-----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, DSWFb0TqSYgiFJtAt6+4le31EdYrpFYrZleZO+KmYD3GPyI3bpAYdlrYd8NP2p3j g1ZCGVmHq4IoPnKHpKasGw== 0000912057-02-018104.txt : 20020502 0000912057-02-018104.hdr.sgml : 20020501 ACCESSION NUMBER: 0000912057-02-018104 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20020430 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20020502 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TRIANGLE PHARMACEUTICALS INC CENTRAL INDEX KEY: 0001022622 STANDARD INDUSTRIAL CLASSIFICATION: PHARMACEUTICAL PREPARATIONS [2834] IRS NUMBER: 561930728 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-21589 FILM NUMBER: 02631414 BUSINESS ADDRESS: STREET 1: 4 UNIVERSITY PLACE STREET 2: 4611 UNIVERSITY DRIVE CITY: DURHAM STATE: NC ZIP: 27707 BUSINESS PHONE: 9194935980 MAIL ADDRESS: STREET 1: 4 UNIVERSITY PLACE STREET 2: 4611 UNIVERSITY DRIVE CITY: DURHAM STATE: NC ZIP: 27707 8-K 1 a2078759z8-k.txt 8-K UNITED STATES OMB APPROVAL SECURITIES AND EXCHANGE COMMISSION OMB Number: 3235-0060 Washington, D.C. 20549 Expires: May 31, 2000 Estimated average burden hours per response 5.00 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) April 30, 2002 -------------------------- TRIANGLE PHARMACEUTICALS, INC. - -------------------------------------------------------------------------------- (Exact name of registrant as specified in its charter) DELAWARE 000-21589 56-1930728 - -------------------------------------------------------------------------------- (State or other jurisdiction (Commission (IRS Employer of incorporation) File Number) Identification No.) 4 University Place, 4611 University Drive, Durham, North Carolina 27707 - -------------------------------------------------------------------------------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (919) 493-5980 ------------------------- - -------------------------------------------------------------------------------- (Former name or former address, if changed since last report) Item 5. Other Events and Regulation FD Disclosure. On April 30, 2002, Triangle Pharmaceuticals, Inc. issued a press release, a copy of which is attached hereto as Exhibit 99.1, and is incorporated herein by reference. Item 7. Financial Statements and Exhibits. (c) Exhibits. The following document is incorporated by reference to this Report: 99.1 Press release dated April 30, 2002 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. Triangle Pharmaceuticals, Inc. --------------------------------- (Registrant) May 1, 2002 /s/ Robert F. Amundsen, Jr. - ------------------------------------- --------------------------------- Date (Signature) Name: Robert F. Amundsen, Jr. Title: Executive Vice President & Chief Financial Officer EX-99.1 3 a2078759zex-99_1.txt EXHIBIT 99.1 EXHIBIT 99.1 CONTACT: Chris A. Rallis Robert Amundsen, Jr. President and Chief Operating Officer Chief Financial Officer Triangle Pharmaceuticals, Inc. Triangle Pharmaceuticals, Inc. (919) 493-5980 (919) 493-5980 WWW.TRIPHARM.COM WWW.TRIPHARM.COM FOR IMMEDIATE RELEASE: 1. Triangle Pharmaceuticals, Inc. Reports Financial Results FOR FIRST QUARTER 2002 DURHAM, N.C., APRIL 30, 2002 -- Triangle Pharmaceuticals, Inc. (Nasdaq: VIRS) today reported financial results for the quarter ended March 31, 2002. For the quarter ended March 31, 2002, the Company reported a net loss of $1,787,000, or ($0.02) per share, compared to a net loss of $22,858,000, or ($0.55) per share for the first quarter of 2001. In the first quarter of 2002, the Company recorded $1,035,000 of revenue, which is an amortization of non-contingent research payments made in 1999 to Triangle from its collaborative partner, Abbott Laboratories. Comparable revenue of $1,744,000 was recorded for the same period in 2001. Total operating expenses were $13,475,000 for the first quarter of 2002, as compared to $25,642,000 for the first quarter of 2001. The significant decrease in operating expenses was primarily the result of reduced spending for manufacturing and drug synthesis, pre-clinical and clinical trials, employee salaries and sales, general and administration costs. The Company's net loss was reduced by the receipt of a $10,000,000 key-man life insurance payment received during the quarter. Cash, cash equivalents and investments totaled $96,741,000 at the end of the first quarter of 2002 compared to $108,155,000 at December 31, 2001. The net cash usage of $11,414,000 during the quarter reflected a higher than normal use of working capital due to the timing of payments on several development contracts offset by the receipt of the $10,000,000 key-man life insurance payment. The Company also confirmed that it is continuing to work toward an NDA submission in the fall of 2002 for Coviracil(R) (emtricitabine), its lead compound for the treatment of HIV. This submission is expected to include six months of data from its third Phase III study, FTC-301. Along with its collaborative partner, Abbott Laboratories, the Company is also planning to make a European submission in the second half of this year. Chris A. Rallis, President of Triangle, commented, "The restructuring of our operations begun last year continues to pay financial dividends as we were able to reduce our operating expenses for the fifth straight quarter while continuing to advance the development programs for our four compounds. We are also pleased that we have remained on track for the regulatory submissions for Coviracil(R) in the U.S. and Europe later this year." A conference call to discuss the information contained in this press release and to provide an update on the Company's operational and regulatory activities will be held Thursday, May 2, 2002 at 11:00 a.m. EDT. Interested parties in the U.S. may join the call toll free by dialing 877-679-9045. International callers may join the call by dialing 952-556-2802. The confirmation number is 5965732. Slides to accompany the presentation will be accessible on the Company's website at WWW.TRIPHARM.COM. Triangle Pharmaceuticals, Inc. is a specialty pharmaceutical company engaged in the development of new antiviral drug candidates, with a particular focus on therapies for the human immunodeficiency virus (HIV) and the hepatitis B virus. Triangle's proprietary drug candidates under development for HIV and/or hepatitis include Coviracil(R) (emtricitabine), amdoxovir (formerly DAPD), and clevudine (formerly L-FMAU). Triangle is also developing immunotherapies for hepatitis B in collaboration with Dynavax Technologies Corporation (Dynavax) utilizing Dynavax' immunostimulatory sequence (ISS) technology. More information about Triangle's portfolio, management and product development strategy is available on Triangle's website. Statements in this press release that are not historical facts are forward-looking statements and are subject to numerous risks and uncertainties, including the risk that future events or changes in our drug development strategies may impact the timing and degree of actual spending. Additionally, other risks include the fact that clinical trials for our drug candidates may not proceed as planned and regulatory submissions for those drug candidates may be delayed, the Company may be unable to successfully complete pivotal clinical trials or that its trials could be halted or terminated by regulatory authorities, regulatory submissions may be delayed, its inability to commercialize Coviracil, amdoxovir and ISS-based therapies due to patent rights held by third parties, the Company's ability to obtain additional funding (including contingent contractual milestone payments), patent protection and required regulatory approvals for its drug candidates, the development of competitive products by others, the cost of coactive therapy and the extent to which coactive therapy achieves market acceptance, the Company's success in identifying new drug candidates, acquiring rights to the candidates on favorable terms and developing any candidates to which the Company acquires any rights, and that the Company's collaborations with third parties may not prove successful. These and other risks are discussed in detail from time to time in the Company's filings with the Securities and Exchange Commission. As a result of these and other risks and uncertainties, actual results may differ materially from those predicted in this press release. The Company disclaims any obligations to update any forward-looking statements in this press release. -FINANCIAL CHART FOLLOWS- TRIANGLE PHARMACEUTICALS, INC. (A Development Stage Company) CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In Thousands, Except Per Share Amounts) (Unaudited)
Three Months Ended March 31, ---------------------------- 2002 2001 ---- ---- Total revenue $ 1,035 $ 1,744 Operating expenses: License fees 109 1,095 Development 11,963 21,839 Selling, general and administrative 1,403 2,708 ------------ ------------- Total operating expenses 13,475 25,642 ------------ ------------- Loss from operations (12,440) (23,898) Gain on investments, net 3 80 Interest income, net 650 960 Other income 10,000 -- ------------ ------------- Net loss $ (1,787) $ (22,858) ============ ============= Basic and diluted net loss per common share $ (0.02) $ (0.55) ============ ============= Shares used in computing basic and diluted net loss per common share 76,837 41,288 ============ =============
SELECTED CONSOLIDATED BALANCE SHEET INFORMATION (In Thousands)
March 31, December 31, 2002 2001 ---- ---- (Unaudited) Cash, cash equivalents and investments $ 96,741 $ 108,155 Working capital 58,539 54,148 Total assets 102,042 114,165 Total stockholders' equity 62,122 63,953 Shares of common stock outstanding 76,851 76,829
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