EX-99 3 dex99.txt PRO FORMA FINANCIAL INFORMATION EXHIBIT 99 CYTRX CORPORATION PRO FORMA FINANCIAL INFORMATION On December 7, 2001, CytRx Corporation entered into a license agreement (the "License Agreement") with Vical, Incorporated ("Vical") granting Vical exclusive, worldwide rights to use or sublicense CytRx's TranzFect poloxamer technology to enhance viral or non-viral delivery of polynucleotides (such as DNA and RNA) in all preventive and therapeutic human and animal health applications, except for (1) four infectious disease vaccine targets previously licensed by CytRx to Merck & Co., Inc. and (2) DNA vaccines or therapeutics based on prostate-specific membrane antigen (PSMA). Under the License Agreement, CytRx received a signature payment of $3,750,000 and has the potential to receive milestone and royalty payments in the future based on criteria described in the License Agreement. The accompanying unaudited Pro Forma Condensed Balance Sheet as of November 30, 2001 gives effect to the License Agreement, assuming the transaction had occurred as of November 30, 2001. The Pro Forma Condensed Balance Sheet has been prepared by management of CytRx and should be read in conjunction with its historical financial statements. The historical balances have been prepared in accordance with generally accepted accounting principles and include all adjustments, consisting of normal recurring entries, which the Company's management believes to be necessary for a fair presentation of the period presented. CytRx Corporation Pro Forma Condensed Balance Sheet November 30, 2001 (unaudited)
Pro Forma Historical Adjustments Ref Pro Forma ------------ ----------------- ------------ ASSETS Current assets: Cash and cash equivalents $ 1,551,053 $ 3,975,000 (1) $ 5,526,053 Receivables 31,265 31,265 Other current assets 31,976 31,976 ------------ ------------ ------------ Total current assets 1,614,294 3,975,000 5,589,294 Property and equipment, net 1,794,582 1,794,582 Note receivable 497,382 497,382 Other assets 60,978 60,978 ------------ ------------ ------------ Total assets $ 3,967,236 $ 3,975,000 $ 7,942,236 ============ ============ ============ LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 121,033 $ 121,033 Accrued liabilities 435,807 435,807 ------------ ------------ ------------ Total current liabilities 556,840 - 556,840 Stockholder's equity: Preferred stock - - Common stock 11,459 11,459 Additional paid-in capital 74,504,266 74,504,266 Treasury Stock (2,279,238) (2,279,238) Accumulated deficit (68,826,091) 3,975,000 (1) (64,851,091) ------------ ------------ ------------ Total stockholder's equity 3,410,396 3,975,000 7,385,396 ------------ ------------ ------------ Total liabilities and stockholder's equity $ 3,967,236 $ 3,975,000 $ 7,942,236 ============ ============ ============
(1) To reflect the payment of the signature license fee by Vical, Inc. to CytRx.