Geltex Pharmaceuticals Inc – ‘8-K’ for 11/16/99 – EX-20.1

On:  Wednesday, 12/1/99   ·   For:  11/16/99   ·   Accession #:  950135-99-5468   ·   File #:  0-26872

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Current Report   —   Form 8-K
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 8-K         Geltex Pharmaceuticals                                23    154K 
 2: EX-20.1     Press Release Dated November 17, 1999                  2±     8K 
 3: EX-23.1     Consent of Deloitte & Touche, LLP                      1      5K 

EX-20.1   —   Press Release Dated November 17, 1999

EX-20.1
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                                                                    EXHIBIT 20.1

[GELTEX LOGO]                                                                   

CONTACTS:   Mark Skaletsky                             Justin Jackson or        
       President and CEO                          Miriam Weber (media)
  GelTex Pharmaceuticals, Inc.               Burns McClellan
781-434-3500                               212-213-0006 

GELTEX PHARMACEUTICALS COMPLETES ACQUISITION OF SUNPHARM CORPORATION

         WALTHAM, MA, NOVEMBER 17, 1999 -- GelTex Pharmaceuticals, Inc. (Nasdaq:
GELX) today announced that the Company has completed its acquisition of SunPharm
Corporation (Nasdaq: SUNP), a life sciences firm developing proprietary         
pharmaceuticals based on expertise in polyamine and iron chelator technologies. 
Under the terms of a merger agreement announced in August 1999, all outstanding 
preferred and common stock of SunPharm have been converted into GelTex shares in
a transaction valued at approximately $14.5 million based upon closing price of 
GelTex stock on November 16, 1999. The acquisition will be accounted for under  
the "purchase accounting" method.                                               

         "As previously reported, we believe that the benefits to GelTex include
the acquisition of clinical-stage compounds, as well as earlier programs that   
are complementary to our focus," said Mark Skaletsky, President and Chief       
Executive Officer of GelTex. "We look forward to advancing several of these     
programs into clinical development over the next 12 months."                    

       SunPharm's R&D pipeline is based on two chemically related classes of
molecules -- polyamines and iron chelators. SunPharm's lead compound, a         
polyamine analogue ("DENSPM"), is currently undergoing clinical testing in a    
multicenter Phase 2 study being conducted by corporate partner, the Parke-Davis 
Pharmaceutical Research division of Warner-Lambert Company, in patients with    
solid tumor cancers. A second compound, an injectable iron chelator, has        
recently been licensed to Schein Pharmaceutical. Clinical testing is expected to
begin next year.                                                                

        SunPharm develops small-molecule pharmaceutical products consisting of
novel polyamine analogues and metal chelators, invented at the University of    
Florida and licensed exclusively to the Company for the development of products 
for treating cancer, AIDS-related diarrhea, gastrointestinal inflammation, iron 
overload and other indications.                                                 

GelTex Pharmaceuticals, Inc. develops polymer-based, non-absorbed               
pharmaceuticals that selectively bind and eliminate target substances from the  
intestinal tract resulting in a systemic medical benefit.                       

This news release contains forward-looking statements based on current          
expectations and assumptions that involve risks and uncertainties that could    
cause actual outcomes and results to differ materially. These risks and         
uncertainties include the results of research which could affect the progression
of certain programs into clinical development. GelTex disclaims any intention or
obligation to update or revise any forward-looking statements, whether as a     
result of new information, future events or otherwise.                          

####

Dates Referenced Herein

This ‘8-K’ Filing		Date		Other Filings
Filed on:		12/1/99		None on these Dates
		11/17/99
For Period End:		11/16/99
				List all Filings