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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
Date of Report (Date of earliest event reported) AUGUST 11, 1998
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CYGNUS, INC.
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(Exact name of registrant as specified in charter)
DELAWARE 0-18962 94-2978092
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State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
400 PENOBSCOT DRIVE, REDWOOD CITY, CALIFORNIA 94063-4719
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (650) 369-4300
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NOT APPLICABLE
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(Former name or former address, if changed since last report.)
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ITEM 5 OTHER EVENTS
On August 11, 1998, the Registrant announced the resignation of
Gregory B. Lawless, its President, Chief Executive Officer and a Director,
and the appointment of John Hodgman as its President, Chief Executive Officer
and a Director. Additionally, the Registrant announced that Andre Marion was
named Vice Chairman. A copy of the press release issued in connection with
this announcement is incorporated herein by reference and attached hereto as
Exhibit 99.
ITEM 7 FINANCIAL STATEMENTS AND EXHIBITS
EXHIBIT NO. EXHIBIT
99 Press Release, dated August 11, 1998.
SIGNATURE
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.
CYGNUS, INC.
(Registrant)
Date: August 21, 1998 By: /s/ John C. Hodgman
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John C. Hodgman
Title: President and Chief Executive
Officer
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EXHIBIT INDEX
EXHIBIT NO. EXHIBIT
99 Press Release, dated August 11, 1998.
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FOR ADDITIONAL INFORMATION:
Craig Carlson/Senior Vice President
(650) 369-4300 www.cygn.com
FOR IMMEDIATE RELEASE
JOHN HODGMAN APPOINTED PRESIDENT AND CEO OF CYGNUS, INC.;
ANDRE MARION NAMED VICE CHAIRMAN
REDWOOD CITY, CA - AUGUST 11, 1998 - Cygnus, Inc. (NASDAQ: CYGN) announced
today that Gregory B. Lawless resigned as President, CEO and Director to
pursue other interests.
The Board of Directors appointed John Hodgman President, Chief Executive
Officer and Director. In addition, Andre Marion, who is a Cygnus Director,
was named Vice Chairman of the Company. Gary Cleary continues his duties as
Chairman of the Board of Directors and Chief Technical Officer.
Mr. Hodgman most recently served as President, Cygnus Diagnostics, for which
he was responsible for all commercialization efforts for the
GlucoWatch-Registered Trademark- monitor, and Chief Financial Officer. Mr.
Hodgman joined Cygnus in August 1994 as Vice President, Finance and Chief
Financial Officer. Prior to joining Cygnus, Mr. Hodgman served in a variety
of senior management positions at Central Point Software and Ateq Corporation
including Vice President, Finance, Chief Financial Officer and Vice
President, Operations.
Mr. Marion founded Applied Biosystems, Inc., a supplier of instruments for
biotechnology research, and served as President, Chief Executive Officer and
Chairman of the Board prior to its merger with The Perkin-Elmer Corporation
in 1993. He then served as Vice President, The Perkin-Elmer Corporation and
President of the Applied Biosystems Division until his retirement in February
1995. Mr. Marion is also a director of Molecular Devices Corp., Applied
Imaging and one private company.
"Cygnus has the essential elements to be successful: strong scientific and
technical skills, an experienced management team, an exciting portfolio of
products, and $65 million in cash," stated Frank Cary, Director of Cygnus and
former Chairman and CEO of IBM. "The GlucoWatch has the potential to
revolutionize the way people with diabetes monitor their glucose levels and
the Company also has three transdermal drug delivery products in Phase 3
testing," Mr. Cary added.
Cygnus is engaged in the development and manufacture of diagnostic and drug
delivery systems utilizing its proprietary technologies to satisfy unmet
medical needs cost effectively. Cygnus' current efforts are primarily
focused on two core areas: a painless, bloodless and automatic glucose
monitoring device (the GlucoWatch monitor) and transdermal drug delivery
systems. The Company's products in the most advanced stages of development
include two in the market (Nicotrol-Registered Trademark- and
FemPatch-Registered Trademark-) and several in different stages of clinical
trials. Cygnus' corporate web site is located at http://www.cygn.com.
This news release contains forward-looking statements regarding future events
and the future performance of the Company that involve risks and
uncertainties that may cause the Company's actual results to differ
materially. Such factors include the timely development, government
approval, commercial introduction and market acceptance of the GlucoWatch and
the Company's other products in development. The Company refers you to the
documents the Company files from time to time with the Securities and
Exchange Commission, including the Company's Annual Report on Form 10-K,
Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, which contain
descriptions of certain factors that could cause the Company's actual results
to differ from the Company's current expectations and any forward-looking
statements contained in this news release.
