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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(D) OF THE
SECURITY EXCHANGE ACT OF 1934
Date of report November 18, 1999
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NPS PHARMACEUTICALS, INC.
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(Exact Name of Registrant as Specified in Its Charter)
Delaware
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(State or Other Jurisdiction of Incorporation)
0-23272 87-0439579
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(Commission File Number) (I.R.S. Employer Identification No.)
420 Chipeta Way, Salt Lake City, Utah 84108-1256
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(Address of Principal Executive Offices) (Zip Code)
(801) 583-4939
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(Registrant's Telephone Number, Including Area Code)
N/A
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(Former Name or Former Address, if Changed Since Last Report)
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Item 5. Other Events.
On November 9, 1999, NPS Pharmaceuticals, Inc. announced that the
Canadian government agreed to make an investment in NPS's proposed merger
partner, Allelix Biopharmaceuticals Inc. The investment will support clinical
research and development of ALX-0600.
The press release is filed as an exhibit to this report and is
incorporated herein by reference.
The press release filed as an exhibit to this report includes "safe
harbor" language, pursuant to the Private Securities Litigation Reform Act of
1995, indicating that certain statements about NPS's business contained in the
press release is "forward-looking" rather than "historic."
Item 7. Financial Statements and Exhibits.
c. Exhibits
99.1 Press release, dated November 9, 1999, issued by NPS
Pharmaceuticals, Inc.
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.
NPS PHARMACEUTICALS, INC.
Date: November 18, 1999 ______________________________
James U. Jensen, Vice President
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INDEX TO EXHIBITS
Exhibit
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Number Description
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99.1 Press release, dated November 9, 1999, issued by NPS
Pharmaceuticals, Inc.
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NPS PHARMACEUTICALS ANNOUNCES
CANADIAN GOVERNMENT $5.78 MILLION (U.S.)
FUNDING FOR ALLELIX BIOPHARMACEUTICALS
NPS PHARMACEUTICALS, INC.
SALT LAKE CITY, UT USA
SALT LAKE CITY, Nov. 9 /PRNewswire/ -- NPS Pharmaceuticals, Inc. (Nasdaq:
NPSP), today announced that the Canadian government has agreed to make an
investment in NPS's proposed merger partner, Allelix Biopharmaceuticals Inc.
through a program known as Technology Partnerships Canada. The $5.78 million
(U.S.) investment will support the clinical research and development of ALX-
0600, a potential new drug for the treatment of gastrointestinal disorders.
In September, NPS and Allelix announced that they have agreed to a merger,
which is expected to close in January 2000. The merged company will operate as
NPS Pharmaceuticals, Inc. in the U.S. and as NPS Allelix Inc. in Canada. NPS
believes that the Technology Partnerships Canada investment will provide a
significant financial boost to the clinical development of ALX-0600. In return
for making the investment, Allelix has agreed to pay the Canadian government a
royalty on revenues derived from products resulting from the development of ALX-
0600. If proven to be safe and effective, this drug will address a significant
medical need with the potential to reach a sizable market.
Thousands of people around the world suffer from gastrointestinal ailments
that have serious effects on their quality of life. Early studies indicate that
ALX-0600, an analog of the naturally occurring glucagon-like peptide 2, has the
ability to stimulate the regeneration of cells lining the small intestine. These
cells are important to maintaining the integrity of the intestinal wall and to
aiding the absorption of nutrients from food. ALX-0600 thus presents a
promising new treatment that could be used to combat damage to the intestine
caused by short bowel syndrome, inflammatory bowel disease, the side effects of
chemotherapy and radiation treatments, and other conditions.
"We are pleased that the Canadian government has seen fit to make this
investment in what we believe is a very important program," said Dr. Hunter
Jackson, Chairman, President and CEO of NPS. "This will assist the combined
company in proceeding aggressively with the development of a proprietary
compound while meeting our cash management objectives."
Technology Partnerships Canada is a Special Operating Agency of Industry
Canada responsible for making strategic investments in technological development
projects. Created in 1996, Technology Partnerships Canada makes investments in
high technology growth sectors of the Canadian economy including enabling
technologies, environmental technologies, and aerospace and defense.
Following the merger of NPS and Allelix, the combined company will have a
deep pipeline of late-stage clinical programs and preclinical programs involving
recombinant peptides and small molecules that address a variety of important
human diseases.
Additional information regarding the merger of NPS and Allelix, as well as
the programs of the combined companies may be obtained by contacting David
Clark, Director, Corporate Communications and Development at NPS
Pharmaceuticals, at (801) 583-4939 or Paul Van Damme, Senior Vice President and
Chief Financial Officer at Allelix Biopharmaceuticals, at (905) 677-0831. The
NPS web page (http://www.npsp.com) also contains additional information
regarding the merger, other press releases, and a link to the Allelix web page.
