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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): September 21, 1999
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INKINE PHARMACEUTICAL COMPANY, INC.
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(Exact Name of Registrant as Specified in Charter)
New York 0-24972 13-3754005
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(State or Other Jurisdiction (Commission File Number) (I.R.S. Employer
of Incorporation) Identification No.)
1720 Walton Road, Suite 200, Blue Bell, Pennsylvania 19422
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (610) 260-9350
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ITEM 5. OTHER EVENTS
On September 21, 1999 the Company announced the completion of a private
placement resulting in $3 million in new funding pursuant to which the Company
issued 2,307,691 shares of common stock and warrants to purchase 761,538 shares
of common stock to certain institutional investors. The Company is obligated to
file a registration statement within 30 days of the closing covering both the
underlying common shares and the shares issuable upon the exercise of the
warrants.
ITEM 7. EXHIBITS
The following exhibits are filed as part of this report on Form 8-K:
Exhibit No. Title
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99.1 Press Release, dated September 21, 1999.
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.
INKINE PHARMACEUTICAL COMPANY, INC.
By: /s/ Robert F. Apple
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Robert F. Apple
Senior Vice President and Chief Financial Officer
Dated: September 30, 1999
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EXHIBIT INDEX
Exhibit No. Title
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99.1 Press Release, dated September 21, 1999.
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FOR IMMEDIATE RELEASE
CONTACT:
Robert F. Apple
Chief Financial Officer Don Weinberger
INKINE PHARMACEUTICAL COMPANY, INC. WOLFE AXELROD ASSOCIATES
(610) 260-9350 (212) 370-4500
INKINE PHARMACEUTICAL RAISES $3.0 MILLION IN
PRIVATE PLACEMENT FINANCING
BLUE BELL, PA SEPTEMBER 21, 1999 - INKINE PHARMACEUTICAL COMPANY, INC. (NASDAQ:
INKP) today announced that it has secured $3.0 million in new financing in a
private placement of InKine common stock. Ladenburg Thalmann & Co Inc. arranged
the private placement in a transaction with the Tail Wind Fund, Ltd., a London
based worldwide investor in emerging growth companies. Oxford Bioscience
Partners, the company's largest shareholder, also participated. As part of the
registration rights agreement, InKine will file a registration statement for the
new shares with The Securities and Exchange Commission within thirty days of
closing.
The private placement consisted of 2,307,691 new, unregistered shares of Common
Stock and a four-year warrant for 761,538 additional shares at a strike price of
$1.78.
According to Robert F. Apple, Senior Vice President and Chief Financial Officer
of InKine, "This financing provides InKine, along with its existing resources,
more than a year of cash and will allow the Company to continue its aggressive
commercialization plan for Diacol, (TM) the Company's lead drug candidate for
use prior to colonoscopy." The Company plans to file its New Drug Application
with the Food and Drug Administration later this year.
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InKine Pharmaceutical Company, Inc. is a publicly traded biopharmaceutical
company with two late-stage clinical compounds: a purgative product for
colonoscopies and other procedures and uses; and a steroid molecule for
treatment of Idiopathic Thrombocytopenic Purpura (ITP). The Company is focused
on the diagnosis and treatment of cancer and autoimmune diseases, and has the
additional strategy of acquiring late-stage drug candidates with short time
lines to commercialization. Support of early-stage product opportunities comes
through its university-based sponsored research agreements.
This announcement contains certain forward-looking statements that are subject
to risks and uncertainties, including in particular the statement regarding the
submission of an NDA for Diacol later this year. Such statements reflect
management's current views and are based on certain assumptions. Actual results
could differ materially from those currently anticipated as a result of a number
of factors, including, but not limited to, the risks and uncertainties discussed
under "Management's Discussion and Analysis of Financial Condition and Results
of Operations" in the Company's Annual Report on Form 10-KSB for the fiscal year
ended June 30, 1998, as filed with the Securities and Exchange Commission.
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