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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): JULY 20, 1998
FUISZ TECHNOLOGIES LTD.
(Exact name of registrant as specified in its charter)
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DELAWARE 0-27082 52-1579474
(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
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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 July 20, 1998, Fuisz Technologies Ltd. ("Fuisz") announced in a
press release attached as Exhibit 99.1 to this Form 8-K the signing of an
agreement with the Whitehall-Robins Healthcare Division of American Home
Products Corporation for the use of Fuisz's CEFORM(TM) EA (Enhanced Absorption)
technology to produce a unique, over-the-counter health care product.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
(c) Exhibits.
99.1 Press Release dated July 20, 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: July 20, 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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Exhibit No. Description Numbered Page
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99.1 Press Release dated July 20, 1998
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AT THE COMPANY
Kenneth W. McVey www.fuisz.com
In the U.S.: (703) 995-2400 Investor Relations E-mail: [email protected]
JULY 20, 1998
FUISZ SIGNS DEVELOPMENT AND LICENSING AGREEMENT WITH AMERICAN HOME PRODUCTS
CORPORATION INVOLVING CEFORM(TM) EA (ENHANCED ABSORPTION) TECHNOLOGY
CHANTILLY, VIRGINIA, JULY 20, 1998 - Fuisz Technologies Ltd. (Nasdaq: FUSE)
announced today the signing of a second development and licensing agreement with
the Whitehall Robins Healthcare Division of American Home Products Corporation
(NYSE: AHP). Following on from an Option Agreement signed earlier this year,
this definitive new agreement provides for the use of Fuisz's CEFORM(TM) EA
technology to produce a unique, over-the-counter health care product. Fuisz's
CEFORM(TM) EA technology is a major advancement in Fuisz's core proprietary
CEFORM technology.
Under the agreement, which is subject to normal regulatory review, Whitehall is
granted exclusive rights to the product in the USA and certain overseas
territories with Fuisz receiving in return technology access fees, certain
milestone payments, and the potential for manufacturing and royalty income on
the sale of new products employing this technology. No further details of the
agreement are being announced.
Kenneth W. McVey, President and Chief Executive Officer of Fuisz Technologies
Ltd., commented, "I am extremely excited by the opportunity arising from this
new agreement with Whitehall which could contribute substantially to net income
to Fuisz. It is also very gratifying that this agreement is our second with a
company which is one of Fuisz's original partners."
American Home Products Corporation is one of the world's largest research-based
pharmaceutical and health care products companies. It is a leader in the
discovery, development, manufacturing and marketing of prescription drugs and
over-the-counter medications. It is also a global leader in vaccines,
biotechnology, agricultural products and animal health care.
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 contains 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."
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