-----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, GxJf/I/KcvvdGzdxUVKz27/R3gL2BG6xMWMffSqlrXZK0PQ4x3dcWhC1M0JlJzO0 2qYzG1tQZFAiTfhn6EaubA== 0001048477-03-000021.txt : 20030506 0001048477-03-000021.hdr.sgml : 20030506 20030506145214 ACCESSION NUMBER: 0001048477-03-000021 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030531 ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20030506 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: 03684069 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 form8kq103earnings.txt FORM8KQ103EARNINGS =============================================================================== 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): May 5, 2003 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, Novato, California 94949 (Address of principal executive offices) (Zip Code) 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 May 5, 2003, BioMarin Pharmaceutical Inc. (the "Registrant") announced financial results for its first quarter ended March 31, 2003. The Registrant's press release issued on May 5, 2003 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 May 5, 2003 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: May 5, 2003 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 May 5, 2003 EX-99 3 q103earnings.txt EXHIBIT 99.1 Exhibit 99.1 NEWS Contacts: Joshua A. Grass (investors) Francesca DeVellis (media) Manager, Investor and Financial Relations Vice President BioMarin Pharmaceutical Inc. Feinstein Kean Healthcare (415) 884-6777 (617) 761-6703 jgrass@biomarinpharm.com francesca.devellis@fkhealth.com BioMarin Announces First Quarter 2003 Financial Results Conference Call and Webcast to be Held Today at 1:00 PM ET (1900 CET) Novato, CA, May 5th, 2003 - BioMarin Pharmaceutical Inc. (Nasdaq and Swiss SWX New Market: BMRN) today announced financial results for its first quarter ended March 31, 2003. The company incurred a loss of $19.7 million ($0.35 per share) in the first quarter of 2003 compared to a loss of $26.6 million ($0.51 per share) in the first quarter of 2002. The company received net proceeds of $87.0 million from financing activities in the first quarter of 2003. BioMarin had $148.6 million in cash, cash equivalents and short-term investments as of March 31, 2003. Recent Achievements Fredric D. Price, BioMarin's Chairman and Chief Executive Officer, said "The recent FDA approval of Aldurazyme represents a critical milestone in the development of BioMarin as a company. This accomplishment solidifies our place among an elite group of biotechnology companies that have been able to bring an important product to market while building a valuable pipeline of additional product candidates." o On April 30th, 2003 BioMarin and Genzyme announced that they received approval from the U.S. Food and Drug Administration to market Aldurazyme(R) (laronidase), in the United States. As a result, BioMarin will receive a $12.1 million milestone payment from its joint venture partner Genzyme Corporation. The companies are also expecting a final response from the European Union (EU) in the second quarter of 2003. BioMarin manufactures Aldurazyme in its Novato facility and Genzyme is responsible for sales and marketing of Aldurazyme to physicians who treat patients with MPS I. o On March 31, 2003 BioMarin announced that it completed its Phase 1a clinical trial of Vibrilase, a topical enzyme product candidate for serious burns. BioMarin is currently enrolling patients in a Phase 1b trial, which it expects to complete in the middle of 2003. o On March 14, 2003 BioMarin announced positive results from its Phase II open-label study of Aryplase, recombinant human arylsulfatase B, an investigational enzyme replacement therapy for the treatment of mucopolysaccharidosis VI (MPS VI). MPS VI (also known as Maroteaux-Lamy Syndrome) is a debilitating, life-threatening genetic disease, for which no drug therapies are currently available, that is caused by a deficiency of the enzyme arylsulfatase B. o On February 21, 2003 BioMarin and Genzyme announced that the Committee for Proprietary Medicinal Products (CPMP) of the EU issued a positive opinion on the companies' marketing application for Aldurazyme. The positive CPMP opinion is the final step before formal approval to market Aldurazyme in the 15 countries of the EU. The European Commission generally follows the advice of the CPMP, but it is not obliged to do so. o In the first quarter of 2003 BioMarin announced the completion of a public offering of 7.5 million shares of common stock to the public at price of $10.00 per share. BioMarin also announced that the underwriters of the offering, UBS Warburg LLC, CIBC World Markets Corp. and SG Cowen Securities Corporation exercised their option to purchase the entire over-allotment option of 1,125,000 shares of common stock at $10.00 per share. Separately, BioMarin completed sales of common stock totaling 500,000 shares at a price of $10.00 per share to Acqua Wellington North American Fund Equities Ltd. under its existing equity facility. The gross proceeds from the follow-on offering, the over-allotment, and the sale of stock through the equity facility totaled $91.25 million. BioMarin will host a conference call and webcast to discuss first quarter financial results today at 1:00 PM ET (1900 CET). This event can be accessed on the BioMarin website at: http://investor.biomarinpharm.com. Date: May 5th, 2003 Time: 1:00 PM ET (1900 CET) U.S. & Canada Toll-free Dial in #: 1-800-915-4836 International Dial in #: 1-973-317-5319 Replay Toll-free Dial in #: 1-800-428-6051 Replay International Dial in #: 1-973-709-2089 Replay Code #: 290620 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, without limitation, statements about: expectations and actions of regulatory authorities, including the European authorities with respect to Aldurazyme and Vibrilase; the final results of past clinical trials of Vibrilase; the expected timing, progress, enrollment and conduct of current and future trials of Vibrilase and the expected payment from Genzyme. These forward- looking statements are predictions and involve risks and uncertainties such that actual results may differ materially from these statements. These risks and uncertainties include, among others: the final analysis of results of past clinical trials; results and timing of current and future clinical trials; enrollment rates of current and future clinical trials, the content and timing of decisions by the European Commission and other regulatory authorities concerning Aldurazyme and Vibrilase; actions by Genzyme; and those factors detailed in BioMarin's filings with the Securities and Exchange Commission, including, without limitation, the factors contained under the caption "Factors That May Affect Future Results" in BioMarin's 2002 Annual Report on Form 10-K and the factors contained in BioMarin's reports on Forms 10Q and 8K. 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. BioMarin's press releases and other company information is available at http://www.biomarinpharm.com. Information on BioMarin's website is not incorporated by reference into this press release. Aldurazyme is a trademark of BioMarin/Genzyme LLC. All rights reserved BioMarin Pharmaceutical Inc. Consolidated Balance Sheets (In thousands, except share and per share data) December 31, March 31, 2002 2003 ------------------------ ------------------------ ------------------------ ------------------------ Assets (unaudited) Current assets: Cash and cash equivalents $ 33,638 $ 125,835 Short-term investments 40,340 22,743 Investment in and advances to BioMarin/Genzyme LLC 4,955 5,003 Other current assets 2,139 1,214 ------------------------ ------------------------ Total current assets 81,072 154,795 Property and equipment, net 28,206 26,338 Other assets 1,338 1,984 ------------------------ ------------------------ Total assets $ 110,616 $ 183,117 ======================== ======================== Liabilities and Stockholders' Equity Current liabilities: Accounts payable and accrued liabilities $ 3,930 $ 9,532 Other current liabilities 2,917 3,187 ------------------------ ------------------------ Total current liabilities 6,847 12,719 Long-term liabilities 5,226 4,496 ------------------------ ------------------------ Total liabilities 12,073 17,215 ------------------------ ------------------------ Stockholders' equity: Common stock, $0.001 par value: 75,000,000 shares authorized, 53,782,426 and 63,103,286 shares issued and outstanding December 31, 2002 and March 31, 2003, respectively 54 63 Additional paid-in capital 319,038 406,059 Warrants 5,219 5,219 Deferred compensation (47) - Notes receivable from stockholders (468) (475) Accumulated other comprehensive income 327 299 Deficit accumulated during the development stage (225,580) (245,263) ------------------------ ------------------------ Total stockholders' equity 98,543 165,902 ------------------------ ------------------------ Total liabilities and stockholders' equity $ 110,616 $ 183,117 ======================== ========================
BioMarin Pharmaceutical Inc. Consolidated Statements of Operations (In thousands, except per share data, unaudited) Three Months Ended March 31, ------------------------------------------ ------------------------------------------ 2002 2003 Revenue from BioMarin/Genzyme LLC $ 3,792 $ 3,496 -------------------- ------------------ Operating expenses: Research and development 13,218 17,758 General and administrative 3,926 3,024 In-process research and development 11,223 - Loss of BioMarin /Genzyme LLC 2,298 3,257 -------------------- ------------------ Total operating expenses 30,665 24,039 -------------------- ------------------ Loss from operations (26,873) (20,543) Interest income 380 413 Interest expense (91) (130) -------------------- -------------------- Net loss from continuing operations (26,584) (20,260) Income (loss) from discontinued operations 122 - Gain (loss) on disposal of discontinued operations (141) 577 -------------------- ------------------ -------------------- ------------------ Net loss $ (26,603) $ (19,683) ==================== ================== Net loss per share, basic and diluted: Net loss from continuing operations $ (0.51) $ (0.36) Gain (loss) on disposal of discontinued operations - 0.01 -------------------- ------------------ Net loss $ (0.51) $ (0.35) ==================== ================== Weighted average common shares outstanding 52,535 56,964 ==================== ==================
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