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): March 19, 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 March 19, 1999, Synaptic Pharmaceutical Corporation (the "Company")
issued a press release announcing that its corporate partner Eli Lilly and
Company ("Lilly") has discontinued commercial development of the migraine
compound LY334370 identified as part of the Company's collaboration with Lilly.
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. Description Page
- ---------- ---------------------------------- ----
99 Press Release dated March 19, 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: March 22, 1999
SYNAPTIC PHARMACEUTICAL CORPORATION
(Registrant)
By:/s/ Kathleen P. Mullinix
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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.
Chairman, President and
Chief Executive Officer
Synaptic Pharmaceutical Corporation
(201) 261-1331, ext. 103
Stacy Lipschitz
Ruder Finn, Inc.
(212) 583-2757
SYNAPTIC PHARMACEUTICAL MIGRAINE PROGRAM UPDATE
PARAMUS, N.J., March 19, 1999 - Synaptic Pharmaceutical Corporation (Nasdaq:
SNAP) has been informed by Eli Lilly and Company that Lilly has discontinued
commercial development of the migraine compound LY334370 as a result of its
recent review of data from an ongoing confirmatory animal toxicology study
initiated at the end of 1998. Synaptic announced earlier this month that Lilly
had temporarily delayed the beginning of Phase III clinical trials of the
migraine compound to collect additional information regarding the safety and
tolerability of the compound.
Data from three Phase II clinical trials conducted by Lilly indicated that
LY334370 is efficacious in the treatment of migraine without the cardiovascular
side effects associated with other treatments currently on the market. Lilly
continues to maintain that all data to date continue to support the hypothesis
that selective serotonin 1F receptor agonists (SSOFRAs) represent a new class of
compounds that may effectively treat migraine pain via neuronal mechanisms
without the cardiovascular side effects associated with products currently on
the market. Therefore, Lilly and Synaptic will continue to collaborate on the
development of alternative SSOFRAs with an improved safety profile.
Synaptic Pharmaceutical Corporation has developed "human receptor-targeted drug
design technology," in which cloned human receptors are used as targets for the
design of potential drugs. The company is engaged in collaborations with two
pharmaceutical companies in addition to Lilly.
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, but are not limited to,
statements that are not historical facts, including those relating to the
development of SSOFRAs. Such statements involve risks and uncertainties,
including, but not limited to, those risks and uncertainties relating to
difficulties or delays in discovery, development, testing, regulatory approval,
production and marketing of the companies' drug candidates, any unexpected
adverse side effects or inadequate therapeutic efficacy of the companies' drug
candidates that could slow or prevent product development efforts, competition
within the
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companies' anticipated product markets, the uncertainty of product development
in the pharmaceutical industry, the uncertainty of patent protection for the
companies' intellectual property or trade secrets and other risks detailed from
time to time in filings Synaptic makes with the Securities and Exchange
Commission, including its annual report on Form 10-K and its quarterly reports
on Forms 10-Q. Such statements are based on management's current expectations,
but actual results may differ materially due to various factors, including those
risks and uncertainties mentioned or referred to in this press release.
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