-----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, EMLajp+yrkAZamSg1mNlPoNHRp6B7U5sTT+OG3Yw5SKph0cPdxfhSHGMkx0m6hno n35eYkut9CYGRLSUktv+bg== 0001048477-02-000011.txt : 20020414 0001048477-02-000011.hdr.sgml : 20020414 ACCESSION NUMBER: 0001048477-02-000011 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20020225 ITEM INFORMATION: Other events FILED AS OF DATE: 20020226 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: 02557934 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 form8k022502.txt ================================================================================ 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): February 25, 2002 BioMarin Pharmaceutical Inc. (Exact name of registrant as specified in its charter) Delaware 000-26727 68-0397820 (State or other jurisdiction of (Commission (IRS Employer incorporation or organization) File Number) Identification No.) 371 Bel Marin Keys Boulevard, Suite 210, 94949 Novato, California (Zip Code) (Address of principal executive offices) Registrant's telephone number, including area code: (415) 884-6700 Not Applicable ------------------------------------------------------------- (Former name or former address, if changed since last report) ================================================================================ Item 5. Other Events. On February 25, 2002, BioMarin Pharmaceutical Inc. (the "Registrant") announced financial results for its fourth quarter and the full year ended December 31, 2001. The Registrant's press release issued on February 25, 2002 is attached hereto as Exhibit 99.1. Item 7. Financial Statements, Pro Forma Financial Statements and Exhibits. (a) Financial Statements of Business Acquired. Not Applicable. (b) Pro Forma Financial Information. Not Applicable. (c) Exhibits. Exhibit 99.1 Press Release of the Registrant dated February 25, 2002 SIGNATURE 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., a Delaware corporation Date: February 25, 2002 By: _/s/ Fredric D. Price_____________________ Fredric D. Price Chairman and Chief Executive Officer EXHIBIT INDEX Exhibit No. Description - ----------- ----------- Exhibit 99.1 Press Release of the Registrant dated February 25, 2002 Exhibit 99.1 BioMarin Announces Fourth Quarter and Year-end 2001 Financial Results NOVATO, Calif., Feb 25, 2002 /PRNewswire-FirstCall via COMTEX/ -- BioMarin Pharmaceutical Inc. (Nasdaq and Swiss SWX New Market: BMRN) today announced financial results for its fourth quarter and the full year ended December 31, 2001. Fourth Quarter 2001 Financial Results Revenues for the fourth quarter of 2001 were $3.6 million compared to $3.1 million in the fourth quarter of 2000. Fourth quarter 2001 revenues included $2.7 million for services provided to the Company's joint venture with Genzyme compared to $2.5 million in the fourth quarter of 2000. The net loss was $34.9 million ($0.77 per share, both basic and diluted) in the fourth quarter of 2001 compared to $10.4 million ($0.28 per share, both basic and diluted) for the fourth quarter of 2000. The net loss in the fourth quarter of 2001 included three non-routine charges that total approximately $19.8 million as follows: (1) Approximately $11.6 million as an in-process research and development expense to account for the costs related to the October 2001 acquisition of the pharmaceutical assets of IBEX Technologies Inc. This amount includes the purchase price as well as expenses associated with the transaction. (2) Approximately $7.8 million to write down goodwill and other intangible assets associated with Glyko, Inc., the Company's diagnostics business. Glyko, Inc.'s catalog business is being discontinued, and certain operating assets may be offered for sale. (3) Approximately $0.4 million in expenses related to the recently announced planned acquisition of Glyko Biomedical Ltd. (a separate entity and unrelated to Glyko, Inc.). Additional expenses related to the planned acquisition of Glyko Biomedical Ltd. will be recorded in 2002 as they are incurred. Year-end 2001 Financial Results For the year, revenues were $14.4 million compared to $12.3 million in 2000. Year 2001 revenues included $11.3 million for services provided to the Company's joint venture with Genzyme, compared to $9.7 million in 2000. The net loss in 2001 was $67.6 million ($1.65 per share, both basic and diluted) compared to $37.4 million ($1.04 per share, both basic and diluted) in 2000 and includes the three one-time charges noted above. Recent Achievements Fredric D. Price, BioMarin's Chairman and Chief Executive Officer, commented, "During the last year, we made substantial progress in three clinical development programs, completed a commercial manufacturing facility, completed a clinical manufacturing facility, acquired two new product candidates, signed definitive agreements for two additional acquisitions, and strengthened the financial position of the Company. "I am pleased to highlight the following recent achievements from the fourth quarter of 2001 and early 2002:" o In an effort to solidify BioMarin's share structure, earlier this month we entered into an agreement to acquire all of the outstanding shares of Glyko Biomedical Ltd., whose principal asset is the ownership of approximately 11.4 million shares of BioMarin. As a result of this transaction, Glyko Biomedical Ltd.'s shareholders will become direct stockholders of BioMarin, and the total number of BioMarin common shares outstanding will remain the same. o In January 2002, we entered into a definitive agreement to acquire Synapse Technologies Inc., a privately held biopharmaceutical company based in Vancouver, British Columbia. BioMarin intends to use Synapse's proprietary p97 technology to treat disorders of the brain by delivering lysosomal enzymes and other therapeutics across the blood- brain barrier by means of traditional intravenous injections. We expect this deal to close by the end of the first quarter. o In December 2001, we completed a $96.6 million public offering of common stock. In total, BioMarin raised approximately $156 million of equity financing in 2001 through a public offering, a private placement, and an equity line. We ended 2001 with approximately $131 million in cash, cash equivalents, and short-term investments. o In November 2001, we announced positive results from the Phase 3 trial of Aldurazyme (TM), an investigational enzyme replacement therapy for the treatment of MPS I. Aldurazyme is being developed in partnership with Genzyme. o In October 2001, we acquired the Neutralase (TM) and Phenylase product programs from IBEX Technologies, Inc. Neutralase is an injectable heparinase that is targeted to reverse heparin and other new heparin- like anticoagulants during open heart and other surgeries. Phenylase is an early development stage, orally active enzyme with the potential to treat Phenylketonuria (PKU), a genetic disease caused by an enzyme deficiency. BioMarin specializes in the development and commercialization of therapeutic enzyme products to treat serious, life-threatening diseases and other conditions. This press release contains forward-looking statements about the business prospects of BioMarin Pharmaceutical Inc., including the following potential future products: Aldurazyme for the treatment of MPS I, Neutralase for the reversal of anticoagulants, and Phenylase for the treatment of 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, the closing of planned acquisitions, 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. Contacts Jeremy T. Price Manager, Investor Relations BioMarin Pharmaceutical Inc. (415) 884-6777 jprice@biomarinpharm.com Sharon Karlsberg Vice President Feinstein Kean Healthcare (617) 577-8110 skarlsberg@fkhealth.com BioMarin Pharmaceutical Inc. Consolidated Balance Sheets ($ Thousands, Unaudited) December 31, 2001 December 31, 2000 ----------------- ----------------- Assets Current assets: Cash and cash equivalents $ 12,528 $ 16,530 Short-term investments 118,569 23,671 Accounts receivable, net 343 451 Due from BioMarin/Genzyme LLC 744 1,799 Inventories 325 436 Interest receivable 759 684 Prepaid expenses 1,163 970 Total current assets 134,431 44,541 Property, plant and equipment, net 32,560 20,715 Goodwill and other intangibles, net - 9,862 Investment in BioMarin/Genzyme LLC 3,497 1,482 Note receivable from officer 889 - Deposits 434 333 Total assets $ 171,811 $ 76,933 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 4,375 $ 4,747 Accrued liabilities 2,336 2,109 Current portion of capital lease obligations 66 - Notes payable - short-term 1,525 27 Total current liabilities 8,302 6,883 Long-term portion of notes payable 3,864 56 Long-term portion of capital lease obligations 97 - Total liabilities 12,263 6,939 Stockholders' equity: Common stock 52 37 Additional paid in capital 305,230 153,940 Common stock warrants 5,134 - Deferred compensation (699) (1,530) Notes from stockholders (2,037) (1,940) Foreign currency translation (13) - Deficit accumulated during development stage (148,119) (80,513) Total stockholders' equity 159,548 69,994 Total liabilities and stockholders' equity $ 171,811 $ 76,933
Note: These financial statements do not include any adjustments that may be required to reflect the accounts of Glyko, Inc. as a discontinued operation. At the time of this press release, the Company is researching whether such presentation is appropriate. BioMarin Pharmaceutical Inc. and Subsidiaries Consolidated Statements of Operations ($ Thousands, except per share data) Three Months Ended Year Ended December 31, December 31,
2001 2000 2001 2000 (Unaudited) (Unaudited) Revenues: Revenues - products $ 622 $ 596 $ 2,382 $ 2,348 Revenues - services 88 73 333 247 Revenues from 2,709 2,469 11,330 9,731 BioMarin/Genzyme LLC Revenues - other 187 - 369 - Total revenues 3,606 3,138 14,414 12,326 Operating Costs and Expenses: Cost of products and services 544 180 1,404 719 Research and development 13,233 10,685 45,389 35,794 Selling, general and administrative 3,149 2,297 10,340 8,814 In-process research and development 11,647 - 11,647 - Closure of Glyko, Inc. 7,761 - 7,761 - Carson Street closure - - - 4,423 Total operating costs and expenses 36,334 13,162 76,541 49,750 Loss from operations (32,728) (10,024) (62,127) (37,424) Interest income 437 698 1,871 2,979 Interest expense (6) (1) (17) (7) Loss from BioMarin/Genzyme LLC (2,625) (1,067) (7,333) (2,912) Net loss $(34,922) $(10,394) $(67,606) $(37,364) Net loss per share, basic and diluted $(0.77) $(0.28) $(1.65) $(1.04) Weighted average common shares outstanding, 45,515 36,888 41,083 35,859 basic and diluted
Note: These financial statements do not include any adjustments that may be required to reflect the accounts of Glyko, Inc. as a discontinued operation. At the time of this press release, the Company is researching whether such presentation is appropriate. SOURCE BioMarin Pharmaceutical Inc. CONTACT: Jeremy T. Price, Manager, Investor Relations of BioMarin Pharmaceutical Inc., +1-415-884-6777, jprice@biomarinpharm.com; or Sharon Karlsberg, Vice President of Feinstein Kean Healthcare, +1-617-577-8110, skarlsberg@fkhealth.com (BMRN) http://www.prnewswire.com Copyright (C) 2002 PR Newswire. All rights reserved. -----END PRIVACY-ENHANCED MESSAGE-----