<PAGE>
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) November 23, 1999
-----------------
ALTEON INC.
- ------------------------------------------------------------------
(Exact Name of Registrant as Specified in Charter)
Delaware 0-19529 13-3304550
- ------------------------------------------------------------------
(State or Other Juris- (Commission (I.R.S. Employer
diction of Incorporation) File Number) Identification No.)
170 Williams Drive, Ramsey, New Jersey 07446
- ------------------------------------------------------------------
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code (201) 934-5000
--------------
- ------------------------------------------------------------------
(Former Name or Former Address, If Changed Since Last Report)
<PAGE>
Item 5. Other Events.
On November 23, 1999 the Registrant issued the following press
release:
"ALTEON INC. APPROVED TO SELL NET OPERATING LOSS CARRYFORWARDS
UNDER NEW JERSEY LAW
"RAMSEY, N.J., November 23, 1999 Alteon Inc. (Nasdaq: ALTNC)
announced today that it has been approved to sell its net
operating loss carryforwards (NOLS) under the State of New
Jersey's Technology Business Tax Certificate Transfer Program.
Alteon has been authorized to sell $3,137,224 of its total
available tax benefits, and expects to receive a minimum of 75% of
this amount.
"The technology business tax certificate transfer program is an
initiative passed by the New Jersey State Legislature which allows
qualified technology and biotechnology businesses in New Jersey to
sell unused amounts of NOLS and defined Research and Development
tax credits for cash.
"'We thank the State of New Jersey for passing such an initiative
and for seeing the inherent value in research and development
companies such as Alteon,' said Kenneth I. Moch, President and
Chief Executive Officer. 'We certainly are pleased to have been
accepted into this program, which allows us to raise additional
capital without selling equity.'
"Alteon is a leader in the discovery and development of
pharmaceutical products for the treatment of the complications of
diabetes and age-related diseases, including cardiovascular
disease. 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."
<PAGE>
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
-------------------------------
Kenneth I. Moch
President and
Chief Executive Officer
Date: November 23, 1999
