-----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, Oyo0VA2nWtYh34Q3EIB930ksvu4JASVeYsG5sUmAFowddJHMkN5M0VtJuzkarIBp E7SmXY1W2m9cqjNhNn2C5Q== 0000950129-02-003902.txt : 20020809 0000950129-02-003902.hdr.sgml : 20020809 20020809093738 ACCESSION NUMBER: 0000950129-02-003902 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20020809 ITEM INFORMATION: Other events FILED AS OF DATE: 20020809 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TEXAS BIOTECHNOLOGY CORP /DE/ CENTRAL INDEX KEY: 0000887023 STANDARD INDUSTRIAL CLASSIFICATION: BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES) [2836] IRS NUMBER: 133532643 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-20117 FILM NUMBER: 02723774 BUSINESS ADDRESS: STREET 1: 7000 FANNIN STREET 2: 20TH FLR CITY: HOUSTON STATE: TX ZIP: 77030 BUSINESS PHONE: 7137968822 8-K 1 h98882e8vk.txt TEXAS BIOTECHNOLOGY CORPORATION - DATED 8/9/02 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ---------- FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities and Exchange Act of 1934 Date of Report: (Date of earliest event reported): August 9, 2002 TEXAS BIOTECHNOLOGY CORPORATION (Exact name of registrant as specified in its charter) DELAWARE 0-20017 13-3532643 (State of Incorporation) (Commission File Number) (IRS Employer Identification No.) - ----------------------------------------------------------------------------------------------------
7000 FANNIN, 20TH FLOOR HOUSTON, TEXAS 77030 (Address of Registrant's principal executive offices) (713) 796-8822 (Registrant's telephone number, including area code) (NOT APPLICABLE) (Former name or former address, if changed since last report) ITEM 5. OTHER EVENTS THE FOLLOWING STATEMENT WAS RELEASED TO THE PRESS ON AUGUST 9, 2002 REGARDING SECOND QUARTER 2002 RESULTS AND GUIDANCE ON ARGATROBAN SALES. TEXAS BIOTECHNOLOGY REPORTS SECOND QUARTER 2002 RESULTS RAISES GUIDANCE ON ARGATROBAN SALES HOUSTON, TX, (AUGUST 9, 2002) - Texas Biotechnology Corporation (NASDAQ:TXBI) today announced financial results for the second quarter of 2002. Results for the second quarter were in line with management's prior guidance. SECOND QUARTER 2002 FINANCIAL RESULTS Net loss for the second quarter of 2002 was $6.2 million, or $0.14 per basic and diluted share, compared to a net loss of $4.5 million, or $0.10 per basic and diluted share, for the same period last year. The increased loss in the current quarter is primarily due to increased research and development costs associated with ongoing clinical trials for the development of Argatroban as a treatment for ischemic stroke and percutaneous coronary intervention, and for sitaxsentan as a treatment for pulmonary arterial hypertension. These trials are fully enrolled with top line results expected in the fourth quarter of 2002. Revenue in the second quarter of 2002 was $2.6 million. In the comparable quarter of 2001, revenue was $2.5 million. In the second quarter of 2002, the Company's royalties earned on net sales of Argatroban increased 114% to approximately $839,000 compared to approximately $391,000 in the second quarter of 2001. The increase in royalty income from Argatroban sales in the second quarter of 2002 was offset by reduced payments received from collaborative agreements. "Overall, our second quarter results are in line with expectations," stated Bruce Given, M.D., President and CEO of Texas Biotechnology. "Importantly, with the steady growth we have seen over the last year in both Argatroban sales and the direct thrombin inhibitor class, we are raising our guidance for Argatroban net sales for 2002 from $18 to $22 million to $22 to $26 million. We continue to work diligently with GlaxoSmithKline to exceed this range," Given added. Cash, cash equivalents and investments at June 30, 2002 were approximately $79.5 million, compared with $95.4 million at December 31, 2001. YEAR 2002 FINANCIAL OUTLOOK Guidance for 2002 includes results of Revotar and the ICOS-TBC partnership. Net sales of Argatroban Increased from $18 to $22 million to $22 to $26 million Revenue Unchanged - approximately $8.5 to $11 million Investment income Unchanged - approximately $1.8 to $2.5 million Expenses Unchanged - approximately $45 to $48 million Texas Biotechnology management will host a conference call on Friday, August 9, 2002, at 8:30 AM Eastern. To participate in the call, dial (800) 450-0785 and ask for the Texas Biotechnology conference call. The international dial-in number is (612) 332-0923. A replay of the conference call will also be available beginning at 11:15 AM Eastern on Friday, August 9, 2002 and will end on Monday, August 12, 2002 at 11:59 PM Eastern. To access the replay dial (800) 475-6701 in the United States and (320) 365-3844 for international access. The access code for the replay is 645754. In addition, the conference call will be available live on the Company's web site (www.tbc.com). A replay of the conference call will also be available on the Company's web site. Texas Biotechnology, a biopharmaceutical company focused on the discovery, development and commercialization of novel drugs, is recognized for its expertise in small molecule drug development and vascular biology. Argatroban, its first FDA-approved product, is being marketed by GlaxoSmithKline for heparin-induced thrombocytopenia. Additional studies are seeking to expand the use of Argatroban in ischemic stroke, angioplasty and hemodialysis. Texas Biotechnology has several other products in clinical development for pulmonary arterial hypertension, congestive heart failure and asthma. To learn more about Texas Biotechnology please go to our web site: www.tbc.com. This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected. Among those risks, trends and uncertainties are timing and cost of our clinical trials, attainment of research and clinical goals and milestones of product candidates, attainment of required governmental approvals, sales levels of our products and availability of financing and revenues sufficient to fund development of product candidates and operations. In particular, careful consideration should be given to cautionary statements made in the various reports Texas Biotechnology has filed with the Securities and Exchange Commission. The Company undertakes no duty to update or revise these forward-looking statements. TEXAS BIOTECHNOLOGY CORPORATION AND SUBSIDIARIES SELECTED FINANCIAL DATA AMOUNTS IN THOUSANDS (EXCEPT PER SHARE DATA) UNAUDITED CONSOLIDATED SUMMARY OF OPERATIONS
THREE MONTHS ENDED SIX MONTHS ENDED JUNE 30, JUNE 30, -------------------------- -------------------------- 2002 2001 2002 2001 ---------- ---------- ---------- ---------- Revenues .................................... $ 2,626 $ 2,463 $ 5,219 $ 4,732 Operating expenses: Research and development ................ 5,277 4,550 10,467 8,059 Equity in loss of ICOS-TBC, L.P. ........ 1,957 2,242 4,467 3,771 General and administrative .............. 2,449 1,778 5,116 3,233 ---------- ---------- ---------- ---------- Total expenses .............................. 9,683 8,570 20,050 15,063 ---------- ---------- ---------- ---------- Operating loss .............................. (7,057) (6,107) (14,831) (10,331) Investment income, net ...................... 613 1,445 1,380 3,098 Minority interest in loss of Revotar ........ 223 123 480 185 ---------- ---------- ---------- ---------- Net loss .................................... $ (6,221) $ (4,539) $ (12,971) $ (7,048) ========== ========== ========== ========== Net loss per common share: (basic and diluted) .................... $ (0.14) $ (0.10) $ (0.30) $ (0.16) Weighted average common shares outstanding: (basic and diluted) .................... 43,746 43,703 43,680 43,685
CONDENSED CONSOLIDATED BALANCE SHEETS
JUNE 30, DEC. 31, 2002 2001 ---------- ---------- Cash, cash equivalents and investments . $ 79,530 $ 95,427 Other assets ........................... 10,091 8,935 ---------- ---------- Total assets ........................... 89,621 104,362 ========== ========== Total liabilities ...................... 7,390 9,622 Deferred revenue and credits ........... 9,325 9,290 Minority interest in Revotar ........... 733 1,213 Stockholders' equity ................... 72,173 84,237 ---------- ---------- $ 89,621 $ 104,362 ========== ==========
[SIGNATURE PAGE FOLLOWS] 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. Date August 9, 2002 TEXAS BIOTECHNOLOGY CORPORATION /s/ STEPHEN L. MUELLER ------------------------------------------ Stephen L. Mueller Vice-President, Finance and Administration Secretary and Treasurer -----END PRIVACY-ENHANCED MESSAGE-----