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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
[X] CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
Date of Report (Date of earliest event reported): November 24, 1997
Commission File Number 0-19117
IMMULOGIC PHARMACEUTICAL CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 13-3397957
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(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
610 Lincoln Street, Waltham, MA 02154
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (781) 466-6000
Page 1 of 6 Pages
Exhibit Index is on Page 4
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ITEM 5. OTHER EVENTS.
On November 24, 1997, ImmuLogic Pharmaceutical Corporation (the "Registrant")
issued a press release entitled "IMMULOGIC RESTRUCTURES OPERATIONS, ALLERVAX(R)
Clinical Program on Hold", a copy of which is attached to this Current Report on
Form 8-K as Exhibit 99.1.
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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 thereunto duly authorized.
IMMULOGIC PHARMACEUTICAL CORPORATION
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(Registrant)
Date: 11/25/97 /s/ J. Richard Crowley
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J. Richard Crowley
Chief Financial Officer
(Principal Financial and Accounting
Officer)
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EXHIBIT INDEX
Exhibit Page No.
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99.1 Press Release entitled "IMMULOGIC
RESTRUCTURES OPERATIONS, ALLERVAX(R)
Clinical Program on Hold",
dated November 24, 1997 5
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Exhibit 99.1
FOR IMMEDIATE RELEASE
CONTACT: INVESTOR RELATIONS
IMMULOGIC PHARMACEUTICAL CORP.
781/466-6000
IMMULOGIC RESTRUCTURES OPERATIONS
ALLERVAX(R) CLINICAL PROGRAM ON HOLD
Waltham, MA, November 24, 1997 -- ImmuLogic Pharmaceutical Corporation
(NASDAQ:IMUL) reported today that it is restructuring operations and that
further clinical trials of its ALLERVAX(R) CAT and RAGWEED programs are on hold.
The Company concluded that the significant additional costs necessary to
commercialize the products were not justified in light of the Company's other
strategic alternatives. The Company will continue its technical efforts on two
programs: vaccines for drugs of abuse and recombinant proteins directed to the
diagnosis and treatment of allergic diseases. As part of the restructuring, the
Company intends to reduce headcount and sublease the majority of its space in
its Waltham facility.
After implementation, the savings from the restructuring will decrease
the net cash spend to approximately $3 million annually. The cash resources
saved by these actions will permit the Company to pursue other alternatives and
it has retained Hambrecht & Quist to assist in this process. As of September 30,
1997, the Company had approximately $54 million in cash and investments.
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ImmuLogic is focused on developing treatments for allergies and
substance abuse. ImmuLogic has a comprehensive worldwide patent portfolio
covering the recombinant production of the most common environmental allergens.
The Company recently filed an IND for its cocaine vaccine and has an ongoing
nicotine vaccine research program. The Company's press releases are available on
the Internet at www.prnewswire.com or by fax through Company News on Call at
800-758-5804, ext. 114501.
This press release contains forward-looking statements that involve a
number of risks and uncertainties. Among the most important factors that could
cause actual results to differ materially from those indicated by such
forward-looking statements are delays in product development, failure to obtain
required regulatory approvals, and the risk factors detailed in the Company's
Annual Report on Form 10-K for the year ended December 31, 1996.
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