-----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, J8zxz600EJkwiZdvtWauPPB34OQBqFsOQk3C/8R+WHbslNrPKcK6WRbkomHvjHXB ZQ0iF0dUhHqksFgEVaP/9w== 0000950135-02-004621.txt : 20021025 0000950135-02-004621.hdr.sgml : 20021025 20021025115045 ACCESSION NUMBER: 0000950135-02-004621 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20021022 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20021025 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MEDICINES CO/ MA CENTRAL INDEX KEY: 0001113481 STANDARD INDUSTRIAL CLASSIFICATION: PHARMACEUTICAL PREPARATIONS [2834] IRS NUMBER: 043324394 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-31191 FILM NUMBER: 02798191 BUSINESS ADDRESS: STREET 1: ONE CAMBRIDGE CTR CITY: CAMBRIDGE STATE: MA ZIP: 02142 BUSINESS PHONE: 6172259099 8-K 1 b44630mce8vk.txt THE MEDICINES COMPANY 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 22, 2002 The Medicines Company - -------------------------------------------------------------------------------- (Exact Name of Registrant as Specified in Charter) Delaware 000-31191 04-3324394 - ---------------------------- ------------ ------------------- (State or Other Jurisdiction (Commission (I.R.S. Employer of Incorporation) File Number) Identification No.) 5 Sylvan Way, Suite 200 Parsippany, New Jersey 07054 - ---------------------------------------- ------------------- (Address of Principal Executive Offices) (Zip Code) Registrant's telephone number, including area code: (973) 656-1616 - -------------------------------------------------------------------------------- (Former Name or Former Address, if Changed Since Last Report) ITEM 5. OTHER EVENTS. On October 22, 2002, The Medicines Company announced its financial results for the quarter and nine month period ended September 30, 2002. The full text of the press release issued in connection with the announcement is filed as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference. ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS. (c) Exhibits. Exhibit No. Description ----------- ----------- 99.1 Press release dated October 22, 2002 entitled "The Medicines Company Reports Third Quarter 2002 Financial Results." 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. Date: October 25, 2002 THE MEDICINES COMPANY By: /s/ Steven H. Koehler ------------------------------------------ Steven H. Koehler Vice President and Chief Financial Officer EXHIBIT INDEX Exhibit No. Description - ----------- ----------- 99.1 Press release dated October 22, 2002 entitled "The Medicines Company Reports Third Quarter 2002 Financial Results." EX-99.1 3 b44630mcexv99w1.txt PRESS RELEASE DATED OCTOBER 22, 2002 EXHIBIT 99.1 Contact: Steven Koehler Michael Mitchell Chief Financial Officer Director of Corporate Communications The Medicines Company The Medicines Company (973) 656-1616 973-656-1616 investor.relations@themedco.com For Immediate Release: THE MEDICINES COMPANY REPORTS THIRD QUARTER 2002 FINANCIAL RESULTS PARSIPPANY, NJ, October 22, 2002 - The Medicines Company (NASDAQ: MDCO) announced today its financial results for the quarter ended September 30, 2002. Financial highlights for the quarter included: - - Net revenue increased to $9.1 million, compared to $3.5 million for the third quarter 2001, all generated by sales of the company's flagship product, Angiomax. For the first nine months of 2002, net revenue was $24.0 million, compared to $7.4 million for the same period in 2001. - - Net loss attributable to common stockholders decreased to $11.2 million, compared to $11.3 million for the third quarter 2001. For the first nine months of 2002, net loss was $36.0 million, compared to $46.4 million for the same period in 2001. - - Net loss per common share was $0.29, compared to $0.33 per share for the third quarter 2001. For the first nine months of 2002, net loss per share was $0.99, compared to $1.43 per share for the same period in 2001. Operations highlights for the quarter included: - - Completion of the enrollment and 30-day follow-up phases of the REPLACE-2 clinical trial. - - Canadian approval of Angiomax for use during coronary angioplasty. - - Several positive Angiomax contemporary registry data presentations by leading interventional cardiology centers at the Transcatheter Cardiovascular Therapeutics (TCT) conference. Dave Stack, President and CEO of The Medicines Company stated, "Angiomax revenues this summer were sluggish, as a slow season for the entire Cath Lab market affected Angiomax usage and our wholesaler sales. We are encouraged by the continued demand for Angiomax from our accounts that have more experience using the -continues- product. We believe that interventional cardiologists who begin to use the product are expanding their use. The series of registry data sets presented at the recent TCT conference further confirms our belief that Angiomax provides improved efficacy and safety while lowering hospital costs. Overall, we have kept expenses down and are also comfortable with levels of wholesaler stocking. Our business has been strong in 2002, and we expect to reach the low end of 2002 revenue guidance range, $36 million, at the end of the year." Mr. Stack added that The Medicines Company is not providing 2003 revenue and earnings guidance at this time because results of the Company's REPLACE-2 clinical trial, which are expected by the end of 2002, are likely to affect forecasts. There will be a conference call with management today at 5:00 p.m. Eastern Time to discuss these results. To listen in, please dial 800-472-8325 and request The Medicines Company 2002 Third Quarter conference call. If you are calling from outside of the United States, please dial 1-706-679-0816. If you cannot attend the live call, a digital replay will be available through November 6. Please call 800-642-1687 in the U.S. or 1-706-645-9291 internationally and enter passcode 6138137. Additionally, this call is being webcast by CCBN and can be accessed at The Medicines Company's web site (www.themedicinescompany.com). ABOUT THE MEDICINES COMPANY: The Medicines Company meets the demands of the world's most advanced medical practitioners by developing products that improve specialized care. The Company markets Angiomax(R) (bivalirudin), an anticoagulant approved in the United States and other countries for use in patients undergoing coronary angioplasty procedures. The Medicines Company creates value using its range of clinical and commercial skills to develop products acquired from leading life science innovators. This press release contains forward-looking statements that involve a number of risks and uncertainties. For this purpose, any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements. Without limiting the foregoing, the words, "believes," "anticipates," "plans," "expects," "intends," and similar expressions are intended to identify forward-looking statements. Important factors that could cause actual results to differ materially from the expectations described in these forward-looking statements are set forth under the caption "Risk Factors" in the Company's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on August 14, 2002 and incorporated herein by reference. These important factors include risks as to the commercial success of Angiomax; how long the Company will be able to operate on its existing capital resources; whether the Company's products (other than Angiomax for its approved indication) will advance in the clinical trials process, the timing of such clinical trials, whether the clinical trial results will warrant continued product development; whether and when, if at all, the Company's products will receive approval from the U.S. Food and Drug Administration or equivalent foreign regulatory agencies, and for which indications, and, if such products receive approval, whether they will be successfully marketed; the Company's ability to find a commercial partner, distributor or license in Canada; the Company's history of net losses; the Company's dependence on third parties, including manufacturers, suppliers and collaborators; and the Company's revenues on a limited number of wholesalers to which the Company sells Angiomax, and the fact that sales by such wholesalers to end-users may not be indicative of revenues of the Company. We do not assume any obligation to update any forward-looking statements. # # # FINANCIAL STATEMENTS FOLLOW THE MEDICINES COMPANY CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS UNAUDITED
THREE MONTHS ENDED SEPTEMBER 30, ------------------------------- 2002 2001 ------------ ------------ Revenue $ 9,133,199 $ 3,526,234 Operating Expenses Cost of revenue 2,227,178 564,835 Research and development 9,866,139 6,325,575 Selling, general and administrative 8,467,569 8,732,412 ------------ ------------ Total operating expenses 20,560,886 15,622,822 ------------ ------------ Loss from operations (11,427,687) (12,096,588) Interest income, net 215,927 787,659 Loss on sale of investments -- -- ------------ ------------ Net loss (11,211,760) (11,308,929) ============ ============ Basic and diluted net loss attributable to common stockholders per common share $ (0.29) $ (0.33) ============ ============ Shares used in computing net loss attributable to common stockholders per common share: Basic and diluted 39,161,664 34,502,886 ============ ============ NINE MONTHS ENDED SEPTEMBER 30, ------------------------------ 2002 2001 ------------ ------------ Revenue $ 24,004,230 $ 7,435,063 Operating Expenses Cost of revenue 4,959,808 1,216,278 Research and development 28,567,263 27,229,728 Selling, general and administrative 27,199,457 27,359,289 ------------ ------------ Total operating expenses 60,726,528 55,805,295 ------------ ------------ Loss from operations (36,722,298) (48,370,232) Interest income, net 728,149 2,852,188 Loss on sale of investments -- (850,000) ------------ ------------ Net loss (35,994,149) (46,368,044) ============ ============ Basic and diluted net loss attributable to common stockholders per common share $ (0.99) $ (1.43) ============ ============ Shares used in computing net loss attributable to common stockholders per common share: Basic and diluted 36,409,258 32,382,878 ============ ============
THE MEDICINES COMPANY CONDENSED CONSOLIDATED BALANCE SHEETS UNAUDITED
SEPTEMBER 30, DECEMBER 31, 2002 2001 ------------ ----------- ASSETS Cash, cash equivalents, available for sales securities $51,739,326 $54,009,376 Accrued interest receivable 134,352 6,757 Accounts receivable, net 7,258,107 5,346,684 Inventories 17,602,036 16,610,928 Fixed assets, net 873,903 1,223,528 Other assets 1,276,045 703,640 ----------- ----------- Total Assets $78,883,769 $77,900,913 =========== =========== LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities $16,376,693 $16,779,949 Deferred revenue 1,427,083 -- Stockholder's equity 61,079,993 61,120,964 ----------- ----------- Total Liabilities and Stockholders' Equity $78,883,769 $77,900,913 =========== ===========
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