-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, I1K3vAq3v9z3k/6vvr7Cvm3gu5Q3WJa0ILeoW9AXwy1br89WFspDWSrBrbJKFqxa PnmVnla89eVu0VR4mAzPSw== 0000912057-00-038121.txt : 20010524 0000912057-00-038121.hdr.sgml : 20010524 ACCESSION NUMBER: 0000912057-00-038121 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20000817 FILED AS OF DATE: 20000817 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VISIBLE GENETICS INC CENTRAL INDEX KEY: 0001010819 STANDARD INDUSTRIAL CLASSIFICATION: 3826 IRS NUMBER: 000000000 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 6-K SEC ACT: SEC FILE NUMBER: 000-28550 FILM NUMBER: 704845 BUSINESS ADDRESS: STREET 1: 700 BAY ST STREET 2: SUITE 1000 CITY: TORONTO ONTARIO CANA STATE: A6 BUSINESS PHONE: 2127025700 MAIL ADDRESS: STREET 1: 700 BAY ST STE 1000 STREET 2: TORONTO ONTARIO CANADA CITY: M5G 1Z6 6-K 1 a6-k.txt 6-K - - -------------------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 6-K REPORT OF FOREIGN ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 OF THE SECURITIES EXCHANGE ACT OF 1934 FILING NO. 1 FOR THE MONTH OF AUGUST, 2000 Visible Genetics Inc. ------------------------ (Exact name of Registrant) 700 Bay Street, Suite 1000, Toronto ON, Canada M5G 1Z6 ------------------------------------------------------ (Address of principal executive offices) Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F Form 20-F X Form 40-F --- --- Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934. Yes No X --- --- - - -------------------------------------------------------------------------------- VISIBLE GENETICS INC. On August 17, 2000, we announced our financial results for the second quarter and six months ended June 30, 2000. We reported sales of $3.4 million for the second quarter ended June 30, 2000, compared to $1.9 million for the same period in 1999. The net loss attributable to common shareholders for the quarter was $8.6 million or $0.59 per share, compared to a net loss attributable to common shareholders of $7.1 million or $0.75 for the same period in 1999. Sales for the first six months of 2000 were $7.1 million with a net loss attributable to common shareholders of $15.3 million or $1.13 per share, compared to sales of $5.2 million and a net loss attributable to common shareholders of $11.4 million or $1.21 per share, for the corresponding period in 1999. The increase in the net loss for the quarter was due primarily to increased R&D expenses related to the Company's TRUGENE-TM- HIV-1 Genotyping Kit clinical trials and related expenses required for the pending Food and Drug Administration (the "FDA") application. In addition, on June 28th, we announced that we were in the process of completing key molecular infectious clone studies for the TRUGENE(TM) HIV-1 Genotyping Kit. All experimental work required for the submission has now been completed and we anticipate filing with the FDA in the third quarter. Our financial results for the quarter ended June 30, 2000 are filed as an exhibit to this report. This Form 6-K contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks, uncertainties and other factors which may cause our results to differ materially from expectations. These include risks relating to the ability to obtain regulatory approval, market acceptance of genotyping and our products, delays in, or the refusal of, insurance companies and other third-party payors to reimburse us for our products, delays in product development, delays in making our new Atlanta manufacturing facility operational, and other risks detailed from time to time in our SEC filings, including our most recent Annual Report on Form 20-F. These forward-looking statements speak only as of the date hereof. We disclaim any intent or obligation to update these forward-looking statements. We hereby incorporate by reference this Form 6-K into our Registration Statements on Form F-3, and into the prospectuses contained therein, (File Nos. 333-67607, 333-68939, 333-91155, 333-94649 and 333-40616) and our outstanding Registration Statements on Form S-8 and into the reoffer prospectuses contained therein. Exhibit 1. Second Quarter Financial Results 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, thereunto duly authorized. VISIBLE GENETICS INC. Date: August 17, 2000 By: /s/ THOMAS J. CLARKE -------------------- Name: Thomas J. Clarke Title: Chief Financial Officer Exhibit 1
VISIBLE GENETICS INC. CONSOLIDATED BALANCE SHEETS (UNITED STATES DOLLARS)
JUNE 30 DECEMBER 31 2000 1999 --------------- -------------- ASSETS CURRENT ASSETS Cash and cash equivalents $ 1,321,529 $ 2,792,985 Short-term investments 94,068,442 39,894,978 Trade receivables, net of allowance for doubtful accounts 4,054,273 5,657,822 Other receivables 862,986 668,748 Prepaid and deposits 1,082,732 729,307 Inventory 3,487,902 2,600,007 --------------- -------------- TOTAL CURRENT ASSETS 104,877,864 52,343,847 --------------- -------------- FIXED ASSETS 7,250,362 4,173,335 PATENTS AND LICENSES 13,690,556 2,122,367 --------------- -------------- $ 125,818,782 $ 58,639,549 =============== ============== LIABILITIES CURRENT LIABILITIES Accounts payable $ 5,335,829 $ 3,110,442 Accrued liabilities 3,297,412 3,622,110 --------------- -------------- TOTAL CURRENT LIABILITIES 8,633,241 6,732,552 --------------- -------------- MANDATORILY REDEEMABLE CONVERTIBLE PREFERRED SHARES 29,492,801 27,555,652 --------------- -------------- SHAREHOLDERS' EQUITY Share capital 160,600,547 75,422,070 Other equity 833,761 8,987,328 Cumulative translation adjustment (937,827) (619,911) Deficit (72,803,741) (59,438,142) --------------- -------------- 87,692,740 24,351,345 --------------- -------------- $ 125,818,782 $ 58,639,549 =============== ==============
VISIBLE GENETICS INC. CONSOLIDATED STATEMENTS OF OPERATIONS (UNITED STATES DOLLARS)
THREE MONTHS ENDED JUNE 30 SIX MONTHS ENDED JUNE 30 2000 1999 2000 1999 ---- ---- ---- ---- SALES Products $ 3,299,410 $ 1,565,679 $ 6,740,877 $ 4,644,775 Services 108,078 359,696 310,666 541,213 ------------ ------------ ------------- ------------- 3,407,488 1,925,375 7,051,543 5,185,988 ------------ ------------ ------------- ------------- COST OF SALES Products 2,322,050 1,689,535 4,459,946 3,733,447 Services 60,306 223,814 206,791 330,374 ------------ ------------ ------------- ------------- 2,382,356 1,913,349 4,666,737 4,063,821 ------------ ------------ ------------- ------------- GROSS MARGIN 1,025,132 12,026 2,384,806 1,122,167 EXPENSES Sales, general and administrative 7,299,700 4,567,531 12,799,611 7,731,259 Research and development 2,941,160 2,020,471 4,942,010 3,874,292 ------------ ------------ ------------- ------------- 10,240,860 6,588,002 17,741,621 11,605,551 ------------ ------------ ------------- ------------- LOSS FROM OPERATIONS BEFORE INTEREST (9,215,728) (6,575,976) (15,356,815) (10,483,384) Interest income 1,568,461 27,574 1,998,014 141,224 Interest and financing expense (2,754) (561,450) (6,798) (1,101,736) ------------ ------------ ------------- ------------- NET LOSS FOR THE PERIOD (7,650,021) (7,109,852) (13,365,599) (11,443,896) Cumulative preferred dividends and accretion of discount attributable to preferred stock (969,382) - (1,937,149) - ------------ ------------ ------------- ------------- NET LOSS ATTRIBUTABLE TO COMMON SHAREHOLDERS $ (8,619,403) $ (7,109,852) $ (15,302,748) $ (11,443,896) ------------ ------------ ------------- ------------- Weighted average number of common shares outstanding 14,567,520 9,536,356 13,486,119 9,464,636 ------------ ------------- ------------- ------------- BASIC AND FULLY DILUTED LOSS PER SHARE $ (0.59) $ (0.75) $ (1.13) $ (1.21) ------------ ------------- ------------- -------------
VISIBLE GENETICS INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (UNITED STATES DOLLARS)
SIX MONTHS ENDED JUNE 30 2000 1999 ------------- ------------- CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES Net Loss for the period $ (13,365,599) $ (11,443,896) Add: Items not involving cash - Depreciation 1,072,461 763,683 Amortization 648,084 192,447 Non cash financing expense related to warrants granted - 636,602 Foreign exchange (106,689) 52,051 Increase ( decrease ) from changes in - Trade receivables 1,499,818 (194,155) Other receivables (71,972) 145,116 Prepaid and deposits (357,551) (442,795) Inventory (974,841) (258,850) Other long term assets - (694,617) Accounts payable 2,161,389 989,307 Accured liabilities (359,292) 59,892 ------------- ------------- (9,854,192) (10,195,215) ============= ============= INVESTING ACTIVITIES Purchase of fixed assets (4,196,548) (1,225,602) Licenses and patents acquired (12,216,273) (340,795) Purchase of short-term investments (78,738,530) - Redemption of short-term investments 24,565,066 5,108,254 ------------- ------------- (70,586,285) ============= ============= FINANCING ACTIVITIES Common shares issued, net of expenses 78,750,832 1,481,554 Other equity - 11,438 ------------- ------------- 78,750,832 1,492,992 ============= ============= EFFECT OF EXCHANGE RATE FLUCTUATIONS ON CASH BALANCES 218,189 (103,210) ------------- ------------- INCREASE (DECREASE) IN CASH DURING THE YEAR (1,471,456) (8,805,433) CASH, BEGINNING OF PERIOD 2,792,985 6,165,924 ------------- ------------- CASH, END OF PERIOD $ 1,321,529 $ (2,639,509) ============= =============
VISIBLE GENETICS INC. CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (UNITED STATES DOLLARS)
SIX MONTHS ENDED JUNE 30 2000 1999 -------------- -------------- Net loss for the period $ (13,365,599) $ (11,443,896) Other comprehensive income: Foreign currency translation adjustments (332,691) (427,098) -------------- -------------- Comprehensive loss for the period $ (13,698,290) $ (11,870,994) -------------- --------------
VISIBLE GENETICS INC. CONSOLIDATED STATEMENTS OF DEFICIT (UNITED STATES DOLLARS)
SIX MONTHS ENDED JUNE 30 2000 1999 -------------- -------------- Deficit, beginning of year $ (59,438,142) $ (34,151,257) Net loss for the period (13,365,599) (11,443,896) -------------- -------------- Deficit, end of the period $ (72,803,741) $ (45,595,153) -------------- --------------
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