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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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 15, 1999
GENELABS TECHNOLOGIES, INC.
(Exact Name of Registrant as Specified in Charter)
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<S> <C> <C>
California 0-19222 94-3010150
(State or Other Jurisdiction (Commission File No.) (IRS Employer
of Incorporation) Identification No.)
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505 Penobscot Drive
Redwood City, CA 94063
(Address of Principal Executive Offices)
Registrant's telephone number, including area code: (650) 369-9500
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Item 5. Other Events
On March 15, 1999, Genelabs Technologies, Inc. ("Genelabs" or the "Company"), a
California corporation, announced that Dr. Irene A. Chow will be appointed
Chairman of the Board of Directors effective April 1, 1999. Dr. Chow will be
succeeded as President by James A.D. Smith, who was promoted from Chief
Operating Officer. As part of her planned transition to retirement, Dr. Chow
will resign as President and Chief Executive Officer but will remain actively
involved as Chairman of the Board and will maintain an office at Genelabs.
Item 7. Financial Statements and Exhibits
(c) Exhibits
99.1 Text of press release dated March 15, 1999.
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 hereunto duly authorized.
Genelabs Technologies, Inc.
Dated: March 15, 1999 By: /s/ MATTHEW M. LOAR
---------------------------------
Matthew M. Loar
Vice President, Finance
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INDEX TO EXHIBITS
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Exhibit
Number Description
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99.1 Text of press release dated March 15, 1999.
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Exhibit 99.1
Text of Press Release dated March 15, 1999
GENELABS NAMES JAMES A.D. SMITH AS PRESIDENT
- - Irene Chow Appointed Chairman of the Board -
REDWOOD CITY, Calif. - March 15, 1999 - Genelabs Technologies, Inc.
(NASDAQ:GNLB) today announced the planned retirement of President and Chief
Executive Officer Irene Chow, Ph.D. Effective April 1, Dr. Chow will be
appointed Chairman of the Board of Directors and will be succeeded as President
by James A.D. Smith, who was promoted from Chief Operating Officer.
"The Board of Directors is very pleased that Dr. Chow, as Chairman, will
continue to guide Genelabs in pursuit of its goals," stated Edgar G. Engleman,
M.D., co-founder and member of the Board. "Under her experienced leadership,
Genelabs has completed its transformation into a new drug discovery and
development company. Dr. Chow established an experienced management team;
restructured and refocused research and development; and utilized creative
financing to support our programs. We are grateful for her dedication,
enthusiasm and hard work that has resulted in a company that is fiscally strong,
with a bright future focused on the discovery and development of important new
drugs." Dr. Chow joined Genelabs as President of the Biopharmaceutical Division
in 1993, when she also became a member of the Board of Directors. She has served
as Chief Executive Officer and President of Genelabs since July 1995. Dr. Chow
previously was Senior Vice President of Drug Development for the pharmaceuticals
division of Ciba-Geigy Corporation, USA. As part of her planned transition to
retirement, Dr. Chow will resign as President and Chief Executive Officer but
will remain actively involved as Chairman of the Board and will maintain an
office at Genelabs.
Jim Smith has been Chief Operating Officer since October 1996, when he was
promoted from Vice President, Marketing and Business Development. He earlier
served as Director of Marketing. Prior to joining Genelabs in early 1994, Mr.
Smith held various marketing and business development positions with ICN
Pharmaceuticals for more than ten years, most recently as Director of Worldwide
Business Development.
"I am delighted that Jim has accepted the position of President," said Dr. Chow.
"He has been deeply involved in setting the strategic direction for the company
as well as in overseeing the transition of our scientific discoveries and
enabling technologies into valuable business assets. Jim and I have worked very
closely over the past five years and will continue to do so, which will allow a
smooth transition and will lead to a successful future for Genelabs."
Genelabs Update:
Genelabs' core programs are focused on Drug Development and Drug Discovery.
GL701 is the Company's lead compound in clinical development for the treatment
of systemic lupus erythematosus. The first Phase III study was successfully
completed in mid-1997. Under the leadership of Marc Gurwith, M.D., Vice
President, Drug Development and Chief Medical Officer, enrollment in the ongoing
second Phase III trial exceeded expectations, with more than 380 patients
enrolled. This study is on schedule to be completed at the end of this month,
with preliminary results expected to be available around mid-year. If the
results are positive, Genelabs plans to file a New Drug Application with the
Food and Drug Administration (FDA) by the end of the year.
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Genelabs' progress over the past year was significant as research moved from
technology development to active drug discovery. Genelabs is focused on the
discovery of small molecule drugs that bind to specific DNA sequences to
regulate expression of disease-associated genes or to inactivate pathogens. The
company further evolved its DNA-binding drug discovery technologies, including
the development of a number of screening assays and several proprietary
validation and characterization assays during 1998. In transcription biology,
drug binding sites critical to transcription in the promoters of several
disease-associated genes were identified. The screening of combinatorial
chemistry libraries produced a number of active compounds. Potential drug leads
for testing in multiple gene targets are currently being synthesized, utilizing
these active compounds. The addition of Vice President, Research, Rich Meyer,
Jr., Ph.D., an experienced medicinal chemist, allowed Genelabs to begin building
internal chemistry capabilities. With the work accomplished already this year,
Genelabs has laid the groundwork for the discovery of its first therapeutic lead
compound and is pursuing additional corporate collaborations in the areas of
drug discovery and agricultural applications of its gene switch.
Genelabs Technologies, Inc. is a biopharmaceutical company engaged in the
discovery of small molecule drugs that bind to DNA or RNA to regulate gene
expression or inactivate pathogens. The company's drug discovery program is
based on an integrated platform of technologies that encompass genomics,
transcription biology, structure-biased combinatorial chemistry, high-throughput
screening with proprietary assays, and several proprietary validation and
characterization assays. The company's development efforts are focused on its
drug candidate, GL701, which is in Phase III clinical trials as a new therapy
for systemic lupus erythematosus.
Other than statements of historical fact, this press release contains statements
which are forward looking and are subject to a number of uncertainties that
could cause actual results to differ materially from the statements made
including, among other things, risks associated with the success of research and
product development programs; the uncertainty of clinical trial results; and the
ability of the Company to enter into new collaborations. Please see the
information appearing under the caption "Risk Factors" in the Company's 1997
Form 10-K for certain information about risks associated with research programs,
the Company's early stage of development and other risks which may affect the
Company. The Company does not undertake any obligation to update these
forward-looking statements to reflect events or circumstances after the date of
this press release.
Genelabs' press releases are available by fax 24 hours a day at no charge by
calling PR Newswire's Company News On-Call at 800-758-5804, extension 115-419.
They are also posted on the Internet at http://www.genelabs.com and
http://www.prnewswire.com.
