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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) January 5, 2000
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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 January 5, 2000 the Registrant issued the following press
release:
"Alteon Inc. Sells Net Operating Loss Carryforwards Under New
Jersey Program; Raises More Than $2.5 Million
"RAMSEY, N.J., Jan. 5 -- Alteon Inc. (OTC Bulletin Board: ALTN)
announced today that it has received $2,588,210 from the sale of
its net operating loss carryovers (NOLS) under the State of New
Jersey's Technology Business Tax Certificate Transfer Program (the
'Program').
"The Program is an initiative passed by the New Jersey State
Legislature that allows qualified technology and biotechnology
businesses in New Jersey to sell unused amounts of NOLS and
defined Research and Development tax credits for cash.
"'This Program is of significant value to Alteon as we prepare for
further development of our lead A.G.E. crosslink breaker compound
ALT-711,' said Kenneth I. Moch, President and Chief Executive
Officer. 'I am pleased to report that with this non-dilutive
funding, as well as our efforts to control costs, Alteon has
approximately $12 million in cash at this time. In addition, we
are hopeful to participate again in this Program during the year
2000.'
"Alteon has been approved to sell approximately $5.3 million of
tax benefits in future years, subject to existing New Jersey law.
The actual amount of tax credits the Company may sell will depend
upon the allocation among qualifying companies of an annual pool
established by the State of New Jersey. The allocated pool for
year 2000 will be $40 million.
"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 being prepared 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: January 6, 2000
