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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 EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): September 15, 1998
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OPHIDIAN PHARMACEUTICALS, INC.
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(Exact name of registrant as specified in its charter)
Wisconsin 333-33219 39-1661164
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
5445 East Cheryl Parkway, Madison, Wisconsin 53711
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (608) 271-0878
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(Former name or former address, if changed since last report.)
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INFORMATION TO BE INCLUDED IN THE REPORT
Item:
1. Changes in Control of Registrant: None
2. Acquisition or Disposition of Assets: None
3. Bankruptcy or Receivership: None
4. Changes in Registrant's Certifying Accountant: None
5. Other Events: SEE EXHIBIT 1
6. Resignation of Registrant's Directors: None
7. Financial Statements and Exhibits: none
8. Change in Fiscal Year: None
9. Sales of Equity Securities Pursuant to Regulation S: None
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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.
OPHIDIAN PHARMACEUTICALS, INC.
Date: September 15, 1998 By: /s/ Donald L. Nevins
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Donald L. Nevins, Chief Financial
Officer and Vice President, Finance
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EXHIBIT 1
FOR IMMEDIATE RELEASE For more information, please contact:
Mr. Donald L. Nevins, Vice President, Finance
608-271-0878
OPHIDIAN PHARMACEUTICALS TO SEEK NEW PARTNER
FOR ITS THERAPEUTIC ANTIBODY PROGRAM NOW IN CLINICAL TESTING
MADISON, Wis. (September 15, 1998)--Despite successful results from its
Phase I clinical testing of Ophidian Pharmaceutical Inc.'s innovative new
antibody aimed at treating an intestinal infection (CDAD), Eli Lilly & Co. has
informed Ophidian that it will not continue its participation in the joint
development of the antibody under their 1996 agreement, Douglas C. Stafford,
president and chief executive of Ophidian, announced today. Mr. Stafford
commented that, "Lilly indicated its decision was based on commercial
considerations when weighed against Lilly's other commercial needs and
opportunities."
Mr. Stafford said, "While we respect Lilly's analysis, both Lilly and
Ophidian have been pleased with the progress of the molecule to date. Ophidian's
new product, an avian antibody to treat CDAD has successfully met laboratory
test objectives and the objectives of Phase I clinical testing. Although Lilly
indicated that the $3.5 million milestone equity payment expected this fall will
not occur, Ophidian will defer construction of its previously announced Toledo,
Ohio manufacturing plant required under the agreement. With current cash
reserves of approximately $10 million, Ophidian believes it will be able to
complete Phase II trials and continue its current level of operations for
approximately two more years."
"Ophidian will be seeking a new pharmaceutical alliance to bring this
product to market," Mr. Stafford said. "The agreement with Lilly provides that
Ophidian will regain all rights to the drug on termination," he added.
"The CDAD product is a passive antibody formulation that neutralizes
disease-causing toxins secreted by C. difficile during infection," he said. "By
specifically targeting the offending organism, this drug is designed to overcome
problems with antibiotic resistance."
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Ophidian's securities trade under the symbols, OPHD for common stock
and OPHDW for warrants on the NASDAQ SmallCap Market; and OPD for common stock
and OPD WS for warrants on the Pacific Exchange.
Ophidian, a development stage company, is engaged in the research and
development of pharmaceuticals with an emphasis on products for infectious
diseases. Ophidian has devised a drug formulation and manufacturing technology
for the production of avian polyclonal antibodies for passive immune therapy.
The Company's research strategy is to develop infectious disease drugs that
target molecules involved in specific host-pathogen interactions. The Company's
business strategy is to create commercial opportunities from its technologies by
manufacturing proprietary antibody pharmaceuticals, establishing royalty-bearing
licenses for the sale of its proprietary products with marketing partners,
licensing technology to pharmaceutical firms, and forming sponsored research
agreements. The Company's principal offices and laboratories are located at 5445
East Cheryl Parkway, Madison, Wisconsin, 53711.
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