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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 12b-25
Commission File Number 0-16109
NOTIFICATION OF LATE FILING
(Check One):
[ ]Form 10-K [ ]Form 11-K [ ]Form 20-F [X]Form 10-Q [ ]Form N-SAR
For the Period Ended: September 30, 1999
Read attached instruction sheet before preparing form. Please
print or type.
Nothing in this form shall be construed to imply that the
Commission has verified any information contained herein.
If the notification relates to a portion of the filing checked
above, identify the item(s) to which the notification relates:
Not Applicable
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PART I
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REGISTRANT INFORMATION
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Full name of registrant ADVANCED POLYMER SYSTEMS, INC.
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Former name if applicable Not Applicable
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Address of principal
executive office
(Street and number) 123 Saginaw Drive
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City, state and zip code Redwood City, California 94063
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PART II
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RULES 12b-25 (b) AND (c)
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If the subject report could not be filed without unreasonable
effort or expense and the registrant seeks relief pursuant to
Rule 12b-25(b), the following should be completed. (Check box if
appropriate.)
(a) The reasons described in reasonable detail in Part III of
this form could not be eliminated without unreasonable
effort or expense;
[X] (b) The subject annual report, semi-annual report, transition
report on Form 10-K, 20-F, 11-K or Form N-SAR, or portion
thereof will be filed on or before the 15th calendar day
following the prescribed due date; or the subject
quarterly report or transition report on Form 10-Q, or
portion thereof will be filed on or before the fifth
calendar day following the prescribed due date; and
(c) The accountant's statement or other exhibit required by
Rule 12b-25(c) has been attached if applicable.
PART III
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NARRATIVE
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State below in reasonable detail the reasons why Form 10-K, 11-K,
20-F, 10-Q or N-SAR or the transition report portion thereof
could not be filed within the prescribed time period. (Attach
extra sheets if needed.)
There have been unavoidable delays in the completion of
Registrant's financial statements and related disclosure to be
included in its third quarter 10-Q Report. Following discussions
with the staff of the Securities and Exchange Commission,
Registrant has decided to retroactively change its policy of
accounting for license fees and to restate its financial
statements for the fiscal years ended December 31, 1998, 1997 and
1996, as well as for the first and second quarters of 1999.
Registrant anticipates that preparation of such financial
statements can be completed, and Form 10-Q will be finalized and
filed, within 5 days after November 15, 1999.
PART IV
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OTHER INFORMATION
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(1) Name and telephone number of person to contact in regard to
this notification
Michael P.J. O'Connell (650) 366-2626
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(Name) (Area Code) (Telephone Number)
(2) Have all other periodic reports required under Section 13 or
15(d) of the Securities Exchange Act of 1934 or Section 30 of the
Investment Company Act of 1940 during the preceding 12 months or
for such shorter period that the registrant was required to file
such report(s) been filed? If the answer is no, identify
report(s). [X] Yes [ ] No
(3) Is it anticipated that any significant change in results of
operations from the corresponding period for the last fiscal year
will be reflected by the earnings statements to be included in
the subject report or portion thereof? [ ] Yes [X] No
If so: attach an explanation of the anticipated change, both
narratively and quantitatively, and, if appropriate, state the
reasons why a reasonable estimate of the results cannot be made.
ADVANCED POLYMER SYSTEMS, INC.
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(Name of Registrant as Specified in Charter)
Has caused this notification to be signed on its behalf by the
undersigned thereunto duly authorized.
Date: November 12, 1999 By /s/ Michael P.J. O'Connell
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Executive Vice President and
Chief Financial Officer