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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): APRIL 13, 1999
FUISZ TECHNOLOGIES LTD.
(Exact name of registrant as specified in its charter)
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<S> <C> <C>
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 April 13, 1999, Fuisz Technologies Ltd. (the "Company") announced that
the Company and Elan Corporation plc and certain affiliates ("Elan") have
entered into license and manufacturing agreements whereby Elan will manufacture
certain products for the Company at its Athlone facility in Ireland. A copy of
the press release is attached as Exhibit 99.1.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
(c) Exhibits.
99.1 Press Release dated April 13, 1999, regarding Elan
Agreements.
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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: April 15, 1999 By: /S/
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Patrick D. Scrivens
Executive Vice President and
Chief Financial Officer
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EXHIBIT LIST
Exhibit No. Description Sequentially
Numbered Page
99.1 Press Release dated April 13, 1999, regarding
Elan Agreements
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EXHIBIT 99.1
AT FUISZ TECHNOLOGIES LTD.
Kenneth W. McVey
In the U.S.: (703) 995-2400
In Ireland:(800) 660-9131
APRIL 13, 1999
FUISZ TECHNOLOGIES (FUSE) ANNOUNCES LICENSING AND
MANUFACTURING AGREEMENT WITH ELAN CORPORATION (ELN)
DUBLIN, IRELAND AND CHANTILLY, VIRGINIA, APRIL 13, 1999 -Fuisz Technologies Ltd.
(Nasdaq: FUSE) ("Fuisz") announced that Fuisz and Elan Corporation plc and
certain affiliates (NYSE: ELN) ("Elan") have entered into license and
manufacturing agreements. Under these agreements, Elan will manufacture certain
products for Fuisz at its Athlone facility in Ireland. It is expected that
production at the Athlone facility could begin by 2001. The facility will be
capable of manufacturing CEFORM(TM) microspheres as well as various
Shearform(TM) formulations including Flash Dose(R) fast dissolving tablets and
should provide an annual output of around 1.2 billion tablet doses.
In connection with the license agreement, Elan will pay certain fees to Fuisz.
Elan has also purchased shares of Fuisz common stock (amounting to just under
five percent (5%) of outstanding Fuisz common stock) owned by Dr. Richard C.
Fuisz, Fuisz's founder and Chairman, and the parties have settled their pending
litigation. In addition, subject to regulatory approval, Elan will nominate a
member to Fuisz's Board of Directors.
Kenneth W. McVey, President and Chief Executive Officer of Fuisz, commented,
"This manufacturing agreement will help us to achieve one of our important
priorities by allowing us to arrange increased manufacturing capacity for our
products on an expedited basis. Coupled with our existing plans for expansion of
manufacturing at our Clonmel facility in Ireland, we are putting in place the
manufacturing capabilities necessary to ensure our clients' needs for product
can be met in the coming decade."
Dr. Richard C. Fuisz added, "I believe that Elan is an excellent partner for
Fuisz Technologies. I am pleased that the two companies will now have an
opportunity to work together in a mutually beneficial manner."
Thomas G. Lynch, Executive Vice President and Chief Financial Officer of Elan,
stated, "We are pleased that we have successfully completed the negotiations for
the license and manufacturing relationship with Fuisz Technologies. We look
forward to working with them on this exciting project."
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Fuisz Technologies Ltd. is engaged in the development, manufacture, and
commercialization of a wide variety of pharmaceutical and consumer healthcare
products which utilize its proprietary CEFORM(TM), Shearform(TM), and other drug
delivery technologies. Fuisz has research and manufacturing facilities in
Virginia, USA as well as in Dublin and Clonmel, Ireland. In addition, Fuisz
operates wholly-owned sales and marketing units in Germany, France, Ireland,
Italy and the United Kingdom and a majority owned operation in Hungary - Clonmel
Pharma Kft.
Safe Harbor Disclaimer Concerning Forward Looking Statements
Statements in this news release containing the words "expected", "could" and
"will", among others, are forward-looking statements that involve risks and
uncertainties that are subject to events outside of the Company's control.
Actual results and developments in the future may vary materially from these
statements. Factors that may cause these developments and the Company's results
of operations and financial position to differ materially include, but are 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's
Discussion and Analysis of Financial Condition and Results of Operations."
PLEASE NOTE: Fuisz press releases and other corporate information are available
through the Company's Investor Information line (703) 995-2430, by visiting
Fuisz's corporate Web site at www.fuisz.com, or via fax-on-demand by dialing
1-800-758-5804 ext. 126517 (a service provided by PR Newswire)
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