-----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, HLDP5hJdH0MXMZGhcdnoUUMD8ZZR67KJwX4mDNXigScb16/f93AEMwfcXq1Lo3o4 1gB3eVugO6D6eS5HvdZ4ig== 0001341004-06-001457.txt : 20060516 0001341004-06-001457.hdr.sgml : 20060516 20060515174248 ACCESSION NUMBER: 0001341004-06-001457 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20060515 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20060516 DATE AS OF CHANGE: 20060515 FILER: COMPANY DATA: COMPANY CONFORMED NAME: GENELABS TECHNOLOGIES INC /CA CENTRAL INDEX KEY: 0000874443 STANDARD INDUSTRIAL CLASSIFICATION: PHARMACEUTICAL PREPARATIONS [2834] IRS NUMBER: 943010150 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-19222 FILM NUMBER: 06843194 BUSINESS ADDRESS: STREET 1: 505 PENOBSCOT DR CITY: REDWOOD CITY STATE: CA ZIP: 94063 BUSINESS PHONE: 6503969500 MAIL ADDRESS: STREET 1: 505 PENOBSCOT DR CITY: REDWOOD CITY STATE: CA ZIP: 94063 8-K 1 genelabs8k5-15.txt UNITED STATES 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 15, 2006 Genelabs Technologies, Inc. (Exact Name of Registrant as Specified in its Charter) California 0-19222 94-3010150 - ---------------------------- ----------------------- --------------------------- (State or other jurisdiction (Commission (IRS Employer of incorporation) File Number) Identification No.) 505 Penobscot Drive, Redwood City, California 94063 - -------------------------------------------------- ----------------------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (650) 369-9500 (Former name or former address, if changed since last report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligations of the registrant under any of the following provisions: |_| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |_| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |_| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |_| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Item 2.02. Results of Operations and Financial Condition On May 15, 2006, Genelabs Technologies, Inc. announced its financial results for the first quarter ended March 31, 2006. A copy of the related press release is furnished as Exhibit 99.1 hereto. The information in this Form 8-K (including Exhibit 99.1) shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 (the "Exchange Act") or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as expressly set forth by specific reference in such a filing. Item 9.01. Financial Statements and Exhibits (c) Exhibits Exhibit Number Description 99.1 Press Release of Registrant, dated May 15, 2006, entitled "Genelabs Technologies, Inc. Reports First Quarter 2006 Financial Results" 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. Genelabs Technologies, Inc. (REGISTRANT) Date: May 15, 2006 By: /s/ Adrian Arima ------------------------------------- Name: Adrian Arima Title: Vice President, General Counsel EXHIBIT INDEX Exhibit Number Description 99.1 Press Release of Registrant, dated May 15, 2006. EX-99 2 genelabs_ex99-1.txt EXHIBIT 99.1 Exhibit 99.1 Contact: Matthew M. Loar Chief Financial Officer 650-562-1424 GENELABS TECHNOLOGIES, INC. REPORTS FIRST QUARTER 2006 FINANCIAL RESULTS REDWOOD CITY, Calif. - May 15, 2006 - Genelabs Technologies, Inc. (Nasdaq:GNLB) today reported revenues of $1.7 million and a net loss of $3.4 million, or $0.19 per share, for the first quarter of 2006. This compares to revenues of $1.7 million and a net loss of $2.8 million, or $0.16 per share, for the first quarter of 2005. At March 31, 2006, Genelabs had $7.6 million in cash, cash equivalents and restricted cash. "Our hepatitis C virus drug discovery research programs continued to progress during the first quarter of 2006. Scale-up activities are well underway for GMP (Good Manufacturing Practices) production of our lead non-nucleoside HCV polymerase inhibitor, known as compound GL60667. Delivery of this material would enable us to conduct studies that are necessary for filing a U.S. IND (Investigational New Drug Application), which we are targeting for next year. Our NS5a program also continues to progress, and our compounds with potency in the low-nanomolar range (under 100 nanomolar) are being optimized for better DMPK (drug metabolism and pharmacokinetic) properties" stated James A.D. Smith, President and Chief Executive Officer. "Our Prestara development team has been working with outside lupus experts and with the FDA and is in the final stages of designing a phase III clinical trial to support an indication for the treatment of lupus," continued Mr. Smith. "We plan to conduct this study only if we secure a source of funding for the trial, which we are currently pursing. I look forward to providing our shareholders additional updates in the near future." About Genelabs Technologies Genelabs Technologies, Inc. is a biopharmaceutical company focused on the discovery and development of pharmaceutical products to improve human health. We have built drug discovery capabilities that can support various research and development projects. Genelabs is currently concentrating these capabilities on discovering novel compounds that selectively inhibit replication of the hepatitis C virus and advancing preclinical development of compounds from this hepatitis C virus drug discovery program, while also developing a late-stage product for lupus. We believe that these high-risk, potentially high reward programs focus our research and development expertise in areas where we have the opportunity to generate either first-in-class or best-in-class products that will address diseases for which current therapies are inadequate. For more information, please visit www.genelabs.com. Note: Genelabs(R) and the Genelabs logo are registered trademarks and Prestara(TM) is a trademark of Genelabs Technologies, Inc. NOTE ON FORWARD LOOKING STATEMENTS AND RISKS: This press release contains forward-looking statements including statements regarding future updates we may provide, the Company's business strategy, progress of the Company's HCV drug discovery programs and the filing of a future IND on an HCV compound, the Company's development of Prestara for lupus, the completion of a clinical trial design, the review by the FDA and the possible future funding of a clinical trial. These forward-looking statements are based on Genelabs' current expectations and are subject to uncertainties and risks that could cause actual results to differ materially from the statements made. Uncertainties and risks include, without limitation, that Genelabs may not be able to raise sufficient funds to continue operations; delisting of Genelabs common stock from the Nasdaq Capital Market; fluctuations in Genelabs' stock price; failures or setbacks in our HCV research and development programs or in our collaboration with Gilead; progress and announcements by competitors regarding their HCV programs; regulatory problems or delays regarding Prestara(TM), including an adverse response from the FDA or a determination to discontinue development of Prestara; increases in expenses and Genelabs' capital requirements and history of operating losses. Please see the information appearing in Genelabs' filings with the Securities and Exchange Commission, including our most recent Annual Report on Form 10-K, under the captions "Risk Factors" and "Forward-Looking Statements" for more discussion regarding these uncertainties and risks and others associated with the company's research programs, early stage of development and other risks which may affect the company or cause actual results to differ from those included in the forward-looking statements. Genelabs does not undertake any obligation to update these forward-looking statements or risks to reflect events or circumstances after the date of this release. -Financials to Follow- GENELABS TECHNOLOGIES, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands)
March 31, December 31, 2006 2005 ------------------ ------------------- (Unaudited) Note 1 ASSETS Cash, cash equivalents and restricted cash $ 7,565 $ 10,211 Other current assets 414 539 Property and equipment, net 888 951 Long-term investment 960 960 ------------------ ------------------- $ 9,827 $ 12,661 ================== =================== LIABILITIES AND SHAREHOLDERS' EQUITY/(DEFICIT) Total liabilities $10,610 $ 10,314 Shareholders' equity/(deficit) (783) 2,347 ------------------ ------------------- $ 9,827 $ 12,661 ================== ===================
Note 1: Derived from audited financial statements GENELABS TECHNOLOGIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share amounts) (Unaudited) For the three months ended March 31, --------------------------- 2006 2005 ------------- ------------- Total revenue $ 1,705 $ 1,722 ------------- ------------- Operating expenses Research and development 3,589 3,262 General and administrative 1,597 1,421 ------------- ------------- Total operating expenses 5,186 4,683 ------------- ------------- Operating loss (3,481) (2,961) Interest income 91 120 ------------- ------------- Net loss $ (3,390) $ (2,841) ============= ============= Net loss per common share, basic and diluted $ (0.19) $ (0.16) ============= ============= Weighted average shares outstanding 17,818 17,700 ============= ============= -----END PRIVACY-ENHANCED MESSAGE-----