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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):
March 23, 1998
PACIFIC PHARMACEUTICALS, INC.
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(Exact name of registrant as specified in its charter)
DELAWARE
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(State or other jurisdiction of incorporation)
0-14838 36-3258753
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(Commission File Number) (IRS Employer Identification Number)
6730 MESA RIDGE RD.
SUITE A
SAN DIEGO, CALIFORNIA 92121
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (619) 550-3900
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Item 5. Other Events.
News release dated March 23, 1998, announcing that the Company signed a
worldwide exclusive license for O(6) Benzyl Guanine (BG), a series of related
compounds and technologies which enhance the effectiveness of a class of
currently used chemotherapeutic agents (O(6) alkylators). These technologies
are licensed to the Company from Pennsylvania State University on behalf of
itself, National Institutes of Health and other universities. Multiple Phase
I human clinical trials for the BG compounds being conducted at the
University of Chicago, Duke University Medical Center and Case Western
Reserve University are nearing completion in different cancer types,
including brain, colon and renal carcinoma.
The terms of the license agreement include payments for royalties, license
fees and milestone payments to be paid in cash or common stock of the
Company. Some of the cash and common stock payments are contingent upon the
achievement of certain milestones in connection with the clinical development
and regulatory approval of the BG compounds.
Paramount Capital Investments, LLC ("Paramount") acted as financial advisor
to the Company in connection with the identification, negotiation and
consummation of the license and will receive a fee in cash and securities
vesting upon achievement of certain performance based events. Paramount is
affiliated with certain significant shareholders and a Director of the
Company.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(c) EXHIBITS. The following exhibit accompanies this Report:
Exhibit
Number Exhibit Description
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99.60 News release dated March 23, 1998, announcing that the Company
signed a worldwide exclusive license for O(6) Benzyl Guanine.
10.58 License Agreement dated March 17, 1998 between the Company and
Pennsylvania State University. Portions of the Exhibit have been
omitted pursuant to a request for confidential treatment.
10.59 Introduction Agreement dated February 12, 1998 between Paramount
Capital Investments LLC the Company. Portions of the Exhibit have
been omitted pursuant to a request for confidential treatment.
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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 hereunto duly authorized.
PACIFIC PHARMACEUTICALS, INC.
By: /s/ JAMES HERTZOG
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James Hertzog
Date: March 23, 1998 Controller-Principal Accounting Officer
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Index To Exhibits
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Exhibit Sequentially
Number Description of Exhibit Numbered Page
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99.60 News release dated March 23,
1998, announcing that the
Company signed a worldwide
exclusive license for O(6) Benzyl
Guanine.
10.58 License Agreement dated March
17, 1998 between the
Company and Pennsylvania State
University. Portions of the
Exhibit have been omitted
pursuant to a request for
confidential treatment.
10.59 Introduction Agreement dated
February 12, 1998 between
Paramount Capital Investments
LLC the Company. Portions of
the Exhibit have been omitted
pursuant to a request for
confidential treatment.
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