SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
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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) August 7, 1996
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SPARTA PHARMACEUTICALS, INC.
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(Exact Name of Registrant as Specified in Charter)
Delaware 0-23076 56-1755527
(State or Other Jurisdiction (Commission (IRS Employer
of Incorporation) File Number) Identification No.)
111 Rock Rd. Horsham, PA 19044
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code (215) 442-1700
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Item 1. Changes in Control of Registrant.
Not applicable.
Item 2. Acquisition or Disposition of Assets.
Not applicable.
Item 3. Bankruptcy or Receivership.
Not applicable.
Item 4. Changes in Registrant's Certifying Accountant.
Not applicable.
Item 5. Other Events
On August 7, 1996, Sparta Pharmaceuticals, Inc. issued a press release
filed as Exhibit 99.6 hereto announcing the initiation of a second
Phase I/pharmacokinetic trial with a new oral formulation of
asulacrine, a potential anticancer agent to which Sparta has an
option; and closings related to an ongoing private placement of equity
securities.
Item 6. Resignations of Registrant's Directors.
Not applicable.
Item 7. Financial Statements and Exhibits.
(a) Financial Statements of Sparta Pharmaceuticals, Inc.
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Not applicable.
(b) Pro Forma Financial Information
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Not applicable
(c) Exhibits
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99.6 -- Press Release, dated as of August 7, 1996,
announcing the initiation of a second Phase
I/pharmacokinetic trial with a new oral
formulation of asulacrine, and closings related to
an ongoing private placement of equity securities.
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Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this amendment to be signed on its behalf by the
undersigned thereunto duly authorized.
Sparta Pharmaceuticals, Inc.
August 30, 1996 By: /s/ Jerry B. Hook
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Date Jerry B. Hook, Ph.D. President,
Chief Executive Officer & Director
(principal executive officer)
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EXHIBIT INDEX
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Exhibit
Number Description Page
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99.6 -- Press Release, dated as of August 7, 1996, announcing the 5
initiation of a second Phase I/pharmacokinetic trial with a new
oral formulation of asulacrine, and closings related to an
ongoing private placement of equity securities.
EXHIBIT 99.6
Contacts: Jerry B. Hook, Ph.D. William McCulloch, M.B., Ch.B.,
F.R.C.P.(glasg.), D.R.C.O.G.
President & CEO Senior V.P. Research & Dev.
Sparta Pharmaceuticals, Inc. Sparta Pharmaceuticals, Inc.
(215) 442-1700, ext. 205 (919) 361-3462
Release: IMMEDIATE
SPARTA PHARMACEUTICALS REPORTS
INITIATION OF ASULACRINE TRIAL IN U.K. AND INITIAL CLOSING OF PRIVATE PLACEMENT
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HORSHAM, PA, August 7, 1996 -- Sparta Pharmaceuticals, Inc.(Nasdaq:SPTA,
SPTAU, SPTAW and SPTAZ) reported that their collaborators in the United Kingdom,
the Cancer Research Campaign, have initiated a second Phase I/pharmacokinetic
trial with a new oral formulation of asulacrine, a potential anticancer agent to
which Sparta has an option. The previous Phase I trial, which used an
intravenous formulation, was completed in late 1995. However, toxicity of the
i.v. formulation to veins led to the development of the current oral form.
"The beginning of the oral trial represents an important step forward in
our asulacrine development program", said Dr. William McCulloch, Sparta's Senior
Vice President, Research and Development. "We believe this drug has potential
in breast and lung cancer but the difficulties in administering the i.v.
formulation were slowing progress. We are very pleased to be moving forward
with testing of the oral formulation."
The Company also today announced closings related to an ongoing private
placement of equity securities. Gross proceeds to date amounted to $6,287,500.
The securities sold were Units, or fractions thereof, with each Unit comprised
of 10,000 shares of the Company's Series B Convertible Preferred Stock with a
conversion price of $1.50 per share, and warrants to purchase 66,667 shares of
the Company's Common Stock at $1.50 per share. Each Unit was priced at
$100,000. The currently outstanding shares of the Company's Series A Preferred
Stock will be automatically converted into Units sold in this private
placement. The Units have not been registered under the Securities Act of
1933, or the "Blue Sky" laws of any state, and may not be offered or sold in The
United States absent registration, or an applicable exemption from the
registration requirements of, the Securities Act of 1933.
Proceeds from this private placement are expected to be used to conduct
human clinical trials of Spartaject(TM) busulfan, RII retinamide and L.A.D.D.
(TM) 5-FP, all of which have approved INDs, research and development activities
and for working capital purposes.
This news release contains forward-looking statements. Actual results could
vary from those currently expected and involve risks and uncertainties, such as
the inherent
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uncertainty of the drug development process, particularly with respect to
product candidates in very early stages of development such as asulacrine, the
duration and difficulty of obtaining necessary regulatory approvals, the ability
of the Company to conclude further closings of the private placement and other
risks detailed from time to time in the Company's SEC filings. The company
undertakes no obligation to release publicly any revisions of these forward-
looking statements which may be made to reflect events or circumstances after
the date hereof.
Sparta Pharmaceuticals is a development stage pharmaceutical company
engaged in the business of acquiring rights to, and developing for
commercialization, technologies and drugs for the treatment of a number of life
threatening diseases, including cancer, cardiovascular disorders and acute
inflammation.
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