-----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, RfmjpttOkgiWVxsfsfNn+o1Doqtu+daPJjMdFyMQ+Kkk2xxU8AUI8hvAiYlw3Q7L 4/lsd3plNue/sSFF98cKOw== /in/edgar/work/20000728/0001036050-00-001360/0001036050-00-001360.txt : 20000921 0001036050-00-001360.hdr.sgml : 20000921 ACCESSION NUMBER: 0001036050-00-001360 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20000727 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 20000728 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VIROPHARMA INC CENTRAL INDEX KEY: 0000946840 STANDARD INDUSTRIAL CLASSIFICATION: [2834 ] IRS NUMBER: 232789550 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 000-21699 FILM NUMBER: 681143 BUSINESS ADDRESS: STREET 1: 405 EAGLEVIEW BLVD STREET 2: PO BOX 5000 CITY: EXTON STATE: PA ZIP: 19341 BUSINESS PHONE: 6104587300 MAIL ADDRESS: STREET 1: 76 GREAT VALLEY PARKWAY CITY: MALVERN STATE: PA ZIP: 19355 8-K 1 0001.txt FORM 8-K DATED JULY 27, 2000 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): July 27, 2000 ViroPharma Incorporated ----------------------- (Exact name of issuer as specified in charter) DELAWARE 0-021699 23-2789550 (State or Other (Commission (I.R.S. Employer Jurisdiction file Identification of Incorporation or number) Number) Organization) 405 EAGLEVIEW BOULEVARD EXTON, PENNSYLVANIA 19341 (Address of principal executive offices) (610) 458-7300 (Registrant's telephone number, including area code) Item 5 - Other Events. As is more fully described in the attached press release that is incorporated herein by reference, on July 27, 2000, ViroPharma Incorporated reported financial results for the second quarter ended June 30, 2000. Item 7 - Financial Statements, Pro Forma Financial Information and Exhibits. (c) Exhibits Exhibit No. Description ----------- ----------- 99 ViroPharma Incorporated Press Release dated July 27, 2000 Signatures Pursuant to the requirements of the Securities and Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized. ViroPharma Incorporated Date: July 28, 2000 By: /s/ Claude H. Nash ------------------ Claude H. Nash President and Chief Executive Officer Index to Exhibits Exhibit No. Description - ----------- ----------- 99 ViroPharma Incorporated Press Release dated July 27, 2000 EX-99 2 0002.txt PRESS RELEASE DATED JULY 27, 2000 Exhibit 99 ViroPharma Incorporated Reports Second Quarter Financial Results Exton, PA July 27, 2000. ViroPharma Incorporated (Nasdaq: VPHM) reported today financial results for the second quarter ended June 30, 2000. For the quarter ended June 30, 2000, ViroPharma reported a net loss of $5.4 million compared to a net loss of $6.1 million for the same period in 1999. Net loss for the quarter ended June 30, 2000 was adjusted to reflect preferred stock dividends to arrive at net loss allocable to common stockholders. Net loss per share allocable to common stockholders for the quarter ended June 30, 2000 was $0.37 per share, basic and diluted. Without giving effect to the preferred stock dividends, or the beneficial conversion feature recorded in 1999, net loss per share for the quarter ended June 30, 2000 was $0.36 per share, basic and diluted, compared to $0.53 per share, basic and diluted, for the same period in 1999. In the quarter ended June 30, 2000, the company earned license fee revenue of $.25 million in connection with the hepatitis C collaboration with American Home Products Corporation, through its Wyeth-Ayerst Laboratories division. The Company did not earn any revenue in the quarter ended June 30, 1999. Research and development expenses for the second quarter of 2000 were $4.3 million compared to $5.2 million for the same period in 1999. In the second quarter of 2000, the company was preparing to initiate two pivotal trials with pleconaril, the company's most advanced drug candidate, for the treatment of viral respiratory infection, conducting safety studies with VP50406 for the treatment of hepatitis C and conducting additional preclinical studies with VP14637 for the treatment of RSV pneumonia. In the second quarter of 1999, the company was conducting two clinical trials with pleconaril and advancing both the hepatitis C and RSV pneumonia programs. The decrease in expenses in the second quarter of 2000 was primarily due to the fact that clinical studies for pleconaril were ongoing in the second quarter of 1999, and no such studies were conducted in the same period of 2000. General and administrative expenses for the second quarter of 2000 were $2.1 million compared to $1.2 million for the same period in 1999. The increase is due to employee related expenses and business development activities. As of June 30, 2000 the company had approximately $226 million in cash, cash equivalents and short-term investments. For the six-month period ended June 30, 2000, ViroPharma reported a net loss of $12.2 million compared to a net loss of $11.8 million for the same period in 1999. Net loss for the six-month period ended June 30, 2000 was adjusted to reflect preferred stock dividends to arrive at net loss allocable to common stockholders. Net loss per share allocable to common stockholders for the six- month period ended June 30, 2000 was $0.83 per share, basic and diluted. Without giving effect to the preferred stock dividends, or the beneficial conversion feature recorded in 1999, net loss per share for the six-month ended June 30, 2000 was $0.80 per share, basic and diluted, compared to $1.02 per share, basic and diluted, for the same period in 1999. In the six-month period ended June 30, 2000, the company earned license fee and milestone revenue of $1.5 million in connection with the hepatitis C collaboration with Wyeth-Ayerst Laboratories. The Company did not earn any revenue in the six-month period ended June 30, 1999. Research and development expenses for the six-month period ended June 30, 2000 were $10.8 million compared to $10.1 million for the same period in 1999. The increase in expenses in the six-month period ended June 30, 2000 was due primarily to the completion of three phase 3 clinical trials of pleconaril, the initiation of safety studies with VP50406 for the treatment of hepatitis C and the advancement of the company's drug candidate for the treatment of RSV pneumonia. General and administrative expenses were $4.2 million in the six-months ended June 30, 2000 compared to $2.4 million for the same period of 1999. The increase is due to employee related expenses, pre-marketing expenses related to pleconaril and business development activities. ViroPharma Incorporated is committed to the commercialization, development and discovery of antiviral pharmaceuticals. The Company is focused on drug development and discovery activities in viral diseases including viral respiratory infection (a severe form of the common cold), RSV pneumonia and hepatitis C. VIROPHARMA INCORPORATED Selected Financial Information Statements of Operations: (in thousands, except per share data)
Three-months ended Six-months ended June 30, June 30, ------------------------------------- ---------------------------------- 2000 1999 2000 1999 --------------- --------------- --------------- ------------- Revenue $ 250 $ - $ 1,500 $ - --------------- --------------- --------------- ----------- Operating expenses: Research and development 4,268 5,234 10,840 10,095 General and administrative 2,052 1,240 4,162 2,394 --------------- --------------- --------------- ----------- Total operating expenses 6,320 6,474 15,002 12,489 --------------- --------------- --------------- ----------- Interest income 3,416 413 5,013 806 Interest expense 2,735 44 3,670 86 --------------- --------------- --------------- ----------- Net loss $ (5,389) $ (6,105) $(12,159) $(11,769) =============== ============= ============= =========== Net loss allocable to common shareholders $ (5,571) $(10,245) $(12,523) $(15,909) =============== ============= ============= ========== Net loss per share: basic and diluted (0.36) (0.53) (0.80) (1.02) Net loss per share allocable to common shareholders: basic and diluted (0.37) (0.89) (0.83) (1.38) Shares used in computing net loss per share: basic and diluted 15,180 11,572 15,146 11,564 =============== ============= ============== ============ Balance Sheets: (in thousands) June 30, December 31, 2000 1999 --------------- --------------- Cash, cash equivalents and short-term investments $225,719 $ 66,853 Working capital 220,460 58,691 Total assets 240,888 72,086 Long-term obligations 183,925 4,525 Total stockholders' equity 46,787 58,291
VIROPHARMA INCORPORATED Selected Financial Information Statements of Operations: (in thousands, except per share data)
Three-months ended Six-months ended June 30, June 30, ------------------------------------- ---------------------------------- 2000 1999 2000 1999 --------------- --------------- --------------- ------------- Revenue $ 250 $ - $ 1,500 $ - --------------- --------------- --------------- ----------- Operating expenses: Research and development 4,268 5,234 10,840 10,095 General and administrative 2,052 1,240 4,162 2,394 --------------- --------------- --------------- ----------- Total operating expenses 6,320 6,474 15,002 12,489 --------------- --------------- --------------- ----------- Interest income 3,416 413 5,013 806 Interest expense 2,735 44 3,670 86 --------------- --------------- --------------- ----------- Net loss $ (5,389) $ (6,105) $(12,159) $(11,769) =============== ============= ============= =========== Net loss allocable to common shareholders $ (5,571) $(10,245) $(12,523) $(15,909) =============== ============= ============= =========== Net loss per share: basic and diluted (0.36) (0.53) (0.80) (1.02) Net loss per share allocable to common shareholders: basic and diluted (0.37) (0.89) (0.83) (1.38) Shares used in computing net loss per share: basic and diluted 15,180 11,572 15,146 11,564 =============== ============= ============== ============ Balance Sheets: (in thousands) June 30, December 31, 2000 1999 --------------- --------------- Cash, cash equivalents and short-term investments $225,719 $ 66,853 Working capital 220,460 58,691 Total assets 240,888 72,086 Long-term obligations 183,925 4,525 Total stockholders' equity 46,787 58,291
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