-----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, QBfKYx6cwt4A8RzN3CkMw5qxwG2BCzok11bLcS14SSjspHRKEf9QFVJnqUTvdngS Vx7c23sG0/NtS2VxDaxXVQ== 0001169232-03-004116.txt : 20030605 0001169232-03-004116.hdr.sgml : 20030605 20030605080759 ACCESSION NUMBER: 0001169232-03-004116 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030605 ITEM INFORMATION: Financial statements and exhibits ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20030605 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: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-14656 FILM NUMBER: 03733283 BUSINESS ADDRESS: STREET 1: 41 SEYON STREET STREET 2: BUILDING 1, SUITE 100 CITY: WALTHAM STATE: MA ZIP: 02453 BUSINESS PHONE: 7814499560 MAIL ADDRESS: STREET 1: 41 SEYON STREET STREET 2: BUILDING 1, SUITE 100 CITY: WALTHAM STATE: MA ZIP: 02453 8-K 1 d56012_8k.txt CURRENT REPORT 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) June 5, 2003 REPLIGEN CORPORATION (Exact name of registration as specified in charter) Delaware 0-14656 04-2729386 -------------- ---------- ------------- (State or other (Commission (IRS Employer jurisdiction of incorporation) File Number) Identification No.) 41 Seyon Street, Bldg. 1, Suite 100, Waltham, MA 02453 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (781) 250-0111 ---------------------------------------------------------- (Former name or former address, if changed since last report.) Item 7. Financial Statements, Pro Forma Financial Information and Exhibits (c) Exhibits. Exhibit No. Exhibit ----------- ------- 99 Press Release, dated June 5, 2003 Item 9. Regulation FD Disclosure. Repligen Corporation (the "Registrant") hereby furnishes this report pursuant to Item 12 of Form 8-K in accordance with SEC Release No. 33-8216. On June 5, 2003, the Registrant issued a press release announcing its results of operations for the fourth quarter and for the fiscal year ended March 31, 2003. The information contained in the press release, which is attached as Exhibit 99 to this report, is incorporated herein by reference. 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. Repligen Corporation Dated: June 5, 2003 By: /s/ Walter C. Herlihy ------------------------ Walter C. Herlihy, Chief Executive Officer and President EXHIBIT INDEX Exhibit No. Exhibit ----------- ------- 99 Press Release, dated June 5, 2003 EX-99. 3 d56012_ex99.txt PRESS RELEASE Exhibit 99 Repligen Corporation 41 Seyon Street Building #1, Suite 100 RepliGen Waltham, Massachusetts 02453 Telephone: 781-250-0111 FOR IMMEDIATE RELEASE Telefax: 781-250-0115 - -------------------------------------------------------------------------------- CONTACT: Walter C. Herlihy, Ph.D. Laura Whitehouse President and Chief Executive Officer Sr. Director, Market Development (781) 250-0111, ext. 2000 (781) 250-0111, ext. 2306 Repligen Reports Fourth Quarter and Year End 2003 Financial Results Annual Product Sales Increased by 80% WALTHAM, MA - June 5, 2003 - Repligen Corporation (Nasdaq: RGEN) today reported results for the fourth quarter and fiscal year ended March 31, 2003. Total revenue for the fiscal year ended March 31, 2003 was $7,772,000 compared to total revenue of $4,302,000 for fiscal year ended March 31, 2002, an increase of 80%. Total revenue for the year consisted of rProtein A(TM) sales, SecreFlo(TM) sales, a product for pancreatic assessment that was launched in October 2002, and research revenue. Gross profit for fiscal 2003 was $4,292,000 (55%) compared to $2,309,000 (54%) for fiscal 2002, an increase of 86%. Operating expenses for the twelve-month period ended March 31, 2003 were $9,386,000 compared to $7,887,000 for the same period in fiscal 2002. The net loss for the twelve-month period ended March 31, 2003 was $4,537,000 or $.17 per share, compared to $4,461,000 or $.17 per share for the same period in fiscal 2002. Cash and investments as of March 31, 2003 were $18,909,000. "During the year, we achieved record product sales," stated Walter C. Herlihy, President and CEO of Repligen. "We continue to advance the development of our proprietary clinical products while preserving financial stability." Total revenue for the fourth quarter of fiscal 2003 was $2,047,000 compared to $1,522,000 for the same period in fiscal 2002. Total revenue consisted of rProtein A(TM) sales, SecreFlo (TM) sales, and research revenue. Gross profit for the fourth quarter fiscal 2003 was $1,039,000 (51%) compared to $1,026,000 (67%) for the same period in fiscal 2002. Operating expenses for the three-month period ended March 31, 2003 were $2,829,000 compared to $2,161,000, for the same period in fiscal 2002. The net loss for the fourth quarter of fiscal 2003 was $1,697,000 or $.06 per share, compared to a net loss of $923,000 or $.03 per share for the fourth quarter of fiscal 2002. About Repligen Corporation Repligen Corporation is a biopharmaceutical company committed to being the leader in the development of new drugs for pediatric developmental disorders including autism, immune and metabolic disorders. Repligen has a Specialty Pharmaceuticals business comprised of rProtein A(TM) and SecreFlo(TM), the profits from which will be used to support the development of our proprietary products. rProtein A(TM) is a consumable reagent used by the pharmaceutical industry to produce a class of drugs called monoclonal antibodies and SecreFlo(TM), secretin for injection, is marketed to gastroenterologists for pancreatic assessment and for use during a gastrointestinal procedure called ERCP. Repligen's corporate headquarters are located at 41 Seyon Street, Building #1, Suite 100, Waltham, MA 02453. Additional information may be requested from www.repligen.com. Repligen Reports Fourth Quarter and Year End 2003 Financial Results, June 5, 2003 Page 2 of 2 SELECTED FINANCIAL DATA
Operating Statement Data: Three-months ended Years ended March 31, March 31, ------------------------------- ------------------------------ 2003 2002 2003 2002 Revenue: Product revenue $2,018,000 $1,522,000 $7,743,000 $4,302,000 Grant revenue 29,000 -- 29,000 -- ---------- ---------- ---------- ---------- Total Revenue 2,047,000 1,522,000 7,772,000 4,302,000 Cost of revenue 1,008,000 496,000 3,480,000 1,993,000 ---------- ---------- ---------- ---------- Gross profit 1,039,000 1,026,000 4,292,000 2,309,000 Operating expenses: Research and development 1,381,000 1,583,000 5,227,000 5,361,000 Selling, general and administrative 1,448,000 578,000 4,159,000 2,526,000 ---------- ---------- ---------- ---------- Total operating expenses 2,829,000 2,161,000 9,386,000 7,887,000 Loss from operations (1,790,000) (1,135,000) (5,094,000) (5,578,000) Investment income 93,000 212,000 557,000 1,117,000 Net loss $(1,697,000) $ (923,000) $(4,537,000) $(4,461,000) =========== =========== =========== =========== Basic and diluted net loss per share $ (.06) $ (.03) $ (.17) $ (.17) =========== =========== =========== =========== Basic and diluted weighted average shares outstanding 27,339,000 26,643,000 26,813,000 26,640,000 =========== =========== =========== ===========
Balance Sheet Data: March 31, 2003 March 31, 2002 -------------- -------------- Cash and investments $18,909,000 $25,250,000 Total assets 26,793,000 29,111,000 Stockholders' equity 24,550,000 26,445,000 This release contains forward-looking statements which are made pursuant to the safe harbor provisions of Section 21E of the Securities Exchange Act of 1934. The forward-looking statements in this release do not constitute guarantees of future performance. Investors are cautioned that statements in this press release which are not strictly historical statements, including, without limitation, statements regarding current or future financial performance, management's strategy, plans and objectives for future operations, clinical trials and results and product development and manufacturing plans and performance such as the anticipated growth in the monoclonal antibody market and projected growth in product sales, constitute forward-looking statements. Such forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from those anticipated, including, without limitation, risks associated with: the success of current and future collaborative relationships, the market acceptance of our products, our ability to compete with larger, better financed pharmaceutical and biotechnology companies, new approaches to the treatment of our targeted diseases, our expectation of incurring continued losses, our uncertainty of product revenues and profits, our ability to generate future revenues, our ability to raise additional capital to continue our drug development programs, the success of our clinical trials, our ability to develop and commercialize products, our ability to obtain required regulatory approvals, our compliance with all Food and Drug Administration regulations, our ability to obtain, maintain and protect intellectual property rights for our products, the risk of litigation regarding our intellectual property rights, our limited sales and manufacturing capabilities, our dependence on third-party manufacturers and value added resellers, our ability to hire and retain skilled personnel, our volatile stock price, and other risks detailed in Repligen's filings with the Securities and Exchange Commission. Repligen assumes no obligation to update any forward-looking information contained in this press release or with respect to the announcements described herein. ### -----END PRIVACY-ENHANCED MESSAGE-----