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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF THE SECURITIES EXCHANGE ACT OF 1934
FILING NO. 1 FOR THE MONTH OF OCTOBER, 2001
Visible Genetics Inc.
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(Exact name of Registrant)
700 Bay Street, Suite 1000, Toronto ON, Canada M5G 1Z6
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(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports
under cover Form 20-F or Form 40-F
Form 20-F X Form 40-F
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Indicate by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes No X
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VISIBLE GENETICS INC.
On October 3, 2001, we reported that we have acquired Virco's
international research laboratory in Cambridge, United Kingdom, together with
substantially all the research staff of about 25 scientists. We will acquire the
laboratory assets for $829,000 and assume the lease for the 20,000 square foot
building at an annual cost of $419,000.
The Cambridge operation will become our principal international
research hub, headed by Chief Scientific Officer Dr. Brendan Larder, who
announced his move from Virco to our company in July. The Cambridge team, which
has worked together for the past three years under Dr. Larder's direction, will
be leading our research into new ways of applying genetic information to improve
the treatment of a wide range of diseases.
Concurrent with this acquisition, we have also announced the
restructuring of our overall research and development operations. Our research
lab in Toronto, Canada will be closed at the end of the year, with the
activities split between our Atlanta, Georgia laboratory and the newly acquired
Cambridge facility. Our Cambridge facility will focus on research while our
Atlanta facility will be primarily involved in kit development and the transfer
of newly developed products to manufacturing. We expect to take a $1.1 to $1.5
million charge in the third quarter in connection with the closing of our
Toronto laboratory facility. The remaining 120 employees in Toronto will be
responsible for instrument development and manufacturing, MicroCel(TM)
manufacturing, software development, and corporate administration.
In addition, Dr. James Dunn, one of the founding employees of our
company and a key contributor to the development of the OpenGene system, will be
leaving his role as Vice-President of Research & Development, but will continue
to provide us with consulting services on an as required basis
This Form 6-K contains forward-looking statements within the meaning of
the "safe harbor" provisions of the Private Securities Litigation Reform Act of
1995. These forward-looking statements are subject to risks, uncertainties and
other factors which may cause our results to differ materially from
expectations. These include risks relating to difficulties that may be
encountered in integrating the Cambridge facility or maintaining certain
personnel at the Cambridge facility, unanticipated costs that may result from
the integration and operation of Cambridge facility, the market acceptance of
genotyping and our products, delays in, or the refusal of, insurance companies
and other third-party payors to reimburse us for our products, the ability to
obtain regulatory approval, delays in product development, delays in making the
new Atlanta manufacturing facility operational, and other risks detailed from
time to time in our SEC filings, including our most recent Annual Report on Form
20-F. These forward-looking statements speak only as of the date hereof. We
disclaim any intent or obligation to update these forward-looking statements.
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We hereby incorporate by reference the text of this Form 6-K, but not
the Exhibit attached hereto, into our Registration Statements on Form F-3, and
into the prospectuses contained therein, (File Nos. 333-67607, 333-68939,
333-91155, 333-94649 and 333-40616) and our outstanding Registration Statements
on Form S-8 and into the reoffer prospectuses contained therein.
Exhibit 99.1 Press Release dated October 3, 2001
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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, thereunto duly authorized.
VISIBLE GENETICS INC.
Date: October 3, 2001 By: /s/ THOMAS J. CLARKE
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Name: Thomas J. Clarke
Title: Chief Financial Officer