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): May 14, 1999
SYNAPTIC PHARMACEUTICAL CORPORATION
(Exact Name of Registrant as Specified in Charter)
Delaware
(State or Other Jurisdiction of Incorporation)
0-27324 22-285-9704
(Commission File Number) (I.R.S. Employer Identification No.)
215 College Road
Paramus, New Jersey 07652-1431
(Address of principal executive offices, including zip code)
Registrant's telephone number, including area code: (201) 261-1331
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Item 5. Other Events.
On May 14, 1999, Synaptic Pharmaceutical Corporation issued a press
release announcing the termination of its collaboration with Warner-Lambert
Company in the field of galanin. A copy of the press release is attached as
Exhibit 99 to this Form 8-K and incorporated by reference herein.
Item 7. Exhibits.
Exhibit No. Page
- ----------- ----
99 Press Release dated May 14, 1999 4
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SIGNATURES
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.
Date: May 17, 1999
SYNAPTIC PHARMACEUTICAL CORPORATION
(Registrant)
By:/s/ Kathleen P. Mullinix
-------------------------------
Name: Kathleen P. Mullinix
Title: Chairman, President and Chief
Executive Officer
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Exhibit No. 99
--------------
FOR IMMEDIATE RELEASE Contact: Kathleen P. Mullinix, Ph.D.
Synaptic Pharmaceutical
(201) 261-1331, ext. 103
Stacy Lipschitz
Ruder Finn, Inc.
(212) 583-2757
SYNAPTIC PHARMACEUTICAL'S COLLABORATION
WITH WARNER-LAMBERT IN GALANIN RESEARCH ENDS
PARAMUS, NJ, May 14, 1999 -- Synaptic Pharmaceutical Corporation (Nasdaq: SNAP)
today announced that its partner in the field of galanin drug discovery,
Warner-Lambert Company, has decided not to enter into the second stage of the
collaboration which began in July 1997. As a consequence, Warner-Lambert's
exclusive license to Synaptic's galanin technology terminated and Warner-Lambert
is prohibited for four years from conducting research, development or
commercialization of pharmaceutical products that work via the galanin receptors
which were the subject of the collaboration. In addition, Synaptic gets back all
rights to its proprietary galanin technology and has the right to use all
technology created during the first stage of the collaboration.
Galanin receptors, which are widely distributed in the central nervous
system and present in other organs, are believed to be useful drug targets for a
variety of therapeutic indications. These include Alzheimer's disease,
depression, pain and endocrine disorders, such as diabetes, and obesity.
Synaptic has discovered and cloned genes that code for galanin receptor subtypes
and has filed patent applications relating to these discoveries.
"We are disappointed by Warner-Lambert's decision not to proceed to the
next stage of the collaboration, but we understand their need to prioritize
their research," said Kathleen P. Mullinix, Ph.D., chairman, president and chief
executive officer. "Our experience in the first stage of the collaboration has
once again demonstrated the value of our cloned receptors and other technology
in the design of receptor-specific compounds. In addition, the termination of
both the collaboration and Warner-Lambert's exclusive license allows us to
explore alternative ways in which our technology can be made more widely
available to the pharmaceutical industry. At the same time, we also realize that
the combined events of the termination of this program and the upcoming
termination of our collaboration with Eli Lilly and Company dictate that we
carefully evaluate our operations in order to most effectively utilize our
assets and resources."
Synaptic Pharmaceutical Corporation has developed "human
receptor-targeted drug design technology," which involves the use of cloned
human receptors as targets for the design of potential drugs. The Company is
collaborating with the following two pharmaceutical companies, both of
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which have been granted licenses in connection with such collaborations under
certain patent rights and to certain technologies of the company: Eli Lilly and
Company for migraine headache, depression, obesity and smoking cessation; and
Grunenthal GmbH for the alleviation of pain. Merck and Co., Inc., Novartis
Pharma AG and Glaxo Group Limited have also been granted licenses by the
Company.
This press release contains "forward-looking statements" within the
meaning of Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934. Such statements include any statements relating
to the value of the Company's technology and patent estate and any other
statements which are not historical facts. Such statements involve risks and
uncertainties, including, but not limited to, those risks and uncertainties
relating to the inability to license the Company's technology or patent rights
to third parties, the uncertainty of patent protection for intellectual property
or trade secrets and those risks and uncertainties detailed under the captions
"Patents, Proprietary Technology and Trade Secrets" and "Competition" in the
Company's Annual Report on Form 10-K for the fiscal year ended December 31, 1998
(the "1998 Form 10-K"), as well as the risks and uncertainties disclosed under
the captions "Early Stage of Product Development; Technological Uncertainty" and
"Dependence on Collaborative Partners and Licensees for Development, Regulatory
Approvals, Manufacturing, Marketing and Other Resources" as "Cautionary
Statements" in the 1998 Form 10-K or detailed from time to time in filings the
Company makes with the Securities and Exchange Commission. Although the Company
believes that the expectations reflected in the forward-looking statements
contained herein are reasonable, it can give no assurance that such expectations
will prove to be correct. The Company expressly disclaims any obligation or
undertaking to disseminate any updates or revisions to any forward-looking
statement contained herein to reflect any change in the Company's expectations
with regard thereto or any change in events, conditions or circumstances on
which any such statement is based.
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