<PAGE> 1
AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON MAY 7, 1998
REGISTRATION NO. 333-
================================================================================
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
------------------------
FORM S-1
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
------------------------
OPHIDIAN PHARMACEUTICALS, INC.
(Exact name of Registrant as specified in its charter)
------------------------
<TABLE>
<S> <C> <C>
WISCONSIN 8731 39-1661164
(State or other jurisdiction of (Primary Standard Industrial (I.R.S. Employer Identification No.)
incorporation or organization) Classification Code Number)
</TABLE>
------------------------
5445 EAST CHERYL PARKWAY
MADISON, WISCONSIN 53711
608/271-0878
(Address, including zip code, and telephone number, including area code, of
registrant's principal executive offices)
------------------------
DOUGLAS C. STAFFORD
PRESIDENT AND CHIEF EXECUTIVE OFFICER
5445 EAST CHERYL PARKWAY
MADISON, WISCONSIN 53711
608/271-0878
(Name, address, including zip code, and telephone number, including area code,
of agent for service)
------------------------
Copies to:
<TABLE>
<S> <C>
MICHAEL E. SKINDRUD, ESQ. LAWRENCE B. FISHER, ESQ.
LAFOLLETTE & SINYKIN ORRICK, HERRINGTON & SUTCLIFFE LLP
ONE EAST MAIN STREET 666 FIFTH AVENUE
MADISON, WISCONSIN 53703 NEW YORK, NEW YORK 10103
608/257-3911 212/506-5000
</TABLE>
APPROXIMATE DATE OF COMMENCEMENT OF PROPOSED SALE TO THE PUBLIC:
As soon as practicable after this Registration Statement becomes effective.
If any of the securities being registered on this Form are to be offered on
a delayed or continuous basis pursuant to Rule 415 under the Securities Act of
1933, check the following box. [ ]
If this Form is filed to register additional securities for an offering
pursuant to Rule 462(b) under the Securities Act of 1933, please check the
following box and list the Securities Act registration number of the earlier
effective registration statement for the same offering: [X] Registration No.
333-33219
If this Form is a post-effective amendment filed pursuant to Rule 462(c)
under the Securities Act of 1933, check the following box and list the
Securities Act registration statement number of the earlier effective
registration statement for the same offering: [ ]
If delivery of the prospectus is expected to be made pursuant to Rule 434,
please check the following box: [ ]
CALCULATION OF REGISTRATION FEE
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
=================================================================================================================================
<CAPTION>
PROPOSED PROPOSED
AMOUNT MAXIMUM MAXIMUM AMOUNT OF
TO BE PRICE OFFERING REGISTRATION
TITLE OF EACH CLASS OF SECURITIES TO BE REGISTERED REGISTERED PER SHARE (1) PRICE (1) FEE
<S> <C> <C> <C> <C>
- ---------------------------------------------------------------------------------------------------------------------------------
Units...................................................... 172,500 $6.10 $ 1,052,250 $ 310.41
- ---------------------------------------------------------------------------------------------------------------------------------
Common Stock, .0025 par value(2).......................... 172,500 6.00 -- --
- ---------------------------------------------------------------------------------------------------------------------------------
Common Stock Warrants ("Warrants")(3)..................... 172,500 0.10 -- --
- ---------------------------------------------------------------------------------------------------------------------------------
Common Stock issuable upon exercise of Warrants(4)......... 172,500 7.32 1,262,700 372.50
- ---------------------------------------------------------------------------------------------------------------------------------
Representative's warrants(5)............................... 15,000 0.0001 -- --
- ---------------------------------------------------------------------------------------------------------------------------------
Units issuable upon exercise of Representative's
warrants(5)............................................... 15,000 8.24 123,600 36.46
- ---------------------------------------------------------------------------------------------------------------------------------
Common Stock underlying Warrants issuable upon exercise of
Representative's warrants(5).............................. 15,000 12.08 181,200 53.45
- ---------------------------------------------------------------------------------------------------------------------------------
Totals..................................................... -- -- $ 2,619,750 $ 772.82
- ---------------------------------------------------------------------------------------------------------------------------------
Amount previously paid(6).................................. -- -- -- $12,687.11
- ---------------------------------------------------------------------------------------------------------------------------------
Amount owed................................................ -- -- -- --
=================================================================================================================================
</TABLE>
(1) Estimated solely for the purpose of computing the amount of the registration
fee pursuant to Rule 457 of the 1933 Securities Act, as amended (the
"Securities Act").
(2) Includes 22,500 Shares of Common Stock that the Underwriters have the option
to purchase to cover over-allotments in connection with the Registrant's
sale of the securities, if any.
(3) Includes 22,500 Warrants that the Underwriters have the option to purchase
to cover over-allotments in connection with the Registrant's sale of the
securities, if any.
(4) Includes 22,500 Shares of Common Stock issuable upon exercise of Warrants
that the Underwriters have the option to purchase to cover over-allotments
in connection with the Registrant's sale of the securities, if any.
(5) In connection with the Registrant's sale of the securities, the Registrant
is granting to the Representatives of the several Underwriters (the
"Representatives") warrants to purchase 15,000 Units, each Unit consisting
of one share of Common Stock and one Warrant (the "Representatives'
Warrants").
(6) Previously paid on August 8, 1997.
================================================================================
<PAGE> 2
The contents of the Registration Statement on Form S-1 (Registration No.
333-33219), as amended by Pre-Effective Amendments Nos. 1, 2, 3, 4, 5, 6, 7, 8,
9 and 10 are hereby incorporated by reference herein. Filed as exhibits hereto
are the following opinions and consents:
<TABLE>
<CAPTION>
EXHIBIT TITLE
- ------- -----
<C> <S>
5.1 Opinion of LaFollette & Sinykin
23.1 Consent of Ernst & Young LLP
Consent of LaFollette & Sinykin (Reference is made to
23.2 Exhibit 5.1)
</TABLE>
<PAGE> 3
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the Registrant
certifies that it has reasonable grounds to believe that it meets all of the
requirements for filing on Form S-1 and has duly caused this Registration
Statement on Form S-1 to be signed on its behalf by the undersigned, thereunto
duly authorized on May 6, 1998 in the City of Madison, Wisconsin.
OPHIDIAN PHARMACEUTICALS, INC.
By: /s/ DOUGLAS C. STAFFORD
------------------------------------
Douglas C. Stafford, Ph.D.
President, Chief Executive Officer
and Director
By: /s/ MARGARET B. VAN BOLDRIK
------------------------------------
Margaret B. van Boldrik, Ph.D.
Vice President, Secretary and
Director
Pursuant to the requirements of the Securities Act of 1933, this
Registration Statement on Form S-1 has been signed by the following persons in
the capacities and on the dates indicated:
<TABLE>
<CAPTION>
SIGNATURE TITLE DATE
--------- ----- ----
<C> <S> <C>
/s/ WILLIAM A. LINTON Chairman of the Board of Directors May 6, 1998
- ------------------------------------------------
William A. Linton
/s/ DOUGLAS C. STAFFORD President, Chief Executive Officer and May 6, 1998
- ------------------------------------------------ Director (Principal Executive Officer)
Douglas C. Stafford, Ph.D.
/s/ DONALD L. NEVINS Vice President, Finance, Chief Financial May 6, 1998
- ------------------------------------------------ Officer (Principal Financial Officer)
Donald L. Nevins
/s/ MARGARET B. VAN BOLDRIK Vice President, Secretary and Director May 6, 1998
- ------------------------------------------------
Margaret B. van Boldrik, Ph.D.
/s/ REX J. BATES Director May 6, 1998
- ------------------------------------------------
Rex J. Bates
Director May 6, 1998
- ------------------------------------------------
Peter Model, Ph.D.
Director May 6, 1998
- ------------------------------------------------
W. Leigh Thompson, Ph.D, M.D.
</TABLE>
<PAGE> 1
Exhibit 5.1
May 6, 1998
Ophidian Pharmaceuticals, Inc.
5445 East Cheryl Parkway
Madison, WI 53711
Ladies and Gentlemen:
We have examined the Registration Statement on Form S-1 which is being filed
with the Securities and Exchange Commission (the "Registration
Statement") to which this letter is attached, in connection with the
registration pursuant to Rule 462(b) under the Securities Act of 1933, as
amended, of 172,500 shares of your Common Stock and 172,500 shares of your
Common Stock issuable upon conversion of the warrants described in the
Registration Statement (collectively, "the Shares"). All of the Shares are
authorized but heretofore unissued. The Shares are to be sold to the
underwriters for resale to the public as described in the Registration
Statement and pursuant to the Underwriting Agreement being filed as an exhibit
thereto. As your counsel, we have examined the proceedings proposed to be
taken in connection with said sale and issuance of the Shares.
It is our opinion that, upon completion of the proceedings being taken or
contemplated by us, as your counsel, to be taken prior to the issuance of the
Shares, and upon completion of the proceedings being taken in order to permit
such transactions to be carried out in accordance with the securities laws of
the various states, where required, the Shares, when issued and sold in the
manner referred to in the Registration Statement will be legally and validly
issued, fully paid and nonassessable.
We consent to the use of this opinion as an exhibit to the Registration
Statement, and further consent to the use of our name wherever appearing in the
Registration Statement, including the Prospectus constituting a part thereof,
and any amendment thereto.
Sincerely yours,
/s/ La Follette & Sinykin
-------------------------
LA FOLLETTE & SINYKIN
<PAGE> 1
EXHIBIT 23.1
CONSENT OF ERNST & YOUNG LLP, INDEPENDENT AUDITORS
We consent to the incorporation by reference in the Registration Statement
(Form S-1) of Ophidian Pharmaceuticals, Inc. for the registration of 172,500
Units, of our report dated October 9, 1997 with respect to the financial
statements of Ophidian Pharmaceuticals, Inc. and all references to our firm
included in the Registration Statement (Form S-1, No. 333-33219) and related
prospectus filed with the Securities and Exchange Commission.
/s/ ERNST & YOUNG LLP
ERNST & YOUNG LLP
Milwaukee, Wisconsin
May 5, 1998
