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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
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Date of report (Date of earliest event reported)September 13, 1999
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ALTEON INC.
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(Exact Name of Registrant as Specified in Charter)
Delaware 0-19529 13-3304550
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(State or Other Juris- (Commission (I.R.S. Employer
diction of Incorporation) File Number) Identification No.)
170 Williams Drive, Ramsey, New Jersey 07446
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code (201) 934-5000
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(Former Name or Former Address, If Changed Since Last Report)
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Item 5. Other Events.
On Monday, September 13, 1999, Alteon Inc. issued the
following press release:
"ALTEON AND TAISHO PHARMACEUTICAL ENTER INTO
OPTION AGREEMENT FOR A.G.E. CROSSLINK BREAKER COMPOUND
ALT-711
"--Companies to Continue Negotiations for Definitive Deal by
December 31, 1999--
"Ramsey, NJ, September 13, 1999 - Alteon Inc. (Nasdaq: ALTN)
announced today that it has entered into an agreement with Taisho
Pharmaceutical Co., Ltd., of Tokyo, Japan, under which Taisho has
been granted an exclusive option through December 31, 1999 to
acquire a license to Alteon's lead crosslink breaker, ALT-711, for
Japan, South Korea, Taiwan and China. Taisho will pay Alteon an
undisclosed fee for this exclusive option.
"ALT-711 is a proprietary compound in a novel class of agents
identified by Alteon as A.G.E. crosslink breakers. Aging is
associated with a general increase in tissue stiffening, including
the cardiovascular systems and the skin. This aging process has
been attributed in part to the cross-linking of long-lived
proteins, such as collagen and elastin, initiated by the
interaction of simple sugars, like glucose. This process is
accelerated in diabetic individuals. By 'breaking' these
crosslinks, ALT-711 and other crosslink breaker compounds under
development at Alteon may have an impact on late stages of
aging-related, cardiovascular and diabetic complications.
ALT-711 has successfully completed a series of Phase I human
safety and pharmacokinetic studies, and is currently in additional
dose-escalating studies in preparation for a Phase II clinical program.
"Preclinical studies with ALT-711 undertaken at The National
Institute on Aging and the Johns Hopkins Geriatric Center have
demonstrated the ability of the compound to reduce arterial
stiffness in primates. These and other preclinical studies suggest
that ALT-711 and other crosslink breaker compounds may have the
potential to reverse some types of age-related heart and vessel
disease. Other potential indications for crosslink breaker
compounds include ophthalmic and dermatological conditions. In
preclinical studies Alteon researchers have demonstrated the
ability of ALT-711 to significantly improve hydration and
elasticity of the aged skin, as well as improve certain ophthalmic
functions in the aged eye. Taisho's option includes all dosage
forms of ALT-711 except ophthalmic dosage forms.
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"'We are delighted that Taisho has entered into this Option
Agreement for ALT-711 and we look forward to negotiating the final
terms and conditions of a license agreement,' said Kenneth I. Moch,
President and Chief Executive Officer of Alteon. 'Our business
development activities have progressed well, and we hope to report
on negotiations for ALT-711 and pimagedine in other regions,
including the United States and Europe, in the coming months.'
"Taisho, headquartered in Tokyo, is the leading pharmaceutical
company in over-the-counter healthcare products in Japan and
continues to expand its sales and research, both internally and
through collaborations, in the prescription drug field. In fiscal
year 1999 ended March 31, 1999, Taisho's sales were more than $2.2
billion with prescription drugs accounting for 25 percent of total
sales. Taisho is focused on contributing to the maintenance and
improvement of consumers' health by creating and providing quality
drugs, related health care products and information services that
satisfy consumers with various lifestyles.
"Alteon is a leader in the discovery and development of
pharmaceutical products for the treatment of the complications of
diabetes and age-related diseases. Alteon's proprietary technology
focuses on Advanced Glycosylation End-products, or A.G.E.s, formed
as a result of circulating blood glucose reacting with proteins.
A.G.E.s have been shown to be a causative factor in many of the
complications of diabetes and age-related diseases, including
kidney disease, nerve damage, atherosclerosis and retinopathy.
Alteon's approach is to inhibit or break A.G.E.s or their chemical
crosslinks, thereby potentially impacting such disease states. The
company is seeking a corporate partner to help fund the continued
development of its A.G.E.-formation inhibitor, pimagedine, based on
the results of the Phase III trial of pimagedine in Type 1 diabetic
patients with progressive kidney disease. Alteon's lead A.G.E.
crosslink breaker, ALT-711, has completed a series of Phase I human
clinical trials and is currently in dose-escalating studies in
preparation for a Phase II program. Alteon is also pursuing the
development of a novel series of glucose lowering agent (GLA)
compounds.
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"Any statements contained in this press release that relate to
future plans, events or performance are forward-looking statements
that involve risks and uncertainties including, but not limited to,
those relating to technology and product development, regulatory
approval processes, intellectual property rights and litigation,
competitive products, ability to obtain financing, and other risks
identified in Alteon's filings with the Securities and Exchange
Commission. Actual results, events or performances may differ
materially. Alteon undertakes no obligation to publicly release the
result of any revision to these forward-looking statements that may
be made to reflect events or circumstances after the date hereof or
to reflect the occurrence of unanticipated events.
"More information on Alteon is available at the corporate web site,
www.alteonpharma.com"
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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.
Alteon Inc.
By: /s/ Kenneth I. Moch
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Kenneth I. Moch
President and
Chief Executive Officer
Date: September 14, 1999
