-----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, DQC/D5ufbB2qoEIWFwNPNPT7znkGXCQ3Y3nbH5JowfabX194/wy/3AYr4wQAegOP CzC3ddFw9JcIIMCl2yTRvw== 0000891618-97-004363.txt : 19971106 0000891618-97-004363.hdr.sgml : 19971106 ACCESSION NUMBER: 0000891618-97-004363 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19970930 FILED AS OF DATE: 19971105 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: COULTER PHARMACEUTICALS INC CENTRAL INDEX KEY: 0000942416 STANDARD INDUSTRIAL CLASSIFICATION: PHARMACEUTICAL PREPARATIONS [2834] IRS NUMBER: 943219075 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 000-21905 FILM NUMBER: 97708138 BUSINESS ADDRESS: STREET 1: 550 CALIFORNIA AVE STE 200 CITY: PALO ALTO STATE: CA ZIP: 94306 BUSINESS PHONE: 4158427300 MAIL ADDRESS: STREET 1: 550 CALIFORNIA AVE STE 200 CITY: PALO ALTO STATE: CA ZIP: 94306 10-Q 1 FORM 10-Q, PERIOD ENDED SEPTEMBER 30, 1997 1 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 period ended SEPTEMBER 30, 1997 ------------------------------------- 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 No. 0-21905 COULTER PHARMACEUTICAL, INC. (Exact name of registrant as specified in its charter) Delaware 94-3219075 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 550 California Ave, Palo Alto, California 94306 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: 415-842-7300 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 [ ] Number of shares outstanding of the issuer's Common Stock, par value $.001 per share, as of October 30, 1997: 10,364,515. 2 COULTER PHARMACEUTICAL, INC. INDEX
PART I. FINANCIAL INFORMATION PAGE NO. -------- Item 1. Consolidated Financial Statements and Notes 3 Consolidated Balance Sheets - September 30, 1997 and December 31, 1996 3 Consolidated Statements of Operations -- for the three months and nine months ended September 30, 1997 and 1996 and for the period from inception (February 16, 1995) to September 30, 1997 4 Consolidated Statements of Cash Flows -- for the nine months ended September 30, 1997 and 1996 and for the period from inception (February 16, 1995) to September 30, 1997 5 Notes to Consolidated Financial Statements 6 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 8 PART II. OTHER INFORMATION Item 6. Exhibits and Reports on Form 8-K 11 SIGNATURES 12
2 3 PART I. FINANCIAL INFORMATION Item 1. Consolidated Financial Statements and Notes COULTER PHARMACEUTICAL, INC. (A DEVELOPMENT STAGE COMPANY) CONSOLIDATED BALANCE SHEETS (in thousands, except share and per share amounts)
ASSETS SEPTEMBER 30, DECEMBER 31, 1997 1996 ------------- ------------- Current assets: (Unaudited) Cash and cash equivalents $ 6,190 $ 8,826 Short-term investments 28,531 7,617 Prepaid expenses and other current assets 460 499 Current portion of employee loans receivable 76 35 -------- -------- Total current assets 35,257 16,977 Property and equipment, net 1,853 924 Employee loans receivable 323 271 Other assets 275 149 -------- -------- $ 37,708 $ 18,321 ======== ======== LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 2,500 $ 1,490 Payable to Coulter Corporation 70 111 Accrued liabilities 1,725 4,330 Equipment financing obligations debt 695 309 -------- -------- Total current liabilities 4,990 6,240 Noncurrent portion of equipment financing obligations and debt facility 2,483 1,535 Commitments Stockholders' equity: Preferred stock, issuable in series, $.001 par value: 3,000,000 shares authorized; none and 19,797,940 shares issued and outstanding at September 30, 1997 and December 31, 1996, respectively -- 28,355 Common stock, $.001 par value; 30,000,000 shares authorized; 10,360,515 shares and 437,612 shares issued and outstanding at September 30, 1997 and December 31, 1996, respectively 10 1 Additional paid-in capital 65,381 2,488 Net unrealized loss on securities available for sale (3) (3) Deferred compensation (1,103) (1,964) Deficit accumulated during the development stage (34,050) (18,331) -------- -------- Total stockholders' equity 30,235 10,546 -------- -------- $ 37,708 $ 18,321 ======== ========
See accompanying notes. 3 4 COULTER PHARMACEUTICAL, INC. (A DEVELOPMENT STAGE COMPANY) CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) (in thousands, except per share amounts)
THREE MONTHS ENDED NINE MONTHS ENDED FOR THE PERIOD SEPTEMBER 30, SEPTEMBER 30, FROM INCEPTION ------------------------ ------------------------ (FEBRUARY 16, 1995) 1997 1996 1997 1996 TO SEPT. 30, 1997 -------- -------- -------- -------- ----------------- Operating expenses: Research and development $ 5,227 $ 4,956 $ 11,810 $ 9,896 $ 28,030 General and administrative 2,146 828 5,326 1,453 8,316 -------- -------- -------- -------- -------- Total operating expenses 7,373 5,784 17,136 11,349 36,346 Interest income, net 454 274 1,417 528 2,296 -------- -------- -------- -------- -------- Net loss $ (6,919) $ (5,510) $(15,719) $(10,821) $(34,050) ======== ======== ======== ======== ======== Net loss per share $ (0.67) $ (0.71) $ (1.70) $ (1.40) ======== ======== ======== ======== Shares used in computing pro forma net loss per share 10,315 7,736 9,267 7,736 ======== ======== ======== ========
See accompanying notes. 4 5 COULTER PHARMACEUTICAL, INC. (A DEVELOPMENT STAGE COMPANY) CONSOLIDATED STATEMENTS OF CASH FLOWS Increase (decrease) in cash and cash equivalents (unaudited) (in thousands)
NINE MONTHS FOR THE PERIOD ENDED SEPTEMBER 30, FROM INCEPTION ------------------------ (FEB. 16, 1995) 1997 1996 TO SEPT 30, 1997 -------- -------- ---------------- Cash flows from operating activities: Net loss $(15,719) $(10,821) $(34,050) Adjustments used to reconcile net loss to net cash used in operating activities: Depreciation and amortization 110 34 174 Amortization of deferred compensation 861 104 1,191 Changes in operating assets and liabilities: Prepaid expenses and other current assets 41 (245) (458) Employee loans receivable (93) (318) (399) Other assets (127) (92) (279) Accounts payable 1,009 1,144 2,499 Payable to Coulter Corporation (41) 38 70 Accrued liabilities (2,606) 3,865 1,811 -------- -------- -------- Net cash used in operating activities (16,565) (6,291) (29,441) -------- -------- -------- Cash flows from investing activities: Purchases of short-term investments (33,003) (3,758) (41,612) Maturities of short-term investments 12,089 -- 13,075 Purchases of property and equipment (1,038) (838) (2,019) -------- -------- -------- Net cash used in investing activities (21,952) (4,596) (30,556) -------- -------- -------- Cash flows from financing activities: Payments of equipment financing obligations and debt facility (366) -- (410) Borrowings under equipment lease financing and debt facility 1,700 -- 3,500 Proceeds from issuances of convertible preferred stock, net -- 22,366 28,355 Proceeds from issuance of common stock, net 34,547 184 34,742 -------- -------- -------- Net cash provided by financing activities 35,881 22,550 66,187 -------- -------- -------- Net increase (decrease) in cash and cash equivalents (2,636) 11,663 6,190 Cash and cash equivalents at beginning of period 8,826 3,438 -- -------- -------- -------- Cash and cash equivalents at end of period $ 6,190 $ 15,101 $ 6,190 ======== ======== ========
See accompanying notes. 5 6 COULTER PHARMACEUTICAL, INC. (A DEVELOPMENT STAGE COMPANY) NOTES TO CONSOLIDATED FINANCIAL STATEMENTS September 30, 1997 (unaudited) 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The information at September 30, 1997, for the three and nine month periods ended September 30, 1997 and 1996 and for the period from inception (February 16, 1995) to September 30, 1997 is unaudited but includes all adjustments (consisting only of normal recurring adjustments) which, in the opinion of management, are necessary to state fairly the financial information set forth therein in accordance with generally accepted accounting principles. The interim results are not necessarily indicative of results to be expected for the full fiscal year. These financial statements should be read in conjunction with the audited financial statements for the fiscal year ended December 31, 1996 included in the Company's annual report to security holders furnished to the Securities and Exchange Commission pursuant to Rule 14a-3(b) in connection with the Company's 1997 Annual Meeting of Stockholders. The consolidated balance sheet at December 31, 1996 has been derived from audited consolidated financial statements at that date but does not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. Net Loss Per Share Net loss per share is computed using the weighted average number of common shares outstanding during the period. Common stock equivalents relating to stock options are excluded from the computation as their effect is antidilutive. For periods prior to the Company's initial public offering, the calculation includes those shares required by the Securities and Exchange Commission's staff accounting bulletins and guidelines including convertible preferred stock as if converted on the initial date of issuance. In February 1997, the Financial Accounting Standards Board ("FASB") issued Statement No. 128, "Earnings Per Share" ("Statement 128"). The statement is effective for both interim and annual financial statements for periods ending after December 15, 1997. Under Statement 128, primary EPS computed in accordance with Accounting Principles Board Opinion No. 25 will be replaced with a new simpler calculation called "basic EPS" and the Company will be required to restate comparative EPS amounts for all prior periods. Under the new requirements, basic EPS for the three and nine month periods ended September 30, 1997 and 1996 will be unchanged from primary EPS as currently disclosed. Fully diluted EPS will not change significantly but has been renamed "diluted EPS". The Company will implement the Statement in the fourth quarter of 1997. In June 1997, the FASB issued Statement No. 130 "Reporting Comprehensive Income". Although the Company has only recently commenced evaluation of this new pronouncement, its impact is not expected to be significant. The Company will be required to comply with the revisions of the statement in fiscal 1998. 6 7 2. INVESTMENTS Management determines the appropriate classification of debt securities at the time of purchase and reevaluates such designation as of each balance sheet date. The Company's debt securities are classified as available-for-sale and are carried at estimated fair value in cash equivalents and short-term investments. Unrealized gains and losses are reported as a separate component of stockholders' equity. The amortized cost of debt securities in this category is adjusted for amortization of premiums and accretion of discounts to maturity. Such amortization is included in interest income. Realized gains and losses on available-for-sale securities are included in interest income and expense. The cost of securities sold is based on the specific identification method. Interest and dividends on securities classified as available-for-sale are included in interest income. The Company's cash equivalents and short-term investments as of September 30, 1997 are as follows (in thousands):
GROSS GROSS AMORTIZED UNREALIZED UNREALIZED ESTIMATED COST GAINS LOSSES FAIR VALUE --------------------------------------------------------- Money market funds $ 93 $ -- $ -- $ 93 Commercial paper 5,491 -- (18) 5,473 Corporate bond 15,393 15 -- 15,408 U.S. Government backed securities 5,931 1 -- 5,932 CDs 7,191 -- -- 7,191 -------- -------- -------- -------- Total 34,099 16 (18) 34,097 Less amounts classified as cash equivalents (5,584) -- 18 (5,566) -------- -------- -------- -------- Total short-term investments $ 28,515 $ 16 $ -- $ 28,531 ======== ======== ======== ========
At September 30, 1997, the contractual maturities of short term investments were as follows (in thousands): ESTIMATED AMORTIZED COST FAIR VALUE Due in one year or less $16,780 $16,784 Due after one year through two years 11,735 11,747 ------- ------- $28,515 $28,531 3. STOCKHOLDERS' EQUITY On January 28, 1997, the Company completed its initial public offering of 2,500,000 shares of its common stock at a price to the public of $12.00 per share, resulting in net proceeds to the Company of approximately $27.9 million. A one-for-three reverse common stock split became effective prior to the commencement of the offering. All common share and per share amounts have been retroactively restated to reflect the reverse stock split. Also in January 1997, the Company received approximately $3.1 million from the cash exercise of warrants to purchase 385,315 shares of its common stock and issued an additional 37,785 shares of its common stock upon the net exercise of warrants to purchase 113,390 shares of its common stock. In February 1997, the Company received approximately $4.2 million from 7 8 the sale of 375,000 shares of its common stock pursuant to the exercise of the underwriters' over-allotment option in connection with the initial public offering. Upon completion of the initial public offering all of the 19,797,940 shares of Series A, B and C preferred stock outstanding converted to shares of common stock on a three-for-one basis. Also upon the completion of the offering, the Company filed an Amended and Restated Certificate of Incorporation authorizing the Company to issue 33,000,000 shares, 30,000,000 of which is designated Common Stock and 3,000,000 of which is designated Preferred Stock. In July 1997, the Company adopted a Share Purchase Rights Plan (the "Plan"), commonly known as a "poison pill". The Plan provides for the distribution of certain rights to acquire shares of the Company's Series A Junior Participating Preferred Stock (the "Rights") as dividend for each share of common stock held of record as of August 20, 1997. Under certain conditions involving an acquisition or proposed acquisition by any person or group holding 20% or more of the common stock, the Rights permit the holders (other than the 20% holder) to purchase the Company's common stock at a 50% discount from the market price at that time, upon payment of an exercise price of $70 per Right. In addition, in the event of certain business combinations, the Rights permit the purchase of shares of common stock of an acquirer at a 50% discount from the market price at that time. The Rights have no voting privileges and are attached to and automatically trade with the Company's common stock. The Rights expire on July 30, 2007. 4. SUBSEQUENT EVENT On October 10, 1997, the Company completed a public offering of 2,750,000 shares of common stock at a price to the public of $15.50 per share, resulting in net proceeds to the Company of approximately $40.2 million. On October 21, 1997, the underwriters for the Company's follow-on offering of common stock exercised their full over-allotment option to purchase 412,500 additional shares of common stock, raising additional net proceeds of $6.0 million. ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion contains, in addition to historical information, forward-looking statements that involve risks and uncertainties. Actual results may differ significantly from the results discussed in the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed below and in the Company's Annual Report on Form 10-K for the year ended December 31, 1996. OVERVIEW Coulter Pharmaceutical, Inc. ("Coulter Pharmaceutical" or the "Company") is engaged in the development of novel drugs and therapies for the treatment of people with cancer. The Company's first product candidate, Bexxar(TM) (previously referred to as the B-1 Therapy), is based upon the antibody therapeutics program which originated in the late 1970s at Coulter Corporation. Coulter Corporation conducted research and development on the potential therapeutic applications of the B-1 Antibody as part of a broader antibody therapeutics program. To accelerate the pace of development of Bexxar and to obtain external sources of capital for the program, Coulter Corporation decided to create a separate Company into which it placed its conjugated antibody therapeutics assets. Thus, in February 1995, Coulter Pharmaceutical was incorporated and acquired worldwide rights to Bexxar and related intellectual property, know-how and other assets from Coulter Corporation. 8 9 To date, the Company has devoted substantially all of its resources to its research and development programs. No revenues have been generated from product sales, and products resulting from the Company's research and development efforts, if any, are not expected to be available commercially for at least the next few years. The Company has a limited history of operations and has experienced significant operating losses to date. The Company expects to incur significant additional operating losses over the next several years and expects cumulative losses to increase substantially due to expanded research and development efforts, preclinical studies and clinical trials and development of manufacturing, marketing and sales capabilities. The Company expects that losses will fluctuate from quarter to quarter and that such fluctuations may be substantial. There can be no assurance that the Company will successfully develop, manufacture and commercialize its products or ever achieve or sustain product revenues or profitability. As of September 30, 1997, the Company's accumulated deficit during the development stage was approximately $34.1 million. RESULTS OF OPERATIONS Operating Expenses For the quarter ended September 30, 1997, research and development expenses increased $0.2 million to $5.2 million from $5.0 million for the same period in 1996. The Company's research and development expenses increased $1.9 million to $11.8 million for the nine month period ended September 30, 1997 from $9.9 million for the same period in 1996. These increases were due primarily to increases in staffing and expenditures associated with the development of Bexxar, including costs of clinical trials and manufacturing expenses. Included in manufacturing expenses are certain expenses associated with scaled-up production of monoclonal antibodies and the establishment of a centralized radiolabeling capability. The Company expects its research and development expenses to grow reflecting anticipated increased costs related to staffing, preclinical studies, clinical trials and manufacturing. General and administrative expenses were $2.1 million and $0.8 million for the quarters ended September 30, 1997 and 1996, respectively, representing an increase of $1.3 million. For the nine month periods ended September 30, 1997 and 1996, such expenses were $5.3 million and $1.5 million, respectively, representing an increase of $3.8 million. These increases were incurred to support the Company's facilities and staffing expansion, increased corporate development activities and related legal and patent activities. The Company expects its general and administrative expenses to continue to increase in support of its increased research and development, patent and corporate development activities, as well as increasing commercialization efforts in anticipation of potential product sales. Net Interest Income Net interest income was $454,000 and $274,000 for the quarters ended September 30, 1997 and 1996, respectively. Net interest income for the nine month periods ended September 30, 1997 and 1996 was $1,417,000 and $528,000, respectively. These increases were due to higher average cash, cash equivalent and short-term investment balances as a result of the Company's sale of Preferred Stock in April 1996 and the completion of the Company's initial public offering in January 1997. LIQUIDITY AND CAPITAL RESOURCES Since its inception through September 30, 1997, the Company has financed its operations primarily through private and public equity financings totaling $63.4 million. In December 1996, the Company entered into a $3.8 million equipment financing agreement, $0.3 million of which is available at September 30, 1997. 9 10 Cash, cash equivalents and short-term investments totaled $34.7 million at September 30, 1997. In October 1997, the Company completed a follow-on public offering of 3,162,500 shares, including the exercise of the underwriters' over-allotment option, at a price to the public of $15.50 per share. This resulted in net proceeds to the company of approximately $46.2 million dollars. The negative cash flows from operations result primarily from the Company's net operating losses and are expected to continue and to accelerate in the foreseeable future. The Company expects to incur substantial and increasing research and development expenses, including expenses related to additions to personnel, preclinical studies, clinical trials, manufacturing, as well as increasing expenses associated with expansion of its facilities, and commercialization efforts. The Company will need to raise substantial additional capital to fund its operations. The Company intends to seek such additional funding through public or private equity or debt financings, as well as through collaborative arrangements. There can be no assurance that additional financing will be available on acceptable terms, if at all. If adequate funds are not available, the Company may be required to delay, reduce the scope of, or eliminate one or more of its research and development programs or obtain funds through arrangements with collaborative partners or others that may require the Company to relinquish rights to certain of its technologies, product candidates or products that the Company would otherwise seek to develop or commercialize. Net cash used in operations was $16.6 million for the nine month period ended September 30, 1997, compared to $6.3 million for the same period in 1996. This $10.3 million increase is primarily the result of the increased net loss for the nine month period ended September 30, 1997, as well as a $2.6 million decrease in accrued liabilities resulting from payments primarily related to manufacturing activities. Net cash used in investing activities increased to $22.0 million for the nine month period ended September 30, 1997 from $4.6 million for the same period in 1996 primarily resulting from the purchase of $33.0 million in short-term investments using a portion of the proceeds of the Company's initial public offering. Maturities of such investments were $12.1 million during the nine month period ended September 30, 1997. Net cash provided by financing activities increased to $35.9 million for the nine month period ended September 30, 1997 resulting primarily from the completion of the Company's initial public offering. The Company expects that its existing capital resources, including the net proceeds of its public offering of common stock completed in October 1997 and interest thereon, will be adequate to satisfy the requirements of its current and planned operations into the second half of 1999. At September 30, 1997, the Company had no material commitments for capital expenditures. The Company's future capital requirements will depend on a number of factors, including: the scope and results of preclinical studies and clinical trials; continued progress of the Company's research and development of potential products; the cost, timing and outcome of regulatory approvals; the adequacy of its facilities; the expenses of establishing a sales and marketing force; the timing and cost of establishment or procurement of requisite production, radiolabeling and other manufacturing capacities; the cost involved in preparing, filing, prosecuting, maintaining, defending and enforcing patent claims; the need to acquire licenses to new technology; the status of competitive products, and the availability of other financing. BUSINESS RISKS Except for the historical information contained herein, the matters discussed in this filing are forward-looking statements that involve risks and uncertainties, including uncertainties related to product development, uncertainties related to the need for regulatory and other government approvals, dependence on proprietary technology, uncertainty of market acceptance of Bexxar (TM) or the Company's other product candidates and other risks, including those 10 11 detailed in the Company's other filings with the Securities and Exchange Commission. In particular, see "Item 1, Financial Business-Risk Factors," of the Company's Annual Report on Form 10-K for the year ended December 31, 1996. PART II. OTHER INFORMATION Item 6. Exhibits and Reports on Form 8-K. (a) Exhibits Exhibit Number Description of Document ------- ----------------------- 4.5 Rights Agreement, dated July 30, 1997, by and between ChaseMellon Shareholder Services LLC and the Registrant. (1) 10.13 Third Amendment to Manufacturing Agreement, dated September 26, 1997, by and between Lonza Biologics PLC and the Registrant. (2) 10.14 Fourth Amendment in Manufacturing Agreement, dated September 17, 1997, by and between Lonza Biologics PLC and the Registrant. (2) 27 Financial Data Schedule. (b) Reports on Form 8-K (i) The Company filed a report of Form 8-K, dated August 1, 1997, with respect to its adoption of a Rights Plan. (ii) The Company filed a report on Form 8-K, dated September 29, 1997, with respect to the signing of a Third and Fourth Amendment to the Manufacturing Agreement between the Company and Lonza Biologics PLC. - ---------- (1) Incorporated by reference to the Registrant's Current Report on Form 8-K, filed August 1, 1997. (2) Incorporated by reference to the Registrant's Current Report on Form 8-K, filed September 29, 1997. 11 12 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 thereunto duly authorized. COULTER PHARMACEUTICAL, INC. Date: November 5, 1997 /s/ Michael F. Bigham ----------------------------------------- Michael F. Bigham President and Chief Executive Officer Date: November 5, 1997 /s/ William G. Harris ----------------------------------------- William G. Harris Vice President and Chief Financial Officer 12 13 Exhibit Exhibit Footnote Number Description of Document - -------- ------- ----------------------- 4.5 Rights Agreement, dated July 30, 1997, by and between ChaseMellon Shareholder Services LLC and the Registrant. (1) 10.13 Third Amendment to Manufacturing Agreement, dated September 26, 1997, by and between Lonza Biologics PLC and the Registrant. (2) 10.14 Fourth Amendment in Manufacturing Agreement, dated September 17, 1997, by and between Lonza Biologics PLC and the Registrant. (2) 27 Financial Data Schedule - ---------- (1) Incorporated by reference to the Registrant's Current Report on Form 8-K, filed August 1, 1997. (2) Incorporated by reference to the Registrant's Current Report on Form 8-K, filed September 29, 1997. 13 EX-27 2 FINANCIAL DATA SCHEDULE
5 3-MOS DEC-31-1997 JUL-01-1997 SEP-30-1997 6,190 28,531 399 0 0 35,257 2,020 167 37,708 4,990 0 0 0 10 30,225 37,708 0 0 0 0 7,373 0 193 (6,919) 0 (6,919) 0 0 0 (6,919) (0.67) 0
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