8-K: Current report filing

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549


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FORM 8-K

CURRENT REPORT

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Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): MAY 14, 1996

SONUS PHARMACEUTICALS, INC.
(Exact name of Registrant as specified in charter)

DELAWARE 0-26866 95-4343413
(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification No.)

22026 20TH AVENUE, S.E., SUITE 102, BOTHELL, WASHINGTON 98021
(Address of principal executive offices) (Zip code)

Registrant's telephone number, including area code: (206) 487-9500

NOT APPLICABLE
(Former name or former address, if changed, since last report)






ITEM 5. OTHER EVENTS

On May 14, 1996, SONUS Pharmaceuticals, Inc. (the "Company" or "SONUS") and
Abbott Laboratories, Inc. ("Abbott") entered into a strategic alliance agreement
focusing on the clinical development, marketing and sale of EchoGen(R) Emulsion,
a proprietary ultrasound contrast agent developed by SONUS, for cardiology and
radiology uses. Under the agreement, SONUS has primary responsibility for
clinical development, regulatory affairs, and medical and technical support of
EchoGen, and Abbott has primary responsibility for United States marketing and
sales. SONUS has retained certain co-promotion rights to EchoGen in the United
States.

Under the agreement, Abbott has agreed to pay SONUS $31 million in
up-front, clinical support and milestone payments. After the United States Food
and Drug Administration has approved the marketing of EchoGen, for which there
can be no assurance, SONUS will receive 47 percent of net EchoGen revenues in
the United States -- a portion of which SONUS must use to fund its obligations
under the agreement. The agreement spans the life of the patents relating to
EchoGen. In addition, Abbott has purchased, for $4 million, warrants to acquire
500,000 shares of SONUS common stock, equal to about six percent (6%) of the
company's outstanding common stock. The warrants are exercisable over five years
at $16 per share. Abbott can acquire the rights to additional indications for
EchoGen by making additional clinical support payments.

ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS

(a) Financial Statements

Not Applicable

(b) Pro Forma Financial Information

Not Applicable

(c) Exhibits