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): July 30, 1999
Cellegy Pharmaceuticals, Inc.
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(Exact name of Registrant as specified in its charter)
California
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(State or other jurisdiction of incorporation)
0-26372 82-0429727
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(Commission (IRS Employer
File Number) Identification No.)
349 Oyster Point Boulevard, Suite 200, South San Francisco, California 94080
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(Address of principal executive offices) (Zip code)
650-616-2200
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(Registrant's telephone number, including area code)
This report on Form 8-K consists of 5 sequentially numbered pages. The exhibit
index is located at sequentially numbered page 4.
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Item 5: Other Events.
Issuance Of Common Stock
On August 2, 1999, Cellegy Pharmaceuticals, Inc. (the
"Company") announced the issuance of 1,561,000 shares of the Company's
Common Stock in a private placement effective on July 30, 1999 to
certain parties.
Item 7: Financial Statements and Exhibits.
(c) Exhibits.
The following exhibit is filed herewith:
20.01 Press Release
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of
1934, Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
Date: August 18, 1999 By:
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A. Richard Juelis
Chief Financial Officer
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INDEX TO EXHIBITS
Exhibit Sequentially
Number Description of Exhibit Numbered Page
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20.01 Press Release
EXHIBIT 20.01
Press Release
CELLEGY PHARMACEUTICALS COMPLETES
$10.1 MILLION FINANCING
South San Francisco, California, August 2, 1999 - Cellegy Pharmaceuticals, Inc.
(NASDAQ: CLGY) announced the completion of a private placement of approximately
1.6 million shares of its common stock, resulting in $10.1 million of gross
proceeds to the Company.
Participants in the financing included the Tisch Family Interests, Janus Global
Life Sciences Fund, funds managed by GMT Capital Corp., and K. Michael Forrest,
president and chief executive officer of Cellegy. Janus is a new investor in the
Company; the other participants are increasing their current ownership
positions. The transaction was self-managed by Cellegy.
"This financing gives us the ability to continue rapid development of our
late-stage products," commented K. Michael Forrest. "We plan to achieve several
milestones in the second half of the year, notably, completion of our
multi-center Phase III clinical trial using Anogesic(R) for the treatment of
anal fissures, and obtaining final data from a Phase II trial with our
transdermal testosterone gel."
Cellegy Pharmaceuticals is engaged in the development of a new generation of
prescription drugs and high performance cosmeceutical products based upon its
patented topical and transdermal delivery technologies. The Company's lead
prescription drug is Anogesic, a nitroglycerin-based product, which has been
tested extensively as a treatment for anal fissures and hemorrhoids. Clinical
studies published in the New England Journal of Medicine and The Lancet reported
that use of nitroglycerin ointment promotes healing of chronic anal fissures,
decreases pain and, in many cases, eliminates the need for surgery. Besides
Anogesic, Cellegy is developing a transdermal testosterone gel for the treatment
of male hypogonadism, a condition that can result in decreased energy and libido
in men. Cellegy has also developed a line of high performance cosmeceutical
products.
This press release contains certain forward-looking statements. Actual results
relating particularly to ongoing clinical trials using Anogesic and the
successful commercialization of this and other products may differ materially
from those discussed above. For more information regarding financial results,
including risk factors, refer to the Company's Quarterly Report on Form 10-Q for
the quarter ended June 30, 1999, and Annual Report on Form 10-K for the year
ended December 31, 1998.
The Company has scheduled a conference call for Wednesday, August 4th at 1:30
p.m. PDT to provide an update of recent events. You are welcome to participate
by calling (800) 416-4607.
Company Contacts: (650) 616-2200
www.cellegy.com
Richard Juelis K. Michael Forrest
VP, Finance & CFO President & CEO
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