0001048477-01-500052.txt : 20011030
0001048477-01-500052.hdr.sgml : 20011030
ACCESSION NUMBER: 0001048477-01-500052
CONFORMED SUBMISSION TYPE: 8-K
PUBLIC DOCUMENT COUNT: 2
CONFORMED PERIOD OF REPORT: 20011026
ITEM INFORMATION: Other events
FILED AS OF DATE: 20011026
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: BIOMARIN PHARMACEUTICAL INC
CENTRAL INDEX KEY: 0001048477
STANDARD INDUSTRIAL CLASSIFICATION: PHARMACEUTICAL PREPARATIONS [2834]
IRS NUMBER: 680397820
STATE OF INCORPORATION: DE
FISCAL YEAR END: 1231
FILING VALUES:
FORM TYPE: 8-K
SEC ACT: 1934 Act
SEC FILE NUMBER: 000-26727
FILM NUMBER: 1767364
BUSINESS ADDRESS:
STREET 1: 371 BEL MARIN KEYS BLVD
STREET 2: STE 210
CITY: NOVATO
STATE: CA
ZIP: 94949
BUSINESS PHONE: 4158846700
MAIL ADDRESS:
STREET 1: 371 BEL MARIN KEYS BLVD
STREET 2: STE 210
CITY: NOVATO
STATE: CA
ZIP: 94949
8-K
1
form8k102601.txt
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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
October 26, 2001 (October 26, 2001)
BioMarin Pharmaceutical Inc.
(Exact name of registrant as specified in its charter)
Delaware 000-26727 68-0397820
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
371 Bel Marin Keys Boulevard, 94949
Suite 210 (Zip Code)
Novato, California
(Address of principal executive offices)
(415) 884-6700
(Registrant's telephone number, including area code)
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Item 5. Other Events
On October 26, 2001, we announced our financial results for the quarter ended
September 30, 2001 in a press release, dated October 26, 2001. A copy of the
press release is attached hereto as Exhibit 99.1 and incorporated herein by
reference.
Item 7. Financial Statements and Exhibits
EXHIBIT NO. DESCRIPTION OF DOCUMENT
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99.1 Press Release Dated October 26, 2001 related to announcement
of third quarter 2001 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 hereunto duly authorized.
BioMarin Pharmaceutical Inc.
By: /s/ Raymond W. Anderson
--------------------------------------------
Raymond W. Anderson
Chief Operating Officer, Chief Financial
Officer, Secretary and Vice President
Finance and Administration
Date: October 26, 2001
Exhibit Index
EXHIBIT NO. DESCRIPTION OF DOCUMENT
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99.1 Press Release Dated October 26, 2001 related to announcement
of third quarter 2001 financial results.
EX-99
3
pressrelease.txt
EXHIBIT 99.1
NEWS
Contacts:
Jeremy T. Price Sharon Karlsberg
Financial and Investor Relations Vice President
BioMarin Pharmaceutical Inc. Feinstein Kean Healthcare
(415) 884-6777 (617) 577-8110
FOR IMMEDIATE RELEASE
BioMarin Announces Third Quarter 2001 Financial Results
Novato, CA, October 26th, 2001 - BioMarin Pharmaceutical Inc. (Nasdaq and SWX
New Market: BMRN) today announced financial results for its third quarter ended
September 30, 2001. Revenues for the third quarter of 2001 were $3.7 million
compared to $2.8 million in the third quarter of 2000. The net loss was $11.0
million ($0.26 per share, both basic and diluted) in the third quarter of 2001
compared to $8.1 million ($0.23 per share, both basic and diluted) for the third
quarter of 2000.
The net loss in the third quarter of 2001 was primarily the result of expenses
incurred to advance BioMarin's two lead enzyme replacement therapy clinical
programs: AldurazymeTM (recombinant human alpha-L-iduronidase) for MPS I and
rhASB (recombinant human arylsulfatase B) for MPS VI.
Recent Achievements
Fredric D. Price, BioMarin's Chairman and Chief Executive Officer, said, "I am
pleased to highlight the following recent corporate and clinical developments:"
o On October 10th, we announced the signing of a definitive
agreement to acquire NeutralaseTM and Phenylase from IBEX Technologies,
Inc (TSE: IBT). Neutralase is an injectable heparinase that reverses
the anticoagulation of blood by heparin and other new heparin-like
anticoagulants. BioMarin plans to initiate a Phase III trial of
Neutralase in Coronary Artery Bypass Graft (CABG) surgery in 2002.
Phenylase is an early development stage, orally active enzyme with the
potential to treat Phenylketonuria (PKU), a genetic disease caused by
an enzyme deficiency that can lead to progressive, severe, and
irreversible mental retardation.
o In October, we initiated a Phase I study of Vibriolysin Topical
for burn debridement (cleaning) in the United Kingdom.
o On September 6th, we reported positive results from our Phase
I study of rhASB, an investigational enzyme replacement therapy for the
treatment of MPS VI. Paul Harmatz, M.D., the study's principal
investigator, presented the study data at the American Society of Human
Genetics annual meeting in San Diego on October 14th. BioMarin plans to
initiate a Phase II trial of rhASB in the first quarter of 2002.
o In August, we completed the six-month patient evaluation stage
of our Phase III trial of Aldurazyme, an investigational enzyme
replacement therapy for the treatment of MPS I. Aldurazyme is being
developed in a joint venture with Genzyme General (Nasdaq: GENZ).
Mr. Price concluded, "The IBEX product acquisition underscores our dedication to
developing novel enzyme therapies for serious conditions and simultaneously
broadens our target patient populations beyond those of our ongoing clinical
programs. In addition, the Company's two enzyme replacement therapy programs for
MPS diseases remain on track, and we look forward to reporting the results of
the Aldurazyme Phase III trial in the near future."
BioMarin specializes in the development and commercialization of therapeutic
enzyme products to treat serious, life-threatening diseases and conditions.
Additional information on BioMarin can be found by visiting our corporate
website at: http://www.biomarinpharm.com.
This press release contains forward-looking statements about the business
prospects of BioMarin Pharmaceutical Inc., including the following potential
future products: Aldurazyme for MPS I, rhASB for MPS VI, Vibriolysin Topical for
burn debridement, Neutralase for the reversal of anticoagulants, and Phenylase
for PKU. These forward-looking statements are predictions and involve risks and
uncertainties such that actual results may differ materially from these
statements. Results may differ materially depending on the progress of
BioMarin's product programs, the actual results of the current and planned
clinical trials, actions of regulatory authorities, availability of capital,
future actions in the pharmaceutical market and developments by competitors, and
those factors detailed in BioMarin's filings with the Securities and Exchange
Commission such as 10Q, 10K and 8K reports. Stockholders are urged not to place
undue reliance on forward-looking statements, which speak only as of the date
hereof. BioMarin is under no obligation, and expressly disclaims any obligation,
to update or alter any forward-looking statement, whether as a result of new
information, future events or otherwise.
Aldurazyme is a trademark of BioMarin/Genzyme LLC. All rights reserved.
BioMarin Pharmaceutical Inc.
Consolidated Balance Sheets
(US$ Thousands)
September 30 December 31
2001 2000
-----------------------------------------
(unaudited)
Assets
Current assets:
Cash and cash equivalents US$ 7,230 US$ 16,530
Short-term investments 36,675 23,671
Accounts receivable, net 996 1,135
Due from BioMarin/Genzyme LLC 3,855 1,799
Inventories 525 436
Prepaid expenses 1,361 970
---------------- ----------------
Total current assets 50,642 44,541
Investment in BioMarin/Genzyme LLC 2,164 1,482
Property, plant and equipment, net 27,996 20,715
Note receivable from officer 878 -
Goodwill and other intangibles, net 8,314 9,862
Deposits 408 333
----------------- ----------------
Total assets US$ 90,402 US$ 76,933
================= ================
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable US$ 3,923 US$ 4,747
Accrued liabilities 2,072 2,109
Notes payable - short term 30 27
Current portion of capital
lease obligations 65 -
----------------- ----------------
Total current liabilities 6,090 6,883
================= ================
Long-term liabilities:
Long-term portion of notes payable 32 56
Long-term portion of capital
lease obligations 114 -
----------------- ----------------
Total long-term liabilities 146 56
Total liabilities 6,236 6,939
Stockholders' equity:
Common stock 42 37
Additional paid in capital 195,104 153,940
Common stock warrants 5,134 -
Deferred compensation (903) (1,530)
Notes from stockholders (2,014) (1,940)
Accumulated deficit (113,197) (80,513)
----------------- ----------------
Total stockholders' equity 84,166 69,994
----------------- ----------------
----------------- ----------------
Total liabilities and stockholders' equity US$ 90,402 US$ 76,933
================= ================
BioMarin Pharmaceutical Inc.
Consolidated Statements of Operations
(US$ Thousands, except per share data)
(unaudited)
Three Months Ended September 30, Nine Months Ended September 30,
-------------------------------- -------------------------------
Revenues 2001 2000 2001 2000
-------------------------------- -------------------------------
Revenues - products US$ 572 US$ 662 US$ 1,760 US$ 1,749
Revenues - services 71 9 245 177
Revenues from BioMarin/Genzyme LLC 3,079 2,136 8,621 7,262
Revenues - other 22 - 182 -
-------------------------------- -------------------------------
Total revenues 3,744 2,807 10,808 9,188
Operating Costs and Expenses
Cost of products 234 188 719 480
Cost of services 47 6 141 59
Research and development 10,143 8,529 31,842 25,109
Selling, general and administrative 2,993 2,331 7,505 6,517
Carson Street closure - - - 4,423
-------------------------------- -------------------------------
Total operating costs and expenses 13,417 11,054 40,207 36,588
Loss from operations (9,673) (8,247) (29,399) (27,400)
Interest income 530 691 1,434 2,281
Interest expense (8) (2) (11) (6)
Equity in loss of BioMarin/Genzyme LLC (1,864) (590) (4,708) (1,845)
-------------------------------- -------------------------------
Net loss US$ (11,015) US$ (8,148) US$ (32,684) US$ (26,970)
================================ ===============================
Loss per share, basic and diluted US$ (0.26) US$ (0.23) US$ (0.83) US$ (0.76)
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Weighted average common shares outstanding,
basic and diluted 42,136 36,064 39,601 35,493
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