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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) September 27,
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 September 27, 1999 the Registrant issued the following press
release:
"ALTEON GRANTED TEMPORARY EXCEPTION TO MINIMUM NASDAQ BID
REQUIREMENT
"-Company Listed on The Nasdaq SmallCap Market-
"Ramsey, New Jersey, September 27, 1999 - Alteon Inc. has been
notified by the Nasdaq Listing Qualifications Panel that the
Company has been granted a temporary exception from the $1.00 per
share minimum bid requirement and will continue to be listed with
Nasdaq on the Nasdaq SmallCap Market.
"Alteon failed to meet the minimum bid requirement as of June 22,
1999, the thirtieth business day on which the closing bid price
was below $1.00 per share. The Company has been granted a
temporary exception from this standard after a review of Alteon's
current plans to meet the listing requirements. On or before
November 22, 1999, Alteon must evidence a closing bid price of at
least $1.00; immediately thereafter the Company must evidence a
closing bid price of $1.00 per share for a minimum of ten
consecutive trading days. In addition, on January 4, 2000, the
Company must make a filing with the Securities and Exchange
Commission and Nasdaq of its November 30, 1999 balance sheet
evidencing net tangible assets of at least $8,000,000. In the
event the company is deemed to have met the terms of the exception
and has demonstrated the ability to maintain long-term compliance
it shall, at the discretion of the Nasdaq Panel, continue to be
listed on The Nasdaq SmallCap Market. The Company believes that it
can meet these conditions; however there can be no assurance that
it will do so. If at some future date Alteon's securities should
cease to be listed on The Nasdaq SmallCap Market, they may
continue to be listed in the OTC-Bulletin Board. For the duration
of the exception, Alteon's Nasdaq symbol will be ALTNC.
"'We are pleased by the recent progress in our clinical trials of
ALT-711 and in our business development endeavors for both ALT-711
and pimagedine,' said Kenneth I. Moch, President and Chief
Executive Officer. 'We look forward to reporting on these ongoing
activities to our shareholders.'
"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.
"# # #
"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."
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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: October 4, 1999
