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
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Date of Report (Date of earliest event reported): October 10, 2002
ORCHID BIOSCIENCES, INC.
(Exact name of registrant as specified in its charter)
Delaware 000-30267 22-3392819
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(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation)
4390 US Route One
Princeton, NJ 08540
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (609) 750-2200
Not Applicable
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(Former name or former address, if changed since last report)
Item 5. Other Events.
On October 11, 2002, Orchid BioSciences, Inc. ("Orchid") issued a press release
announcing that it provided an update on its business strategy as part of its
presentation at the UBS Warburg Global Life Sciences Conference on October 10,
2002. Orchid intends to phase out the SNP genotyping instruments and related
consumables offered by its Orchid Life Sciences strategic business unit. Orchid
plans to continue to provide advanced clinical-quality SNP genotyping services
to the pharmaceutical industry. Orchid also expects to continue to leverage its
leading SNP technology in providing genoprofiling services through its business
units which focus on the identity genomics, diagnostics and personalized
healthcare markets.
Orchid also announced that it is currently assessing various options for its SNP
tools business and expects actions to be finalized by the end of the year.
Orchid is seeking marketing partnerships and other arrangements or forms of
disposition are being sought. While Orchid is not yet able to determine the
definitive financial effect of this action, the company expects it to have a
minimal impact on 2002 top-line revenues, which Orchid currently estimates to be
approximately $65 million. Orchid reiterated its expectation of achieving
profitability in the fourth quarter of 2003.
The information contained in the press release is incorporated herein by
reference and filed as Exhibit 99.1 hereto.
(c) Exhibits.
99.1 Press release dated October 11, 2002.
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.
ORCHID BIOSCIENCES, INC.
(Registrant)
Date: October 15, 2002 /s/ Dale R. Pfost
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Name: Dale R. Pfost
Title: President and CEO