-----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, OG2iIxe+9i4QYeiN03f1zPIIkgWBMwIFkSOIKHyaG01v56JxNBkz/NhER3KPbZxI ewXzbqSf8QqTsUdaGHJC9g== 0001005477-98-003162.txt : 19981116 0001005477-98-003162.hdr.sgml : 19981116 ACCESSION NUMBER: 0001005477-98-003162 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19980930 FILED AS OF DATE: 19981113 FILER: COMPANY DATA: COMPANY CONFORMED NAME: REPLIGEN CORP CENTRAL INDEX KEY: 0000730272 STANDARD INDUSTRIAL CLASSIFICATION: BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES) [2836] IRS NUMBER: 042729386 STATE OF INCORPORATION: DE FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 000-14656 FILM NUMBER: 98747741 BUSINESS ADDRESS: STREET 1: 117 FOURTH AVE CITY: NEEDHAM STATE: MA ZIP: 02194 BUSINESS PHONE: 7814499560 MAIL ADDRESS: STREET 1: 117 FOURTH AVE CITY: NEEDHAM STATE: MA ZIP: 02194 10-Q 1 FORM 10-Q SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 1998 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________________ to ____________________ Commission File Number 0-14656 REPLIGEN CORPORATION (exact name of registrant as specified in its charter) Delaware 04-2729386 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 117 Fourth Avenue Needham, Massachusetts 02494 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (781)-449-9560 ------------------------------------------------------------------------------ (Former name, former address and former fiscal year, if changed since last report.) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes [X] No . --- --- Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of October 31, 1998. Common Stock, par value $.01 per share 18,001,785 - -------------------------------------- ---------------- Class Number of Shares REPLIGEN CORPORATION INDEX
PAGE ---- PART I. FINANCIAL INFORMATION Item 1. Financial Statements Condensed Consolidated Balance Sheets as of September 30, 1998 and March 31, 1998 3 Condensed Consolidated Statements of Operations for the Three and Six Months Ended September 30, 1998 and 1997 4 Condensed Consolidated Statement of Cash Flows for the Six Months Ended September 30, 1998 and 1997 5 Notes to Condensed Consolidated Financial Statements 6 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 7 PART II. OTHER INFORMATION Item 1. Legal Proceedings 10 Item 2. Changes in Securities None Item 3. Defaults Upon Senior Securities None Item 4. Submissions of Matters to a Vote of Security Holders 11 Item 5. Other Information None Item 6. Exhibits and Reports on Form 8-K 11 (a) Exhibits 27.1 Financial Data Schedule (b) Reports on Form 8-K None Signature 12 Exhibit Index 13 Exhibits 14
2 PART I. FINANCIAL INFORMATION ITEM I. FINANCIAL STATEMENTS REPLIGEN CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
ASSETS September 30, 1998 March 31, 1998 ------------------ -------------- Current assets: Cash and cash equivalents $ 4,099,874 $ 4,725,544 Accounts receivable 460,719 212,857 Inventories 727,495 670,818 Prepaid expenses and other current assets 77,113 156,228 ------------ ------------ Total current assets 5,365,201 5,765,447 Property, plant and equipment, at cost: Equipment 810,858 770,512 Furniture and fixtures 61,376 40,563 Leasehold improvements 460,318 442,528 ------------ ------------ 1,332,552 1,253,603 Less: accumulated depreciation and amortization 726,303 594,719 ------------ ------------ 606,249 658,884 Other assets, net 88,472 88,472 ------------ ------------ $ 6,059,922 $ 6,512,803 ============ ============ LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 111,921 $ 100,719 Accrued expenses 365,498 254,312 Unearned income -- 33,332 ------------ ------------ Total current liabilities 477,419 388,363 Commitments and contingencies Stockholders' equity: Preferred stock, $.01 par value -- authorized -- 5,000,000 shares -- outstanding -- none -- -- Common stock, $.01 par value -- authorized -- 30,000,000 shares-- outstanding -- 18,001,785 shares at September 30, 1998 and March 31, 1998 180,017 180,017 Additional paid-in capital 130,264,048 130,264,048 Accumulated deficit (124,861,562) (124,319,625) ------------ ------------ Total stockholders' equity 5,582,503 6,124,440 ------------ ------------ $ 6,059,922 $ 6,512,803 ============ ============
See accompanying notes to consolidated financial statements. 3 REPLIGEN CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
Three Months Ended Six Months Ended ------------------ ---------------- September 30, September 30, September 30, September 30, ------------- ------------- ------------- ------------- 1998 1997 1998 1997 ---- ---- ---- ---- Revenues: Research and development $ 470,032 $ 166,085 $ 738,438 $ 424,369 Product 197,010 257,202 426,149 539,385 Investment income 57,491 68,428 119,182 115,106 Other 37,648 11,613 70,836 99,975 ------------- ------------- ------------ ------------ 762,181 503,328 1,354,604 1,178,835 ------------- ------------- ------------ ------------ Costs and expenses: Research and development 464,955 350,544 931,025 714,201 Selling, general and administrative 354,311 315,352 711,243 622,208 Cost of products sold 141,991 79,233 254,273 227,818 ------------- ------------- ------------ ------------ 961,258 745,129 1,896,541 1,564,227 ------------- ------------- ------------ ------------ Net loss $ (199,077) $ (241,801) $ (541,937) $ (385,392) ============= ============= ============ ============ Basic and diluted net loss per share $ (0.01) $ (0.02) $ (0.03) $ (0.02) ============= ============= ============ ============ Basic and diluted weighted average 18,001,785 16,001,785 18,001,785 16,001,785 common shares outstanding ============= ============= ============ ============
See accompanying notes to condensed consolidated financial statements. 4 REPLIGEN CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
Six Months Ended September 30, ------------------------------ 1998 1997 ----------- ----------- Cash flows from operating activities: Net loss $ (541,937) $ (385,392) Adjustments to reconcile net loss to net cash used in operating activities - Depreciation and amortization 131,586 120,692 Compensation charge from stock options -- 17,475 Changes in assets and liabilities - Accounts receivable (247,862) 266,388 Inventories (56,677) (110,928) Prepaid expenses and other current assets 79,115 50,129 Accounts payable 11,202 (104,635) Accrued expenses 111,186 (145,972) Unearned income (33,332) (100,002) ----------- ----------- Net cash used in operating activities (546,719) (392,245) ----------- ----------- Cash flows from investing activities: Decrease in marketable securities -- 55,211 Purchases of property, plant and equipment, net (78,951) (98,667) Decrease in restricted cash -- 50,087 ----------- ----------- Net cash (used in) provided by investing activities (78,951) 6,631 ----------- ----------- Net decrease in cash and cash equivalents (625,670) (385,614) Cash and cash equivalents, beginning of period 4,725,544 3,465,881 ----------- ----------- Cash and cash equivalents, end of period $ 4,099,874 $ 3,080,267 =========== ===========
See accompanying notes to consolidated financial statements. 5 REPLIGEN CORPORATION NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) 1. Basis of Presentation The condensed consolidated financial statements included herein have been prepared by Repligen Corporation (the "Company" or "Repligen"), pursuant to the rules and regulations of the Securities and Exchange Commission for quarterly reports on Form 10-Q and do not include all of the information and footnote disclosures required by generally accepted accounting principles. These financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Company's Form 10-K for the year ending March 31, 1998. In the opinion of management, the accompanying unaudited financial statements include all adjustments consisting of only normal, recurring adjustments necessary to present fairly, the consolidated financial position, results of operations and cash flows. The results of operations for the interim periods presented are not necessarily indicative of results to be expected for the entire year. The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. 2. Net Loss Per Share The Company has adopted Statement of Financial Accounting Standards (SFAS) No. 128, Earnings per Share, effective December 15, 1997. SFAS No. 128 establishes standards for computing and presenting earnings per share and applies to entities with publicly held common stock or potential common stock. The Company has applied the provisions of SFAS No. 128, retroactively to all periods presented. Basic and diluted net loss per share represents net loss divided by the weighted average number of common shares outstanding during the period. The dilutive effect of the potential common shares consisting of outstanding stock options and warrants is determined using the treasury stock method in accordance with SFAS No. 128. Diluted weighted average shares outstanding at September 30, 1998 and 1997 excluded the potential common shares from warrants and stock options because to do so would be antidilutive for the periods presented. At September 30, 1998, there are 1,042,000 options outstanding with a weighted average exercise price of $1.34 and 2,832,000 warrants outstanding with a weighted average exercise price of $3.97. 3. Cash Equivalents The Company accounts for investments in accordance with SFAS No. 115, Accounting for Certain Investments in Debt and Equity Securities. The Company considers all highly liquid investments with a maturity of three months or less at the time of acquisition to be cash equivalents. Included in cash equivalents at September 30, 1998 and 1997 are $972,000 and $280,000 of cash and money market funds and approximately $3,128,000 and $2,800,000 of commercial paper, respectively. 4. Inventories Inventories are stated at the lower of cost (first-in, first-out) or market and consist of the following: 6
September 30, March 31, 1998 1998 ----------------- ----------------- Raw materials and work-in-process $ 514,114 $ 388,727 Finished goods 213,381 282,091 --------- --------- Total $ 727,495 $ 670,818 ========= =========
Work in process and finished goods inventories consist of material, labor, outside processing costs and manufacturing overhead. 5. Comprehensive Income Effective January 1, 1998, the Company adopted SFAS No. 130 Reporting Comprehensive Income, effective January 1, 1998. SFAS No. 130 establishes standards for reporting and display of comprehensive income and its components in financial statements. Comprehensive income includes all changes in equity during a period except those resulting from investments by owners and distributions to owners. The comprehensive net loss is the same as net loss for all periods presented. 6. New Accounting Standards In April 1998, the AICPA issued Statements of Position 98-5 Reporting on the Costs of Start-up Activities (SOP 98-5). SOP 98-5 requires all costs associated with the pre-opening, pre-operating and organization activities to be expenses as incurred. The Company will adopt SOP 98-05 beginning January 1, 1999. Adoption of this statement will not have a material impact on the Company's consolidated financial position or results of operations. ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Cautionary Statement Regarding Forward-Looking Statements Statements in this Quarterly Report on Form 10-Q as well as oral statements that may be made by the Company or by officers, directors or employees of the Company acting on the Company's behalf, that are not historical facts constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1997. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause the actual results of the Company to be materially different from the historical results or from any results expressed or implied by such forward-looking statements. The Company's future operating results are subject to risks and uncertainties and are dependent upon many factors, including, without limitation, the Company's ability to (i) meet its working capital and future liquidity needs, (ii) successfully implement its strategic growth strategies, (iii) understand, anticipate and respond to rapidly changing technologies and market trends, (iv) develop, manufacture and deliver high quality, technologically advanced products on a timely basis to withstand competition from competitors which may have greater financial, information gathering and marketing resources than the Company, (v) obtain and protect licensing and intellectual property rights necessary for the Company's technology and product development on terms favorable to the Company, and (vi) recruit and retain highly talented professionals in a competitive job market. Further information on potential factors that could affect the Company's financial results are included in filings made by the Company from time to time with the Securities and Exchange Commission included in the section entitled "Risk Factors" contained in the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 1998 (File No.000-14656). 7 Overview Repligen Corporation ("Repligen" or the "Company") develops new drugs for cancer, organ transplant and autoimmune diseases. The Company applies proprietary methods for the synthesis of libraries of chemical compounds designed to block or stabilize pharmaceutically important interactions between proteins and other macromolecules. To date, this type of interaction has only been accessible with complex natural products or protein pharmaceuticals both of which are difficult to develop, administer to patients and manufacture. Repligen is applying its technology to collaborations with pharmaceutical company partners and to the discovery of proprietary drug leads. The leading proprietary drug discovery program at the Company is the development of novel inhibitors of angiogenesis or new blood vessel growth which is essential for solid tumor growth and in certain ocular diseases. This program is based on the Company's patented, high throughput screening assays designed to detect inhibitors of the growth factors which drive angiogenesis and proprietary libraries of compounds designed to mimic the natural cell surface ligands of these growth factors. In initial preclinical studies, a compound identified from these libraries inhibited angiogenic growth factors in vitro and in vivo at non-toxic doses. The Company has also developed a biopharmaceutical (protein) product (CTLA4-Ig) which acts to selectively block unwanted immune responses in organ transplant and other diseases. Initial clinical evaluation of this product in bone marrow transplant patients has been carried out by investigators at the Dana-Farber Cancer Institute. The objective of this study is to determine if CTLA4-Ig can block Graft Versus Host Disease ("GVHD"), an immune response which can occur when a bone marrow donor is genetically "mismatched" with the recipient. The Dana-Farber investigators have reported that ex vivo treatment of bone marrow from a genetically "mismatched" family member substantially reduced GVHD in eleven bone marrow transplant recipients. In July 1998, Repligen filed a complaint relating to a United States patent which was issued in 1995 to Bristol-Myers Squibb Corporation (see Legal Proceedings). The Company believes that the patent which is the subject of the lawsuit does not restrict Repligen from developing CTLA4-Ig for use in bone marrow transplants. The Company has filed its own patents related to compositions of matter and methods of use of CTLA4-Ig. Repligen also develops, manufactures and markets products for the production of protein pharmaceuticals (biopharmaceuticals) by affinity chromatography. The Company currently markets a line of products for the production of monoclonal antibodies intended for human clinical use based on a recombinant form of Protein A, a naturally occurring affinity ligand. The Company believes that its chemical libraries may be the source of additional affinity ligands for biopharmaceutical manufacturing. Results of Operations Revenues Total revenues for the three month period ended September 30, 1998 and 1997 were approximately $762,000 and $503,000, respectively, an increase of approximately $259,000 or 51%. This increase was largely attributable to increased research and development revenue. Year to date total revenues increased approximately $176,000, or 15%, to $1,355,000 at September 30,1998 from September 30,1997. Research and development revenues for the three month period ended September 30, 1998 were approximately $470,000 compared to $166,000 in the comparable fiscal 1998 period. Revenues for 8 the quarter ended September 30, 1998 also include a licensing fee received from Neocrin, Inc. pursuant to an agreement to license certain of Repligen's technology. In the first six months of fiscal 1999, the Company recorded research and development revenues totaling $738,000 consisting of approximately $377,000 from contracted research and development programs and $361,000 from licensing arrangements. In the first six months of fiscal 1998, the Company recorded research and development revenues totaling $424,000 of revenue with approximately $264,000 from contracted research and $160,000 from licensing arrangements. Product revenues for the three month period ended September 30, 1998 and 1997 were approximately $197,000 and $257,000, respectively, a decrease of $60,000 or 23% in the area of product sales. During fiscal 1998, the Company had a significant order to supply reagents for contracted research. Investment income for the three and six month periods ended September 30, 1998 were $57,000 and $119,000, respectively, compared with $68,000 and $115,00 over the comparable periods in fiscal 1998. An increase in higher average funds available for interest is offset by the sale of common stock held as an investment that took place during the second quarter of fiscal 1998. Other revenues for the three month period ended September 30, 1998 were approximately $38,000 as compared to $12,000 in the comparable period ended September 30, 1997. Other revenues for the six month period ended September 30, 1998 decreased from the six month period ended September 30, 1997 primarily due to the sale of equipment held by the Company reported as other income in fiscal 1998. Expenses Total expenses for the three month periods ended September 30, 1998 and 1997 increased approximately $216,000 or 29% to $961,000 from $745,000 and increased 21% or approximately $333,000 to $1,897,000 from $1,564,000 for the six months ended September 30, 1998 and 1997, respectively. Research and development expenses for the three months ended September 30, 1998 and 1997 were approximately $465,000 and $351,000. For the first half of fiscal 1999, research and development expenses were approximately $931,000, or 30% higher than the comparable period in fiscal 1998. This increase reflects increased staffing in research and development as the Company expands its investment in proprietary drug discovery programs. Selling, general and administrative expenses for the three and six month periods ended September 30, 1998 were approximately $354,000 and $711,000, respectively, which reflects an increase of approximately $39,000 and $89,000, respectively, from the comparable fiscal 1998 period. This increase is attributable to increased costs in patent, legal and shareholder services. Cost of products sold for the three month and six month periods ended September 30, 1998 were approximately $142,000 and $254,000, respectively, as compared to $79,000 and $228,000 for the three and six month periods ended September 30, 1997. Cost of products sold in the three months ended September 30, 1998 and 1997 were 72% and 31% of product revenues. This decrease is attributable to a change in product mix of protein A and reagent sales. In the six month periods ended September 30, 1998 and 1997, cost of products sold was 59% and 42%. This increase is largely attributable to increased inventory reserves because of increased inventory levels and the introduction of new protein A products. Liquidity and Capital Resources The Company's total cash and cash equivalents decreased to $4,100,000 at September 30, 1998 from $4,726,000 at March 31, 1998. This decrease of $626,000 reflects net losses incurred during the six month period ended September 30, 1998 of approximately $542,000, an increase in 9 accounts receivable of $248,000 and capital expenditures of $79,000 offset in part by the increase in accrued expenses of $122,000 and decrease of prepaid expenses and other current assets of $79,000. Working capital decreased to $4,888,000 at September 30, 1998 from $5,377,000 at March 31, 1998. The Company has entered into agreements with a number of collaborative partners and licensees. Under the terms of these agreements, generally, the Company may be eligible to receive research support, additional milestones or royalty revenue if the focus of these collaborations continue to clinical evaluation and commercialization. The Company cannot be assured of the continuation of these collaborations and any future payments. The Company has funded operations primarily with cash derived from the sales of its equity securities, revenue derived from research and development contracts, product sales and investment income. While the Company anticipates that its cost of operations will increase in fiscal 1999 as it continues to expand its investment in proprietary product development, the Company believes it has sufficient cash equivalents and marketable securities to satisfy its working capital and capital expenditure requirements for the next twenty-four months. Should the Company need to secure additional financing to meet its future liquidity requirements, there can be no assurances that the Company will be able to secure such financing, or that such financing, if available, will be on terms favorable to the Company. Year 2000 The Company has undertaken an initial review of its information technology computer systems and believes that the Year 2000 problem does not pose significant operational problems to its information technology systems. The majority of the Company's software and computer equipment has been purchased within the last five years from third-party vendors who have already provided upgrades intended to bring their products into Year 2000 compliance. The Company has begun to address the small number of internal systems that are not yet Year 2000 compliant, and expects full compliance by the end of 1999. The Company currently believes that the costs of addressing these issues will not have a material adverse impact on the Company's financial position. The Company has also recently begun interviewing third parties, vendors and suppliers of the Company to determine their exposure to Year 2000 issues, their anticipated risks and responses to those risks. To date, those vendors that have been contacted have indicated that their hardware or software is or will be Year 2000 compliant in time frames that meet the Company's requirement. However, the Company intends to continue to assess its exposure to Year 2000 noncompliance on the part of any of its material vendors and there can be no assurance that their systems will be Year 2000 compliant. The Company does not have a contingency plan in the event Year 2000 compliance cannot be achieved in a timely manner. A contingency plan will be developed immediately upon completion of the Company's Year 2000 compliance assessment. Item 1. LEGAL PROCEEDINGS. On July 17, 1998, Repligen filed a complaint at the United States District Court for the District of Massachusetts in Boston, Massachusetts (the "Complaint"). The Complaint relates to a United States patent which was issued in 1995 to Bristol-Myers Squibb Corporation (the "BMS Patent") which claims a method of treating immune system diseases with CTLA4-Ig. The Complaint seeks to correct the inventorship on the BMS Patent and seeks unspecified monetary damages. If successful in its claims, a licensor of Repligen will be named as an inventor on the BMS Patent which will give Repligen and Bristol-Myers Squibb shared rights to the patent. There can be no assurances that the litigation will conclude in a result beneficial to the Company. The failure of the litigation may restrict the Company's ability to commercialize CTLA4-Ig for certain applications. 10 Item 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. The Company's Annual Meeting of Stockholders (the "Annual Meeting") was held on September 10, 1998. At the Annual Meeting, the stockholders of the Company: (i) elected five members to the Board of Directors and (ii) ratified the selection of Arthur Andersen LLP as the independent auditors of the Company for the fiscal year ending March 31, 1999. The Company had 18,001,785 shares of Common Stock of the Company issued and outstanding and entitled to vote as of the close of business on June 22, 1998, the record date established by the Board of Directors for the Annual Meeting. At the Annual Meeting, holders of a total of 13,498,572 shares of Common Stock or approximately 74% of all stockholders entitled to vote were present in person or represented by proxy. The following sets forth the information regarding the results of the voting at the Annual Meeting: Proposal 1. Election of Directors: Directors Shares Voting Shares Voting In Favor Against ------------- ------------- Robert J. Hennessey* 13,420,397 78,175 Alexander Rich, M.D.* 13,368,096 130,476 Paul Schimmel, Ph.D.* 13,374,176 124,396 Walter C. Herlihy, Ph.D.* 13,389,222 109,350 G. William Miller* 13,351,921 146,651 * Incumbent Proposal 2. Ratification of Selection of Arthur Andersen LLP as independent auditors: Shares voting in favor: 13,432,122 Shares voting against: 34,335 Abstention: 32,115 Item 6. EXHIBITS AND REPORTS ON FORM 8-K (a) Exhibits EXHIBIT DESCRIPTION ------- ----------- 27.1 Financial Data Schedule (b) Reports on Form 8-K No current reports on Form 8-K were filed by the Company during the quarter covered by this report. 11 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, thereunto duly authorized. REPLIGEN CORPORATION (Registrant) Date: November 13, 1998 By: /s/ Walter C. Herlihy -------------------------- Chief Executive Officer Principal Financial and Accounting Officer 12 REPLIGEN CORPORATION AND SUBSIDIARIES EXHIBIT INDEX EXHIBIT NO. DESCRIPTION PAGE - ----------- ----------- ---- 27.1 Financial Data Schedule 14 13 EX-27 2 FDS --
5 1,000 6-MOS MAR-31-1999 SEP-30-1998 4,100 0 461 0 727 5,365 1,333 726 6,060 477 0 0 0 180 5,403 6,060 426 1,355 254 1,897 0 0 0 (542) 0 0 0 0 0 (542) (.03) (.03)
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