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Total Number of Pages: 3
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 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 9, 1999
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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.
Cygnus, Inc. announced on July 9, 1999 that John C. Hodgman,
the Company's President and Chief Executive Officer, will be named
chairman of the Board, succeeding Gary W. Cleary, Ph.D. Dr. Cleary will
serve as Chairman Emeritus of the Board of Directors.
Item 7. Financial Statements and Exhibits.
(c) Exhibits.
Exhibit Number
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99.1 Press Release by Cygnus, Inc. dated July 9, 1999
referred to in Item 5 above.
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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.
DATE: July 9, 1999 By: /s/ John C. Hodgman
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Name: John C. Hodgman
Title: President, Chief Executive
Officer and Chairman
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EXHIBIT INDEX
EXHIBIT
NUMBER DOCUMENT DESCRIPTION
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99.1 Press Release by Cygnus, Inc. dated July 9, 1999. Refer to Item
5 above.
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EXHIBIT 99.1
FOR ADDITIONAL INFORMATION:
Craig Carlson/CFO, Cygnus
(650) 369-4300 www.cygn.com
Burns McClelland (212) 213-0006
Justin Jackson/Lisa Fern - Media
FOR IMMEDIATE RELEASE
Cygnus' Gary Cleary Becomes Chairman Emeritus;
John Hodgman to Succeed Dr. Cleary as Chairman of the Board
Redwood City, CA - July 9, 1999 - Cygnus, Inc. (Nasdaq: CYGN) today
announced that effective July 9, 1999, Gary W. Cleary, Ph.D., founder of
Cygnus, will step down as Chairman of the Board and Chief Technical
Officer. Dr. Cleary will serve as Chairman Emeritus of the Board of
Directors. John C. Hodgman, President and Chief Executive Officer, will
now also hold the position of Chairman of the Board of Directors.
"As the founder, Gary's contributions to Cygnus have been numerous over
the years. His unique combination of scientific and technical savvy,
creativity, warmth, and humor has been a great resource for all of us at
Cygnus," stated John C. Hodgman, President, Chief Executive Officer and
Chairman of Cygnus, Inc. "We reluctantly accept his desire for this
change and look forward to his continuing service on the Board of
Directors," Mr. Hodgman added.
"Since founding Cygnus fourteen years ago I have been delighted and
impressed with the quality and commitment of our employees," stated Dr.
Cleary. "Cygnus has made its mark in transdermal drug delivery systems
and has developed unique technology for its noninvasive glucose
monitoring system. There is a strong scientific and technical
foundation in place and many exciting opportunities ahead for Cygnus,"
Dr. Cleary added.
Dr. Cleary founded Cygnus in 1985 and holds over 20 patents in the field
of drug delivery. He has written extensively and lectured
internationally on the subject. He has invented, developed or brought to
market many pharmaceutical and consumer products, including transdermal
drug delivery systems such as Nitro-Dur (nitroglycerin; Registered Trademark
of Key Pharmaceutical, Inc., Miami, Florida) and Nicotrol (nicotine;
Registered Trademark of Pharmacia AB, Stockholm, Sweden) devices.
Dr. Cleary is a Fellow of the American Institute for Medical and
Biological Engineering (AIMBE). The Institute is a principal voice of
medical and biological engineering in matters of science and public
policy. On June 22, 1999, Dr. Cleary became the 26th President of the
Controlled Release Society (CRS), an international scientific
organization that is dedicated to the advancement of the science and
technology of chemical and biological delivery systems. Dr. Cleary will
continue to pursue his entrepreneurial interests in drug delivery.
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 a frequent, automatic and non-invasive glucose
monitoring device ( the GlucoWatch - Registered Trademark - monitor), for
which a pre-market approval application to the FDA was completed on
June 1, 1999, as well as transdermal drug delivery systems.
END
