NSI's first
product, the PAPNET Testing System, helps the laboratory increase the accuracy
of cervical screening by displaying potentially abnormal cells for review and
analysis by a cytology professional. PAPNET testing is available through a
network of laboratories nationwide. Laboratories, clinicians and patients
interested in learning more about PAPNET testing or Neuromedical Systems, Inc.,
may call toll-free at 1-800-PAPNET4 or visit NSI on the World Wide Web at
http://www.nsix.com.
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Safe Harbor Statement
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Forward-looking statements discussed in this release are made under
the safe harbor provisions of the Private Securities Litigation Reform Act of
1995. Except for the historical information contained herein, the matters
discussed in this release are forward-looking statements which reflect the
Company's current views with respect to future events and financial performance,
which include, but are not limited to, statements regarding Company plans and
operations, management's assessments and decisions, marketing and promotion
strategy, and discussions of product development and performance. The words
"believe", "expect", "anticipate", "estimate", "project," "intend" and similar
expressions identify forward-looking statements, which speak only as of the date
hereof. Investors are cautioned that such forward looking statements involve
risks and uncertainties that could cause actual results to differ materially
from historical results or those anticipated due to many factors, including, but
not limited to, the Company's continuing negative cash flow, reliance on a
single product, competition, dependence on key personnel, the impact on the
Company of its territorial license agreements, dependence on patents and
proprietary technology, government regulation of products and advertising,
limited marketing and sales history, the impact of third-party reimbursement
decisions, litigation and other risks detailed in the Company's Securities and
Exchange Commission filings, including its 1996 Form 10-K and Exhibit 99.1
attached thereto. The Company undertakes no obligation to publicly update or
revise any forward-looking statements.
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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 in Suffern, New York on this 9th day of
March, 1998.
NEUROMEDICAL SYSTEMS, INC.
By: /s/ Paul Sohmer, M.D.
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Paul Sohmer, M.D.
President and Chief Executive Officer
