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UNITED STATES
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) October 19, 1999
LIFEPOINT, INC.
(Exact name of registrant as specified in its charter)
DELAWARE 33-0539168
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification Number)
10400 Trademark Street, Rancho Cucamonga, CA 91730
(Address of Principal Executive Offices) (Zip Code)
(909) 466-8047
Registrant's Telephone Number, Including Area Code
Item 5. Other Information
In a press release, issued on October 19, 1999, the Registrant announced
reduced requirements for funding and the engagement of an investment banker to
seek $6 to $7 million in gross proceeds through a private placement offering
pursuant to Regulation D of the Securities Act of 1933. With the change in
approach to financing, the Board of Directors is not currently considering a
reverse split that may have been required in conjunction with a public
offering. The press release is included in its entirety as Exhibit 99.1.
Item 7. Exhibits
(c) Exhibits
99.1 Press release issued on October 19, 1999
SIGNATURES
Pursuant to the requirement of the Securities Exchange Act of 1934, the
registrant has duly caused this Report to be signed on its behalf by the
undersigned therein to be duly authorized.
LIFEPOINT, INC.
(Registrant)
Date: October 19, 1999 By /s/ Michele A. Clark
Michele A. Clark
Controller and Chief
Accounting Officer
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EXHIBIT 99.1 Press release issued October 19, 1999
FOR IMMEDIATE RELEASE
Investor Relations: Company:
Alan Stone & Company LifePoint, Inc.
(310) 444-3940 (909) 466-8047 x 400
e-mail: [email protected]
Media Relations: Website: www.lifepointinc.com
The Blaine Group Contact: Linda H. Masterson, CEO & Pres.
(310) 360-1499
LIFEPOINT ANNOUNCES REDUCED REQUIREMENT FOR FUNDING
AND ENGAGEMENT OF INVESTMENT BANKER
ONTARIO, Calif. -October 19, 1999- LifePoint, Inc. (OTC BB: LFPT), a
developer of rapid, non-invasive testing products using saliva, announced
today the Company only anticipates an additional $4.5 million external funding
to initiate manufacturing, marketing and sales of its first product. Due to
the fact that LifePoint completed the first four months of its fiscal year at
almost $500,000 under budget, the recently revised budget shows a 35%
reduction from the previous estimates of $7 million to reach market after the
completion of the pre-production instrument, scheduled during the first
quarter of 2000.
LifePoint also announced that it has engaged the services of LBC Capital
Resources, Inc. to seek $6 to $7 million in gross proceeds through a private
placement offering pursuant to Regulation D of the Securities Act of 1933
during the next 90 days. LBC Capital Group is a NASD Broker Dealer that
specializes in private placements for healthcare companies.
"We have vertically integrated our engineering development more than
originally planned and, as a result, have been able to significantly reduce
our engineering costs," stated Linda Masterson, President and CEO of
LifePoint, Inc. "Because of this significant reduction in capital
requirements, LifePoint has now shifted its focus from a $10 million public
offering to a smaller private placement of $6 to $7 million. With this change
in approach, LifePoint's Board of Directors is also NOT currently considering
a reverse split that may have been required in conjunction with a public
offering. We are pleased to select LBC Capital Group from several highly
qualified NASD investment banking firms. LBC Capital's track record for
private placements for pre-revenue healthcare is excellent, even under
difficult capital market conditions."
LifePoint, Inc. is a late development stage company designing a unique
product that will provide immediate, on-site diagnostic results without the
need to take blood or urine. LifePoint is focused on the commercialization of
the flow immunosensor technology licensed from the Naval Research
Laboratories. This patented technology, when used in conjunction with saliva
as a non-invasive test specimen using the Company's proprietary collection
technology, will allow LifePoint to develop a broadly applicable non-invasive,
rapid, on-site diagnostic test system. The LifePointT test system could be
used for rapid diagnostic testing, for screening, and therapeutic drug
monitoring in non-medical environments such as the workplace, home health
care, ambulances, pharmacies, and law enforcement. The first product under
development is for the simultaneous detection of drugs of abuse and alcohol.
The market potential for this product is estimated to be $750 million and
growing to over $1 billion by 2002. Marketing to the non-medical markets is
anticipated to begin during the third quarter of 2000.
For more information on LifePoint, Inc. visit www.lifepointinc.com or
call (909) 466-8047 x 400.
This press release contains forward-looking statements regarding future
events and the future performance of LifePoint, Inc. that involve risks and
uncertainties that could cause actual results to differ materially. These
risks include, but are not limited to, the early stage of product development,
the need for additional funding, the initiation and completion of clinical
trials and dependence on third parties for clinical testing and marketing.
These risks are described in further detail in the Company's reports filed
with the Securities and Exchange Commission.
LifePoint(TM) is a trademark of LifePoint, Inc.
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