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
Date of earliest event reported: May 14, 2002
HYSEQ, INC.
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(Exact Name of Registrant as Specified in Charter)
Nevada 000-22873 36-3855489
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(State or Other Jurisdiction of Incorporation) (Commission File Number) (I.R.S. Employer Identification No.)
670 Almanor Avenue, Sunnyvale, California 94085
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(Address of Principal Executive Offices) (Zip Code)
(408) 524-8100
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(Registrant's telephone number, including area code)
N/A
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(Former Name or Former Address, if Changed Since Last Report)
ITEM 5. OTHER EVENTS.
On May 14, 2002, Hyseq, Inc., d/b/a/ Hyseq Pharmaceuticals,
Inc., issued a press release that announced two developments. First,
Hyseq and BASF Plant Science have agreed to accelerate the completion
of their collaboration to discover and develop agriculturally based
genes. Second, Hyseq has completed an internal restructuring in order
to align its workforce with the company's focus on developing
biopharmaceuticals.
On May 14, 2002, the Company and BASF agreed to amend the
collaboration agreement between the two parties. Under this amendment,
both Hyseq's agricultural gene discovery activities and BASF Plant
Science's payment schedule will accelerate with early completion
scheduled for January 2003, resulting in a cost savings to both parties.
The royalties due to the Company from BASF will also be reduced. The
collaboration retains its original termination date of June 2003 but
will not be renewable for any additional terms.
In May 2002, the Company also began an internal restructuring
that includes a realignment of research groups and a reduction of 79
employees, primarily in the area of agricultural gene discovery. The
reduction is being implemented over the next eight months, and the
Company expects to have reduced the Company's workforce to approximately
125 employees by the end of 2002.
A copy of the press release is attached as an exhibit to this
Form 8-K and is incorporated by reference herein in its entirety
This document contains forward-looking statements concerning
Hyseq Pharmaceuticals. Statements included herein which are not
historical in nature, are intended to be, and are hereby identified as
"forward-looking statements" for purposes of the safe harbor provided by
the Private Securities Litigation Reform Act of 1995. Forward looking
statements may be identified by words such as "believe," "expect,"
"anticipate," "should," "may," "estimated" and "potential," among
others. Hyseq cautions readers that forward-looking statements,
including without limitation, those relating to Hyseq's future business
prospects are subject to certain risks and uncertainties that could
cause actual results to differ materially from those indicated in the
forward-looking statements. For a discussion of factors that may cause
results to differ, see Hyseq's reports filed with the SEC, including its
Annual Report on Form 10-K for the year ended December 31, 2001. Hyseq
disclaims any intent or obligation to update these forward-looking
statements.
ITEM 7. EXHIBITS.
Exhibit Number Description of Document
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99.1 Press Release, dated May 14, 2002, entitled "Hyseq
Pharmaceuticals Takes Steps to Further Strengthen its
Biopharmaceutical Focus and Financial Position"
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.
HYSEQ, INC.
(Registrant)
By: /s/ Peter S. Garcia
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Peter S. Garcia
Senior Vice President and
Chief Financial Officer
Dated: May 16, 2002
EXHIBIT INDEX
Exhibit Number Description of Document
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99.1 Press Release, dated May 14, 2002, entitled "Hyseq
Pharmaceuticals Takes Steps to Further Strengthen its
Biopharmaceutical Focus and Financial Position"