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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 earliest event reported): April 23, 1999
LXR BIOTECHNOLOGY INC.
(Exact name of registrant as specified in its charter)
DELAWARE
(State or other jurisdiction of incorporation)
1-12968 68-0282856
(Commission File No.) (IRS Employer Identification No.)
1401 MARINA WAY SOUTH, RICHMOND, CALIFORNIA 94804
(Address of principal executive offices and zip code)
510-412-9100
Registrant's telephone number, including area code:
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ITEM 5. OTHER EVENTS.
On April 23, 1999, LXR Biotechnology Inc. announced the preliminary results from
four preclinical studies of Elirex, its drug candidate for treatment of heart
attack. Based on these results, which did not meet the Company's objectives of
confirming the earlier positive results of Elirex and identifying the best
Elirex compound to develop further, and given the Company's need to conserve
cash, the Company announced that it was considering ways of significantly
reducing operating expenses and identifying strategic alternatives. In addition,
the Company announced that it had retained the investment banking firm US
Bancorp Piper Jaffray to assist in identifying strategic alternatives for the
Company. The Company also announced that it was devising a cash conservation
plan, including a reduction of staff, to enable it to continue certain
operations while it explores strategic alternatives.
See the Company's press release, attached hereto as Exhibit 99.1.
ITEM 7. EXHIBITS.
Exhibit 99.1 Press Release, dated April 23, 1999, entitled "LXR Announces
Preliminary Results of Elirex Preclinical Studies."
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.
Dated: April 28, 1999 By: /s/ Paul J. Hastings
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Paul J. Hastings, President and Chief
Executive Officer
INDEX TO EXHIBITS
Exhibit 99.1 Press Release, dated April 23, 1999, entitled "LXR Announces
Preliminary Results of Elirex Preclinical Studies."
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EXHIBIT 99.1
Contact: Paul J. Hastings, President & CEO
LXR Biotechnology, Inc.
510.412.9100
LXR ANNOUNCES PRELIMINARY RESULTS OF ELIREX(TM) PRECLINICAL STUDIES
Richmond, California - April 23, 1999 -- LXR Biotechnology (AMEX:LXR),
announced today that is has reviewed the preliminary results from preclinical
studies of Elirex(TM), its drug candidate for treatment of heart attack. The
preliminary results suggest that Elirex(TM) did not reduce infarct size in three
of four preclinical studies conducted. In a fourth preclinical study, Elirex(TM)
appeared to reduce infarct size by 33% in a pretreatment model of
ischemia/reperfusion.
"Although these preclinical results pave the way for additional studies
that would be appropriate to fully evaluate the drug, they did not meet our
near-term objectives of confirming the earlier positive results of Elirex(TM)
and identifying the best Elirex(TM) compound to develop further. Given the
results of these preclinical studies, our need for cash to continue the
preclinical development of these compounds and our present cash-burn rate, we
are considering ways of significantly reducing operating expenses and
identifying strategic alternatives," said Paul J. Hastings, President and Chief
Executive Officer.
LXR has retained the investment banking firm US Bancorp Piper Jaffray to
assist in identifying strategic alternatives for the Company.
The Company is presently devising a cash conservation plan, including a
reduction of staff, to enable it to continue certain operations while it
explores strategic alternatives. The Company previously disclosed that its cash
position would only allow it to continue operations through the middle of the
third quarter of this year.
LXR Biotechnology Inc., is a biopharmaceutical company engaged in
research and development of innovative therapeutics designed to treat diseases
through the control of apoptosis or gene-directed cell death. LXR's compounds
include HK-Cardiosol(TM), a heart protective solution for heart transplant;
CP-Cardiosol(TM), a cardioplegia solution for bypass surgery, and Elirex(TM) for
acute myocardial infarction.
Statements in this press release that are not historical are forward
looking statements. These forward looking statements are subject to certain
risks and uncertainties that could cause actual results to differ materially
from those anticipated in any forward looking statements, all of which are
difficult to predict and many of which are beyond the control of the Company,
including, but not limited to: risks and uncertainties related to LXR's early
stage of development; developing new technologies, including Elirex(TM);
dependence on collaborative partners; ability of the Company and its advisor to
identify strategic alternatives for the Company; ability of the Company to
conserve its cash position for a sufficient time to determine its strategic
alternatives; results of research and development efforts, including the effect
on the Company of the preclinical results reported for Elirex; results of future
clinical trials of the Company's compounds; the uncertainty of government
regulations or approval of clinical trials; and other factors which are detailed
in the Company's periodic reports and registration statements filed with the
Securities and Exchange Commission.
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For more information, visit LXR Biotechnology's web site at http://www.lxr.com
SOURCE: LXR Biotechnology Inc.
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