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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) December 18, 1998
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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.
Alteon Inc. issued the following press release relating to
certain changes to its management and Board of Directors:
"Alteon Appoints Kenneth I. Moch as President and Chief Executive
Officer, Mark Novitch, M.D., as Chairman;
Management Changes Result From Resignation of James J. Mauzey
and Retirement of Jere E. Goyan
"RAMSEY, N.J., Dec. 18. Alteon Inc. (Nasdaq: ALTN) announced
today that Kenneth I. Moch has been elected as President and Chief
Executive Officer and Mark Novitch, M.D., has been elected Chairman
of the Board, effective immediately. Mr. Moch has served as Senior
Vice President, Finance and Business Development and Chief
Financial officer of Alteon since 1995. Dr. Novitch has been a
Director of the company since 1994. Alteon also announced the
resignation of James J. Mauzey from his position as Chairman and
Chief Executive Officer and the retirement of Jere E. Goyan, Ph.D.,
from his position as President and Chief Operating Officer. Both
will continue their relationship with the company as consultants.
"Before joining Alteon in March 1995, Mr. Moch served as
President and Chief Executive officer of Biocyte Corporation, a
cellular therapy company which pioneered the use of cord blood stem
cells in transplantation therapy. He was a founder and the
Managing General Partner of Catalyst Ventures, a seed venture
capital partnership, and was a founder and Vice President of The
Liposome Company, Inc. Previously he was a management consultant
with McKinsey & Company, Inc. Mr. Moch received his AB in
biochemistry from Princeton University, and an MBA from the
Stanford Graduate School of Business.
"Mr. Mauzey has been Chairman and Chief Executive Officer of
Alteon since February 1994. Dr. Goyan joined Alteon in 1993 as
Senior Vice President, Research and Development.
"'My reasons for leaving Alteon are personal,' said Mr.
Mauzey. 'My belief in Alteon's technology has never been greater,
and I look forward to serving as a consultant to the company as it
moves forward.'
"'Mr. Mauzey and Dr. Goyan enjoy immense respect from the
Alteon team,' said Mr. Moch. 'They have brought us through many
critical years in the company's development. We thank them for
their significant contributions, and are pleased that they will
continue to provide advice to Alteon.'
"'This is an exciting time to take the lead at Alteon,' said
Mr. Moch, 'as the recent data from our Phase III trial validates
the company's core A.G.E. technology. Yes, we have challenges
ahead, but I believe we are prepared to meet them. I am delighted
to be working with Dr. Novitch in advancing the company and its
technology.'
"Dr. Novitch was appointed to Alteon's Board of Directors in
June 1994. He retired as Vice Chairman and Chief Compliance
Officer of The Upjohn Company in December 1993. At Upjohn he was
responsible for pharmaceutical control, regulatory affairs,
business development, strategy and planning, government affairs and
public relations. Prior to joining The Upjohn Company in 1985, Dr.
Novitch served as Acting Commissioner and Deputy Commissioner of
the United States Food and Drug Administration (FDA). He received
his AB from Yale University, and an M.D. from New York Medical
College.
"Mr. Moch outlined several possible key events in the upcoming
months:
-- Pimagedine is still undergoing a detailed evaluation.
The ACTION I trial of pimagedine in Type 1 diabetic
patients with overt nephropathy demonstrated statistical
significance in the drug's ability to reduce urinary
protein, LDL cholesterol, triglycerides and diastolic
blood pressure. The trial's primary endpoint (a 50%
reduction in the time to doubling of serum creatinine)
was not met, though positive trend data was observed.
Because there are few therapies available to the patient
population studied in ACTION I, the data from this study
are being closely reviewed. We will be meeting with the
Food and Drug Administration, our corporate partner
Genentech, Inc., our medical consultants and clinical
advisors, after which a decision will be made how to
proceed with pimagedine.
-- ALT-711, Alteon's lead A.G.E. crosslink breaker, has
been in Phase I safety trials since June of this year,
and is expected to enter Phase II trials during 1999.
Alteon is currently evaluating potential indications for
this compound in cardiovascular disease, as we have seen
evidence in preclinical trials of this drug's ability to
restore vascular elasticity, reducing arterial stiffness.
-- We continue discussions with major pharmaceutical and
biotechnology companies in the U.S. and abroad regarding
a potential partnership for A.G.E. crosslink breakers.
"Alteon will end 1998 with approximately $20 million in cash.
"Alteon is engaged 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 the
disease states associated with diabetes and aging. A Phase III
pivotal clinical trial evaluating Alteon's lead A.G.E. inhibitor
pimagedine in the treatment of Type 1 and Type 2 diabetic patients
with end-stage renal disease (ESRD) is ongoing. ALT-711, Alteon's
lead A.G.E. crosslink breaker, is in Phase I human clinical trials
and is expected to enter Phase II trials in 1999. 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 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.
"This press release is also available at
http://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: December 30, 1998
