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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 Event Reported): MARCH 31, 1997
LXR BIOTECHNOLOGY 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)
1-12968 68-0282856
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(Commission file number) (IRS employer identification no.)
1401 MARINA WAY SOUTH, RICHMOND, CALIFORNIA 94804
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(Address of principal executive offices) (Zip code)
(510) 412-9100
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(Registrant's telephone number, including area code)
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INFORMATION TO BE INCLUDED IN THE REPORT
ITEM 5. OTHER EVENTS.
LXR Biotechnology Inc. (the "Company") has been informed that on
March 31, 1997, Kenneth R. McGuire purchased 1,606,900 shares of the Company's
common stock from Biotechnology Investment Group, L.L.C. ("BIO") and 437,666
shares of the Company's common stock from various trusts of which David Blech
and members of Mr. Blech's family are beneficiaries (the "Trusts"). As a
result of these purchases and subsequent gifts to members of Mr. McGuire's
family, Mr. McGuire's ownership interest in the Company increased from
2,034,284 to 4,008,284 shares and from 9.3% to 18.4%.
The shares sold by BIO and the Trusts to Mr. McGuire previously were
subject to a market standoff agreement with Sunrise Securities Corp.
("Sunrise") whereby the holders agreed not to sell such shares until February
1, 1998 without the prior written consent of Sunrise. The Company understands
that the shares sold to Mr. McGuire are no longer subject to such restriction.
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SIGNATURE
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.
LXR BIOTECHNOLOGY INC.
Date: April 24, 1997 By /s/ L. David Tomei
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L. David Tomei
Chief Executive Officer
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