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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): MARCH 24, 1998
FUISZ TECHNOLOGIES LTD.
(Exact name of registrant as specified in its charter)
DELAWARE 0-27082 52-1579474
(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
14555 AVION PARKWAY
CHANTILLY, VIRGINIA 20151
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES)
REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: (703) 995-2400
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ITEM 5. OTHER EVENTS.
On March 24, 1998, Fuisz Technologies Ltd. ("Fuisz") announced in a
press release attached as Exhibit 99.1 to this Form 8-K its new focus on both
the development and manufacture of products incorporating Fuisz's patented
technology. The press release also announced that Fuisz and McNeil Consumer
Products Company have agreed not to proceed together with manufacturing and
marketing of joint products incorporating Fuisz's Flash Dose(TM) acetaminophen.
Fuisz is negotiating with other companies interested in acquiring this
technology.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
(c) Exhibits.
99.1 Press Release dated March 24, 1998.
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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.
FUISZ TECHNOLOGIES LTD.
Dated: March 31, 1998 By: /S/
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Patrick D. Scrivens
Executive Vice President and
Chief Financial Officer
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EXHIBIT LIST
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99.1 Press Release dated March 24, 1998
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EXHIBIT 99.1
PRESS RELEASE, DATED MARCH 24, 1998
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AT THE COMPANY
Kenneth W. McVey www.fuisz.com
Telephone: (703) 803.3260 Investor Relations E-mail: [email protected]
FOR IMMEDIATE RELEASE
March 24, 1998
FUISZ REVIEWS FAST DISSOLVE TECHNOLOGY:
ANNOUNCES PLANS FOR FIRST REGISTRATIONS AND LAUNCHES IN 1998:
McNEIL AGREEMENT NOT PROCEEDING BUT FLASH DOSE ACETAMINOPHEN TO BE LAUNCHED BY
YEAR END
Chantilly, VA., March 24, 1998 - Fuisz Technologies Ltd. (Nasdaq NMS:FUSE)
announced today that, following a review of its active contracts involving
Shearform(R) matrix technology to produce fast dissolving Flash Dose(TM) and EZ
Chew(TM) tablets, eight of these are now going forward on the basis of Fuisz
being responsible for both development and manufacture of the products. This
includes a re-negotiation of three out of four of its early contracts which
granted these rights originally to the licensee. In the fourth case, involving
McNeil Consumer Products Company, the parties have agreed not to proceed.
In commenting on the announcement, Ken McVey, President and CEO of Fuisz
stated: "The completion of this review indicates that the products involved in
these contracts could generate around 9% of Fuisz revenues in 1998 rising to
around 20% within the next three years and clearly support both the
commissioning of our 750 million dosage unit facility in Chantilly, VA and the
planned expansion of our Clonmel, Ireland plant. Our agreement with McNeil not
to proceed is projected to have less than 0.5% effect on these projections for
1998, less than 2% in 1999 and declining again thereafter. However, we are
already in negotiation with a number of companies interested in acquiring
marketing rights to Flash Dose acetaminophen and we expect to select a partner
and launch this product in the USA before the end of 1998 which should allow us
to more than compensate for the above mentioned effects."
McVey continued "Over the last year, it has become clear that the Fuisz fast
dissolve systems involving the solvent free, single step manufacture of CEFORM
TI (taste isolation) microspheres coupled with the dry blending and granulation
process employed to manufacture our Flash Dose and EZ Chew products on high
speed tabletting presses, provide our many partners with fast dissolving and
chewable tablets that are stable and more economical to manufacture when
compared with solvent based wet granulation, freeze drying and other processes.
When combined further with our CEFORM controlled absorption system, our Flash
Dose and EZ Chew products offer a delivery option to our clients which is
unavailable from any other source."
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McVey ended by saying "Our excitement concerning this technology is heightened
by the results of a number of patient / consumer acceptance studies on our
products in both the USA and Europe resulting in every case in very high levels
of consumer enthusiasm. As a result one of our partners is expected to file
its first European national registrations this month and Fuisz will be
launching its own Flash Dose vitamin product in the U.K. and Ireland at the end
of the third quarter 1998. With the indication above of a launch in the USA
before year end, I have confidence not only in the values predicted for this
technology but also in our ability to protect that technology with some 20
granted U.S. patents and an equivalent number of pending applications."
Fuisz Technologies Ltd. is engaged in the development, manufacture and
commercialization of a wide range of drug delivery, nutraceutical and food
ingredient products utilizing its proprietary CEFORM(TM), SHEARFORM(TM) and
other drug delivery technologies with research and manufacturing facilities in
Virginia, USA as well as in Dublin and Clonmel, Ireland.
This news release may contain certain forward-looking statements that involve
risks and uncertainties that are subject to events outside of the Company's
control. The Company's results of operations and financial position could be
affected by several factors that may cause actual results to differ materially
including, but not limited to, dependence on collaborative partners, capital
requirements, risk of manufacturing scale-up, product commercialization
including delays of introductions of new products or enhancements, size and
timing of individual orders, rapid technological changes, acquisitions of
marketing and sales distribution organizations, market acceptance of new
products, regulatory approvals, and future competition. These and other
factors are more fully discussed in the Company's Form 10-K in the section
captioned "Management Discussion and Analysis of Financial Condition and
Results of Operations."
