-----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, SI6E1PAKYW5mynn/0wXM7sWXdUQBHj2nljdC84/lzBzCvNzC4ubPyk1YnErkcbXY 1Z9H3xdTGyliEc/iCTdfGg== 0001157523-03-000511.txt : 20030228 0001157523-03-000511.hdr.sgml : 20030228 20030228143111 ACCESSION NUMBER: 0001157523-03-000511 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20030228 ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20030228 FILER: COMPANY DATA: COMPANY CONFORMED NAME: POINT THERAPEUTICS INC CENTRAL INDEX KEY: 0000919745 STANDARD INDUSTRIAL CLASSIFICATION: SURGICAL & MEDICAL INSTRUMENTS & APPARATUS [3841] IRS NUMBER: 043216862 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-23776 FILM NUMBER: 03586090 BUSINESS ADDRESS: STREET 1: 125 SUMMER STREET CITY: BOSTON STATE: MA ZIP: 02110 BUSINESS PHONE: 6179332130 MAIL ADDRESS: STREET 1: 125 SUMMER STREET CITY: BOSTON STATE: MA ZIP: 02110 FORMER COMPANY: FORMER CONFORMED NAME: HEMASURE INC DATE OF NAME CHANGE: 19940315 FORMER COMPANY: FORMER CONFORMED NAME: HMSR INC DATE OF NAME CHANGE: 20010618 8-K 1 a4348033.txt POINT THERAPEUTICS 8-K SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 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): February 27, 2003 POINT THERAPEUTICS, INC. (Exact Name of Registrant as Specified in Charter) DELAWARE 0-19410 (State or Other Jurisdiction (Commission File Number) of Incorporation) 125 SUMMER STREET, BOSTON, MASSACHUSETTS 02110 (Address of Principal Executive Offices) Registrant's telephone number, including area code: (617) 933-2130 N/A (Former Name or Former Address, if Changed Since Last Report) Item 5. Other Events On February 27, 2003, the Registrant issued a press release announcing the company's fourth quarter 2002 results. Item 7. Financial Statements and Exhibits. Exhibit Number Description of Document - -------------- ----------------------- 99.1 Press release issued by the Registrant, dated February 27, 2003, announcing the company's fourth quarter 2002 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. POINT THERAPEUTICS, INC. By: /s/Donald R. Kiepert, Jr. ------------------------- Name: Donald R. Kiepert, Jr. Title: President, Chief Executive Officer EXHIBIT INDEX The following exhibit is filed herewith: Exhibit Description - ------- ----------- 99.1 Press release issued by the Registrant, dated February 27, 2003, announcing the company's fourth quarter 2002 results. Exhibit 99.1 Point Therapeutics Reports Fourth Quarter 2002 Financial Results BOSTON--(BUSINESS WIRE)--Feb. 27, 2003--Point Therapeutics, Inc. (OTC BB: POTP.OB) today reported financial results for the fiscal quarter ending December 31, 2002. Point reported a net loss of $2,011,000, or $0.22 per share, in the fourth quarter of 2002, compared with a net loss of $1,628,000, or $0.22 per share, in the fourth quarter of 2001. Research and development expenses increased to $1,505,000 in the fourth quarter of 2002, from $860,000 in the fourth quarter of 2001, primarily due to costs associated with the ongoing PT-100 clinical program and preclinical research efforts in Point's hematopoietic and anti-tumor programs. General and administrative expenses decreased to $544,000 in the fourth quarter of 2002, from $802,000 in the fourth quarter of 2001, due to legal costs incurred during 2001 associated with the merger with HMSR, Inc. which was completed in March 2002. Point reported a net loss of $7,479,000, or $0.84 per share, for the fiscal year ending December 31, 2002, compared to a net loss of $5,207,000, or $0.74 per share, for the fiscal year ending December 31, 2001. Research and development expenses increased to $5,160,000 for the fiscal year ending December 31, 2002, from $3,422,000 for the fiscal year ending December 31, 2001. General and administrative expenses increased to $2,501,000 for the fiscal year ending December 31, 2002, from $2,010,000 for the fiscal year ending December 31, 2001. Point's cash and investment balance as of December 31, 2002 was $12,005,000. Interest income was $38,000 in the fourth quarter of 2002 compared to $34,000 in the fourth quarter of 2001. Interest income was $183,000 for the fiscal year ending December 31, 2002 compared to $225,000 for the fiscal year ending December 31, 2001. The decrease in interest income was principally due to lower interest rates in 2002 compared to the same periods in 2001 offset in part by a higher cash balance in 2002. ABOUT POINT THERAPEUTICS, INC.: Point is a Boston-based biopharmaceutical company developing small molecule drugs for the treatment of certain hematopoietic disorders and a variety of cancerous tumors. Point's lead product candidate, PT-100, has the potential to treat a number of different hematopoietic disorders, such as neutropenia and anemia. PT-100 is currently being evaluated in a Phase I/II clinical study where cancer patients undergoing chemotherapy are treated with PT-100 as an adjunct therapy for the treatment of neutropenia. Point is also developing PT-100 as a potential therapy to inhibit the growth of certain cancerous tumors. We currently plan to initiate a clinical program in 2003 to test the safety and efficacy of PT-100 in combination with Rituxan(R) in patients with Non-Hodgkin's lymphoma. On March 15, 2002 Point merged with HMSR Inc. (formerly Hemasure Inc.), a publicly traded company. HMSR Inc.'s name was changed at that time to Point Therapeutics, Inc., and the trading symbol was changed to "POTP". Point's business operations after the merger consist solely of the business previously conducted by Point Therapeutics Massachusetts, Inc. (formerly Point Therapeutics, Inc.), which is now a wholly-owned subsidiary of Point, and the historical financial statements prior to the merger consist solely of the financial statements for Point Therapeutics Massachusetts, Inc. Certain statements contained herein are not strictly historical and are "forward looking" statements as defined in the Private Securities Litigation Reform Act of 1995. This information includes statements on the prospects for our drug development activities and results of operations based on our current expectations, such as statements regarding certain milestones with respect to our clinical program and our product candidates. Forward-looking statements are statements that are not historical facts, and can be identified by, among other things, the use of forward-looking language, such as "believe," "expect," "may," "will," "should," "seeks," "plans," "schedule to," "anticipates" or "intends" or the negative of those terms, or other variations of those terms of comparable language, or by discussions of strategy or intentions. A number of important factors could cause actual results to differ materially from those projected or suggested in the forward looking statement, including, but not limited to, the ability of the Company to (i) successfully develop products, (ii) obtain the necessary governmental approvals, (iii) effectively commercialize any products developed before its competitors and (iv) obtain and enforce intellectual property rights, as well as the risk factors described in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2001 and from time to time in the Company's other reports filed with the Securities and Exchange Commission. POINT THERAPEUTICS, INC. (A Development Stage Company) CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) Three months ended Twelve months ended December 31, December 31, 2002 2001 2002 2001 REVENUES License revenue $- $- $- $- Sponsored research revenue - - - - Total revenues - - - - OPERATING EXPENSES Research and development 1,505,492 860,302 5,159,957 3,422,358 General and administrative 543,516 801,824 2,501,187 2,010,127 Total operating expenses 2,049,008 1,662,126 7,661,144 5,432,485 Net loss from operations (2,049,008) (1,662,126) (7,661,144) (5,432,485) Interest income 38,200 34,196 182,559 225,463 Interest expense - - - - Net loss $(2,010,808) $(1,627,930) $(7,478,585) $(5,207,022) Basic and diluted net loss per common share $(0.22) $(0.22) $(0.84) $(0.74) Basis and diluted weighted average common shares outstanding 9,275,755 7,386,565 8,897,917 7,017,145 Period from Sept. 3, 1996 (date of inception) through Dec. 31, 2002 REVENUES License revenue $5,000,000 Sponsored research revenue 2,400,000 Total revenues 7,400,000 OPERATING EXPENSES Research and development 17,363,310 General and administrative 7,670,808 Total operating expenses 25,034,118 Net loss from operations (17,634,118) Interest income 907,180 Interest expense (82,652) Net loss $(16,809,590) POINT THERAPEUTICS, INC. (A Development Stage Company) CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) Dec. 31, Dec. 31, 2002 2001 ASSETS Cash, cash equivalents and marketable securities $12,005,495 $5,563,344 Property and equipment, net 273,385 81,187 Other assets 273,694 6,532 Total assets $12,552,574 $5,651,063 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities $1,400,303 $1,372,313 Other liabilities 57,055 60,634 Total stockholders' equity 11,095,216 4,218,116 Total liabilities and stockholders' equity $12,552,574 $5,651,063 CONTACT: Point Therapeutics, Inc. Richard N. Small, 617/933-2130 -----END PRIVACY-ENHANCED MESSAGE-----