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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 26, 1999
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
10 Mountain View Road
Suite C-100
Upper Saddle River, NJ 07458-1933
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (201) 934-0660
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ITEM 3.
On March 26, 1999, Neuromedical Systems, Inc. (the "Company"),
voluntarily filed for protection under Chapter 11 of the Federal Bankruptcy Code
as promulgated under the Bankruptcy Reform Act of 1978, as amended. The filing
was made in the U.S. Bankruptcy Court for the District of Delaware. The Company
is now operating as debtor in possession subject to the supervision of the
orders of the Bankruptcy Court.
In connection with its Chapter 11 filing, the Company let go the
majority of its U.S. workforce and the Company has agreed to sell its
intellectual property and related assets to AutoCyte, Inc., for $4,000,000 in
cash and 1.4 million shares of AutoCyte common stock. The Company's sale of
assets is subject to certain conditions, including the approval of the
Bankruptcy Court where competing bids will be considered.
The Company also announced the filing of an application for winding-up
in the District Court of Tel Aviv for its Israeli subsidiary. The Company also
intends to file for administration for winding-up for its Australian subsidiary.
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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 Upper Saddle River, New Jersey on this
29th day of March, 1999.
NEUROMEDICAL SYSTEMS, INC.
By: /s/ Mark L. Smith
Mark L. Smith
Vice President, Finance and Administration
and Chief Financial Officer
