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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report: June 2, 1997
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UROMED CORPORATION
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(Exact name of registrant as specified in its charter)
Massachusetts 000-23266 04-3104185
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(State or Other Jurisdiction (Commission File Number) (I.R.S. Employer
of Incorporation) Identification No.)
64 A Street, Needham, Massachusetts 02194
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Address of principal executive offices
Registrant's telephone number, including area code: (617) 433-0033
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Item 5. Other Events
On June 2, 1997, the Registrant issued a press release announcing a
restructuring of its operations.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
Exhibit Number Description
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99.1 Press Release issued June 2, 1997 announcing
a restructuring of the Registrant's operations.
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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.
UROMED CORPORATION
Dated: June 10, 1997 By: /s/Paul J. Murphy
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Paul J. Murphy, Treasurer and
Chief Financial Officer
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Exhibit 99.1
UroMed Corporation
64 A Street
Needham, MA 02194
(617) 433-0033 Fax (617) 433-0032
FOR IMMEDIATE RELEASE
Contact:
Kristen Galfetti or James R. Buckley
Investor Relations Specialist Senior Consultant
UroMed Corporation Sharon Merrill Associates
Tel: (617) 433-0033 (617) 542-5300
UROMED CORPORATION ANNOUNCES CORPORATE RESTRUCTURING
NEEDHAM, MA, June 2, 1997 -- UroMed Corporation (NASDAQ:URMD) today
announced that it has implemented a restructuring of its operations. This
strategic initiative is designed to reduce operating costs company-wide and to
focus UroMed's resources on introducing a series of new products to the market
over the next 18 months. This initiative includes the reduction company-wide of
32 employees of its 188-person work force.
Commenting on the restructuring, John G. Simon, chairman of the board and
chief executive officer, stated, "Response from consumers using the
Reliance-Registered Trademark- Urinary Control Insert has been encouraging but
market acceptance has been significantly slower than originally expected.
Specifically, domestic revenue growth has not been meaningful to date. We are
taking the appropriate steps necessary to realign the Company's resources to
better reflect the slow ramp up for Reliance and the promising market for our
other solutions for treating female urinary incontinence. In our opinion, we
were overstaffed to meet our foreseeable needs and have taken steps to
streamline the Company. At this time, we believe that it is important to move
aggressively and proactively to reduce certain Reliance-related expenses and
free up additional resources for upcoming launch activities."
"We look forward to our progress with the Reliance Insert and our other
continuum of continence care products. We are excited about the upcoming launch
of the INTROL-Registered Trademark- Bladder Neck Support Prosthesis product
line, scheduled to be introduced later this month. In the near future, we also
plan to initiate certain
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Impress-TM- Softpatch pre-marketing activities. These
efforts are integral to the Impress launch which is on schedule for the first
quarter of 1998. We believe that this restructuring will allow us to execute
these milestones fully, while also enabling us to focus additional resources on
accelerating promising internal development and in-licensing activities both
within and outside of the of the continence care market. We anticipate updating
the investment community on a number of significant new product activities
before the end of the calendar year," concluded Simon.
UroMed, founded in October 1990, is dedicated to establishing itself as a
leader in the development of male and female healthcare products. Its initial
area of focus is the provision of a unique and valuable integrated system of
continence care for health professionals, patients and payors. This is
complemented by a direct customer support and distribution system. In addition,
UroMed continues to dedicate significant resources to the development and/or
acquisition of new options that fit into UroMed's continuum of care, both within
and outside of the continence care arena.
The company recognizes that the previous paragraphs contain forward-looking
statements relating to the company's future activities, including the market
acceptance of the Reliance Urinary Control Insert, the INTROL Bladder Neck
Support Prosthesis and the Impress Softpatch, the timing related to the
commercial launch of these products as well as any associated future levels of
revenue from these products and the possible introduction of new products.
These forward-looking statements are based largely on the company's expectations
and are subject to a number of risks and uncertainties beyond the company's
control. Actual results could differ materially from these forward-looking
statements as the result of certain risks, including UroMed's ability to market
its products successfully, UroMed's ability to manufacture its products in
commercial quantities and to produce such quantities at an acceptable cost,
UroMed's ability to obtain regulatory approval for any new products and the
uncertainty related to the integration of new products into UroMed's current
product line. There can be no assurance that these risks would not have a
material adverse effect on the company. Other relevant risks are described in
the company's Current Report on Form 10-K, for the year ended December 31, 1996,
under the headings "Forward-Looking Statements and Associated Risks" and "Risk
Factors," which are incorporated herein by reference.
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INTROL-Registered Trademark- Bladder Neck Support Prosthesis and
Reliance-Registered Trademark- Urinary Control Insert are registered trademarks
of UroMed Corporation. Impress-TM- Softpatch and Pelvic Flex-TM- are trademarks
of UroMed Corporation.
