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): | | May 24, 2005 |
Guilford Pharmaceuticals Inc.
__________________________________________
(Exact name of registrant as specified in its charter)
| | | |
| Delaware | 000-23736 | 52-1841960 |
_____________________
(State or other jurisdiction | _____________
(Commission | ______________
(I.R.S. Employer |
| of incorporation) | File Number) | Identification No.) |
| | | |
| 6611 Tributary Street, Baltimore, Maryland | | 21224 |
_________________________________
(Address of principal executive offices) | | ___________
(Zip Code) |
| | | |
| Registrant’s telephone number, including area code: | | 410-631-6300 |
Not Applicable
______________________________________________
Former name or former address, if changed since last report
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 2.05. Costs Associated with Exit or Disposal Activities.
The information set forth under Item 7.01 below is incorporated herein by reference.
Item 7.01. Regulation FD Disclosure.
On May 24, 2005, Guilford Pharmaceuticals Inc. announced the implementation of a reduction in force of 38 full-time employees as part of the Company's recently-announced strategic plan. The Company currently estimates that it will incur cash severance and outplacement costs of approximately $1.3 million in connection with the reduction, which costs are expected to be paid over the next nine months. Today's actions, combined with the Company's smaller reduction in force in December 2004, are expected to reduce the Company's annual salary and benefits expenses by approximately $6 million, not including associated severance costs.
A copy of the press release announcing the reduction in force, dated March 24, 2005, is attached hereto as Exhibit 99.1.
Item 9.01. Financial Statements and Exhibits.
(c) Exhibits.
99.1-Press Release issued by the Registrant on May 24, 2005.
SIGNATURES
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.
| | | | | |
| | | Guilford Pharmaceuticals Inc. |
| | | | | |
| May 24, 2005 | | By: | | Asher M. Rubin, Esq.
|
| | | | |
|
| | | | | Name: Asher M. Rubin, Esq. |
| | | | | Title: Senior Vice President, General Counsel and Secretary |
Exhibit Index
| | | |
| Exhibit No. | | Description |
| |
|
99.1 | | Press Release dated May 24, 2005 |
