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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 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 December 13, 1999 the Registrant issued the following press
release:
"Alteon Stock to Trade on the Over-the-Counter (OTC) Bulletin
Board
"Company Unable to Sustain Minimum Bid Requirement to Maintain
Nasdaq Listing
"Ramsey, New Jersey, December 13, 1999 Alteon Inc. (OTC: ALTN)
announced today that it has been notified by the Nasdaq Listing
Qualifications Panel that its common stock has been delisted from
trading on the Nasdaq SmallCap Market effective with the close of
business Friday, December 10, 1999. Alteon's common stock is
available for immediate trading on the OTC Bulletin Board under
the ticker symbol ALTN.
"On September 27,1999, the Nasdaq panel had granted Alteon a
temporary qualifications exception. On or before November 22,
1999, the Company was required to achieve a closing bid price of
at least $1.00 per share; immediately thereafter, the Company was
required to evidence a closing bid price of at least $1.00 per
share for a minimum of ten consecutive trading days. The Company
evidenced a closing bid price of at least $1.00 per share for
fourteen consecutive trading days between November 8 and 26, 1999.
However, based upon Alteon's inability to sustain compliance with
the $1.00 per share minimum bid price requirement, the Nasdaq
panel determined that the Company had failed to meet the terms of
the exception.
"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 being prepared for a Phase II
program. Alteon also is pursuing the development of a novel series
of glucose lowering agent (GLA) compounds."
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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 3, 2000
