UNITED STATES
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 QUARTERLY PERIOD ENDED SEPTEMBER 30, 2000
OR
( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
Commission file number: 0-28006
MICROCIDE PHARMACEUTICALS, INC.
(Exact name of registrant as specified in its charter)
Delaware 94-3186021
(State or other jurisdiction of (I.R.S. Employer
incorporation of organization) Identification Number)
850 Maude Avenue, Mountain View, California 94043
(Address of principal executive offices) (ZIP Code)
Registrant's telephone number, including area code: 650-428-1550
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 of Common Stock, no par value, outstanding as of October 31,
2000: 11,409,322
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MICROCIDE PHARMACEUTICALS, INC.
INDEX FOR FORM 10-Q
SEPTEMBER 30, 2000
PAGE
NUMBER
PART I FINANCIAL INFORMATION
Item 1. Condensed Financial Statements and Notes (unaudited)
Condensed Balance Sheets as of September 30, 2000
and December 31, 1999 3
Condensed Statements of Operations for the three and nine
months ended September 30, 2000 and September 30, 1999 4
Condensed Statements of Cash Flows for the nine months
ended September 30, 2000 and September 30, 1999 5
Notes to Condensed Financial Statements 6
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations 8
Item 3. Quantitative and Qualitative Disclosures about Market Risk 12
PART II OTHER INFORMATION 13
Item 1. Legal Proceedings
Item 2. Changes in Securities
Item 3. Defaults in Senior Securities
Item 4. Submission of Matters to a Vote of Security Holders
Item 5. Other Information
Item 6. Exhibits and Reports on Form 8-K
SIGNATURES 14
2
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<TABLE>
MICROCIDE PHARMACEUTICALS, INC.
CONDENSED BALANCE SHEETS
(in thousands)
<CAPTION>
September 30, December 31,
2000 1999
-------- --------
(Unaudited) (Note)
<S> <C> <C>
ASSETS
Current assets:
Cash and cash equivalents $ 2,785 $ 5,660
Short-term investments 12,439 19,208
Receivables, prepaid expenses and other current assets 1,084 443
-------- --------
Total current assets 16,308 25,311
Property and equipment, net 6,239 7,592
Other assets 857 928
-------- --------
Total assets $ 23,404 $ 33,831
======== ========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 519 $ 358
Accrued compensation 1,053 984
Current portion of notes payable 1,559 1,440
Deferred revenue -- 387
Other accrued liabilities 779 695
-------- --------
Total current liabilities 3,910 3,864
Long-term portion of notes payable 723 1,907
Accrued rent 263 257
Stockholders' equity:
Common stock 68,296 67,112
Accumulated deficit (49,777) (39,243)
Accumulated other comprehensive loss (11) (66)
-------- --------
Total stockholders' equity 18,508 27,803
-------- --------
Total liabilities and stockholders' equity $ 23,404 $ 33,831
======== ========
NOTE: The balance sheet at December 31, 1999 has been derived from the audited 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.
See Notes to Condensed Financial Statements.
</TABLE>
3
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<TABLE>
MICROCIDE PHARMACEUTICALS, INC.
CONDENSED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
(unaudited)
<CAPTION>
Three Months Ended Nine Months Ended
September 30, September 30,
-------------------------- --------------------------
2000 1999 2000 1999
-------- -------- -------- --------
<S> <C> <C> <C> <C>
Revenues:
Research revenues $ 1,454 $ 1,560 $ 4,108 $ 5,498
Other revenues -- 32 -- 331
-------- -------- -------- --------
Total revenues 1,454 1,592 4,108 5,829
Operating expenses:
Research and development 3,985 4,044 12,154 13,249
General and administrative 1,242 1,103 3,167 3,087
-------- -------- -------- --------
Total operating expenses 5,227 5,147 15,321 16,336
-------- -------- -------- --------
Loss from operations (3,773) (3,555) (11,213) (10,507)
Interest and other income, net 210 261 679 848
-------- -------- -------- --------
Net loss $ (3,563) $ (3,294) $(10,534) $ (9,659)
======== ======== ======== ========
Basic and diluted net loss per share $ (0.31) $ (0.30) $ (0.93) $ (0.87)
======== ======== ======== ========
Weighted-average shares used in computing
basic and diluted net loss per share 11,354 11,105 11,292 11,069
See Notes to Condensed Financial Statements.
</TABLE>
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<TABLE>
MICROCIDE PHARMACEUTICALS, INC.
CONDENSED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
Change in cash and cash equivalents
<CAPTION>
Nine Months Ended
September 30,
-------------------------------
2000 1999
-------- --------
<S> <C> <C>
Cash flows used in operating activities:
Net loss $(10,534) $ (9,659)
Adjustments to reconcile net loss to net cash
provided by (used in) operating activities:
Depreciation and amortization 1,926 2,075
Amortization of deferred compensation -- 377
Accrued rent 6 103
Changes in assets and liabilities:
Receivables, prepaid expenses and other current assets (641) (1,135)
Other assets 71 41
Accounts payable 161 (397)
Accrued compensation and other accrued liabilities 153 296
Deferred revenue (387) 26
-------- --------
Net cash used in operating activities (9,245) (8,273)
-------- --------
Cash flows from investing activities:
Purchase of short-term investments (7,676) (24,231)
Maturities of short-term investments 14,500 34,407
Capital expenditures (573) (498)
-------- --------
Net cash provided by investing activities 6,251 9,678
-------- --------
Cash flows from financing activities:
Principal payments on notes payable (1,065) (817)
Net proceeds from issuance of common stock 1,184 101
-------- --------
Net cash provided by (used in) financing activities 119 (716)
-------- --------
Net (decrease) increase in cash and cash equivalents (2,875) 689
Cash and cash equivalents, beginning of period 5,660 7,794
-------- --------
Cash and cash equivalents, end of period $ 2,785 $ 8,483
======== ========
Supplemental disclosure of cash flow information:
Interest paid $ 202 $ 270
======== ========
See Notes to Condensed Financial Statements.
</TABLE>
5
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MICROCIDE PHARMACEUTICALS, INC.
NOTES TO CONDENSED FINANCIAL STATEMENTS
September 30, 2000
(Unaudited)
1. Summary of Significant Accounting Policies
Organization and Basis of Presentation
Microcide Pharmaceuticals, Inc. (the "Company") is a biopharmaceutical
company whose mission is to discover, develop and commercialize novel
antimicrobials for the improved treatment of serious bacterial, fungal and viral
infections. The Company's discovery and development programs address the growing
problem of bacterial drug resistance and the need for improved antifungal and
antiviral agents through two principal themes: (i) Targeted Antibiotics, which
focuses on developing novel antibiotics and antibiotic potentiators to directly
address existing bacterial and fungal resistance problems, and (ii) Targeted
Genomics, which utilizes bacterial, fungal and viral genetics to discover new
classes of antimicrobials and other novel treatments for infectious diseases.
The accompanying unaudited condensed financial statements have been
prepared in accordance with generally accepted accounting principles for interim
financial information and with the instructions to Form 10-Q and Rule 10-01 of
Regulation S-X. Accordingly, they do not include all of the information and
footnotes required by generally accepted accounting principles for complete
financial statements. In the opinion of management, all adjustments (consisting
of normal recurring accruals) considered necessary for a fair presentation have
been included. The results of operations for the interim periods shown herein
are not necessarily indicative of operating results for the entire year.
This unaudited financial data should be read in conjunction with the
financial statements and footnotes contained in the Company's annual report on
Form 10-K for the year ended December 31, 1999.
2. Net Loss per Share
Basic earnings (loss) per share is calculated using the weighted
average number of common shares outstanding. Because the Company is in a net
loss position, diluted earnings per share is calculated using the weighted
average number of common shares outstanding and excludes the effects of options
which are antidilutive. Had the Company been in a net income position, diluted
earnings per share would have included the shares used in the computation of
basic net loss per share as well as an additional 1,582,782 and 1,663,176 shares
for 2000 and 1999, respectively, related to outstanding options not included
above (as determined using the treasury stock method at the estimated average
market value).
3. Comprehensive Loss
Comprehensive loss is comprised of net loss and other comprehensive
income (loss). Other comprehensive income (loss) includes certain changes in
equity that are excluded from net loss. Specifically, unrealized holding gains
and losses on our available-for-sale securities, which were reported separately
in stockholders' equity, are included in accumulated other comprehensive income
(loss).
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4. Recently Issued Accounting Standards
In December 1999, the Securities and Exchange Commission issued Staff
Accounting Bulletin No. 101 ("SAB 101"), "Revenue Recognition in Financial
Statements." SAB 101 summarizes certain areas of the staff's views in applying
generally accepted accounting principles to revenue recognition. SAB 101 is
required to be adopted by December 31, 2000. The Company is in the process of
assessing the impact of SAB 101 and does not expect that the implementation of
SAB 101 will have a material effect.
In March 2000, the FASB issued Interpretation No. 44 ("FIN 44"),
"Accounting for Certain Transactions Involving Stock Compensation", which
contains rules designed to clarify the application of APB 25 with respect to
stock-related compensation. FIN 44 is effective July 1, 2000. The adoption of
FIN 44 did not have a material impact on the Company's financial position or
results of operations.
5. Subsequent Events
In November 2000, the Company announced the signing of a research
collaboration and license agreement with Schering-Plough Animal Health, for
joint research to discover and develop improved veterinary antimicrobial drugs
using Microcide's technology and knowledge of bacterial efflux pumps and other
resistance mechanisms that limit drug effectiveness. Under terms of the
agreement, Schering-Plough Animal Health will have worldwide rights to products
resulting from the collaboration. The Company will receive an upfront payment
and research support payments over a two-year period and milestone and royalty
payments on products emerging from the collaboration.
The Company also recently announced that Pfizer Animal Health notified
the Company of its decision to extend the Collaborative Research Agreement dated
January 1999 for an additional year, beginning January 2001.
7
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ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS
Overview
As part of the Company's strategy to enhance its research and
development capabilities and to fund, in part, its capital requirements,
Microcide entered into collaborative agreements with four major pharmaceutical
companies. Pursuant to the Company's collaborative agreements with R.W. Johnson
Pharmaceutical Research Institute, a Johnson & Johnson company ("RWJPRI"),
Daiichi Pharmaceutical Co. ("Daiichi"), Pfizer Inc. ("Pfizer") and
Schering-Plough Animal Health Corporation ("SPAH") (the "Collaborative
Agreements"), the Company has received license fees, milestone payments and
research support payments, and can potentially receive additional research
support payments, milestone payments and royalty payments. License payments are
typically nonrefundable up-front payments for licenses to develop, manufacture
and market products, if any, that are developed as a result of the
collaboration. Research support payments are typically contractually obligated
payments to fund research and development over the term of the collaboration.
Milestone payments are payments contingent upon the achievement of specified
milestones, such as selection of candidates for drug development, the
commencement of clinical trials or receipt of regulatory approvals. If drugs are
successfully developed and commercialized as a result of the Collaborative
Agreements, the Company will receive royalty payments based upon the net sales
of such drugs. In addition, the Company has derived other revenues principally
through the sale of molecular diversity to other pharmaceutical and
biotechnology companies for use in their research programs, and through
short-term contract research.
Through September 30, 2000, the Company had received in the aggregate
$52.8 million in license fees, milestone payments and research support payments
under the Collaborative Agreements. The funded research portion of the
Collaborative Agreements with Daiichi and RWJPRI concluded at the end of the
first and fourth quarters of 1999, respectively. In November 1999, RWJPRI
commenced Phase I clinical trials of our cephalosporin compound RWJ 54428
(MC-02,479) developed during the Microcide-RWJPRI Gram-positive research
collaboration. While progress was made during the quarter in the
RWJPRI-sponsored Phase I clinical trials involving this compound, analysis of
data from three separate Phase I protocols indicates the need for additional
studies to address local irritation at the injection site observed in some
subjects. This decision will extend completion of the current Phase I trials for
this compound beyond year-end 2000. In addition, work continues on a second
Microcide cephalosporin compound, RWJ 333441 (MC-04,546), in pre-clinical
development with RWJPRI.
In February 2000, the November 1995 Daiichi agreement was amended to
focus on advancing a particular class of efflux pump inhibitor compounds for
pre-clinical development. The March 1996 Pfizer agreement was amended effective
March 2000, and funding for the fifth year is at a reduced amount. In May 2000,
the Company and Daiichi signed a new joint research agreement for a one year
term whereby Daiichi will provide research support payments for discovering and
developing inhibitors that will overcome the effect of efflux pumps in
Pseudomonas aeruginosa. The Company also signed an agreement in May 2000 with
Coelacanth Corporation for joint research, in which Coelacanth will provide
novel libraries of compounds for screening in a broad range of Microcide assays
directed at the identification of innovative antiviral, antifungal and
antibacterial therapeutic agents. In November 2000, the Company announced the
signing of a research collaboration and license agreement with SPAH. The joint
research effort will use Microcide's technology and knowledge of bacterial
efflux pumps and other resistance mechanisms (see Subsequent Events). The
Company also recently announced that Pfizer Animal Health notified the Company
of its decision to extend the Collaborative Research Agreement dated January
1999 for an additional year, beginning January 2001.
In the event that the Company and its collaborators achieve the
specified research and product development milestones, it will be entitled to
receive milestone payments as follows: up to $16.5 million for the first product
and up to $15.5 million for each additional product developed pursuant to the
RWJPRI Agreements, up to $13.0 million for each product developed pursuant to
the Daiichi Agreements and up to $32.5 million for each product developed
pursuant to the Pfizer Agreements. The Pfizer Animal Health and SPAH
collaborations provide for a lower level of milestone payments than those
applicable to human health applications. Receipt of the above milestone payments
is contingent upon achieving specified research and product development
milestones, a number of which may not be achieved for several years, if ever.
While the Collaborative Agreements provide for royalty payments on future
products that may result, the Company does not expect to receive royalties based
upon net sales of drugs for a significant number of years, if at all.
8
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The Company has incurred substantial losses in the past and expects to
continue to incur operating losses over the next several years. Quarterly
results of operations are subject to significant fluctuations based on the
timing and amount of certain revenues earned under the Collaborative Agreements.
Fluctuations in the Company's operating results and market conditions for
biotechnology stocks in general could have a significant impact on the
volatility of the market price for the common stock and on the future price of
the common stock. The stock market has experienced significant price and volume
fluctuations that are often unrelated to the operating performance of particular
companies. The market price of the common stock, like that of the securities of
many other biopharmaceutical companies, has been and is likely to continue to be
highly volatile.
The biotechnology industry is highly competitive, and new developments
are occurring at an increasing pace. Competition from biotechnology and
pharmaceutical companies, joint ventures, academic and other research
institutions and others is intense and is expected to increase. Many competitors
have substantially greater financial, technical and personnel resources than the
Company. Although the Company believes that it has identified new and distinct
approaches to drug discovery, there are other companies with drug discovery
programs, at least some of the objectives of which are the same as or similar to
the Company's. Competing technologies may be developed which would render the
Company's technologies obsolete or non-competitive.
This Form 10-Q contains forward-looking statements based upon current
expectations, including statements with regard to the potential receipt of
additional research support payments, milestone payments and royalties from the
Company's collaborative partners, the successful development and
commercialization of drugs and the receipt of royalties thereon or sales revenue
therefrom, and the period of time for which the Company's existing financial
resources, interest income and future payments under Collaborative Agreements
will be sufficient to enable the Company to maintain current and planned
operations, the continuation of the Company's Collaborative Agreements with its
strategic partners, the potential impact of any latent Year 2000 issues and the
market risk of the Company's investments. Such forward-looking statements
involve risks and uncertainties, including, without limitation, the following.
There is no assurance that any compounds discovered will successfully proceed
through pre-clinical development and clinical trials, obtain requisite
regulatory approvals for marketing or result in a commercially useful product.
There is no assurance that the Company will successfully continue existing
corporate collaborations or enter into further collaborations with respect to
any of its internally funded research programs or that current collaborators
will elect to proceed through the various stages of clinical development as
currently anticipated or on the same schedule as we would proceed if we were
conducting such trials independently. There is no assurance that any development
candidates will be identified, that any selected development candidates will
proceed through pre-clinical trials or will prove safe and effective for
treatment of humans or animals in clinical trials. There is no assurance that
the identification, selection, manufacture, pre-clinical testing, and clinical
testing of development candidates will not take substantially longer or not be
substantially more expensive than contemplated by the Company. There is no
assurance that the Company will be able to obtain on a timely basis government
regulatory clearance required for clinical testing, manufacturing, and marketing
of its products. There is no assurance that any latent Year 2000 issues will not
have a material impact on the Company. For a discussion of other risks and
uncertainties affecting the Company's business, see the Company's annual report
on Form 10-K for the year ended December 31, 1999. The Company's actual results
and timing of certain events may differ significantly from the results discussed
in such forward-looking statements as a result of these or other factors.
Results of Operations
Three Months Ended September 30, 2000 and September 30, 1999
Revenues. Total revenues for the third quarter of 2000 were $1.5 million, as
compared to $1.6 million in the third quarter of 1999. Revenues were largely
derived from the corporate collaborations with Pfizer, Pfizer Animal Health and
Daiichi. The decline in comparative revenues from RWJPRI and Pfizer was offset
by an increase in research support revenues from the joint research agreement
signed in May 2000 with Daiichi and contract research revenues from other
companies funding exploratory research.
9
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Research and Development Expenses. Research and development expenses for the
third quarters were approximately the same in both 2000 and 1999 at $4.0
million.
General and Administrative Expenses. General and administrative expenses for the
third quarter increased slightly from $1.1 million in 1999 to $1.2 million in
2000, due primarily to higher expense for outside services.
Interest Income, net. Interest income for the third quarter decreased from
$343,000 in 1999 to $268,000 in 2000, primarily due to a decrease in average
cash balances. Interest expense for the third quarter of 2000 decreased from
$82,000 in 1999 to $59,000 in 2000 primarily due to the declining balance on an
equipment financing loan.
Nine Months Ended September 30, 2000 and September 30, 1999
Revenues. Total revenues for the first nine months of 2000 were $4.1 million, a
decrease from $5.8 million in revenues recognized in the first nine months of
1999. Revenues were largely derived from the corporate collaborations with
Pfizer, Pfizer Animal Health and Daiichi. The decrease in revenues resulted
primarily from a reduction in funding from Pfizer due to a contract amendment
that modified the research plan, and the conclusion of the funded research
portion of the collaboration with RWJPRI in December 1999. The decrease was
partially offset by research revenues recognized from the joint research
agreement signed with Daiichi in May 2000, and contract research revenues from
other companies funding exploratory research.
Research and Development Expenses. Research and development expenses for the
first nine months of 2000 decreased from $13.2 million in 1999 to $12.2 million
in 2000. The decrease was due primarily to lower compensation expenses resulting
from a decrease in headcount and lower spending for outside services and
research supplies.
General and Administrative Expenses. General and administrative expenses for the
first nine months of 2000 increased from $3.1 million in 1999 to $3.2 million in
2000. The increase was due primarily to higher expense for outside services.
Interest Income, net. Interest income for the first nine months of 2000
decreased from $1.1 million in 1999 to $878,000 in 2000, primarily due to a
decrease in average cash balances. Interest expense for the first nine months of
2000 decreased from $270,000 in 1999 to $202,000 in 2000 primarily due to the
declining balance on an equipment financing loan.
Liquidity and Capital Resources
The Company has financed its operations since inception primarily
through the sale of equity securities, through funds provided under the
Collaborative Agreements, through other revenues principally consisting of sales
of molecular diversity and contract research and through equipment financing. As
of September 30, 2000, the Company had received $66.0 million from the sale of
equity and $52.8 million in cash from license and milestone fees and research
support payments under the Collaborative Agreements.
Cash, cash equivalents and short-term investments at September 30, 2000
were $15.2 million compared to $24.9 million at December 31, 1999. The decrease
during the first nine months of 2000 was due primarily to cash used by
operations of $9.3 million, $573,000 in capital expenditures and $1.1 million
utilized in financing activities, mainly principal payments on the Company's
equipment financing arrangement. This decrease was partially offset by $1.2
million in net proceeds from the issuance of common stock from the exercise of
stock options.
The Company expects that its existing capital resources, interest
income and future payments due under the Collaborative Agreements will enable
the Company to maintain current and planned operations at least through 2001.
The Company expects that it will need to seek additional funds to continue its
business activities and will seek to raise such additional funding from other
collaborative arrangements, or public or private financings, including sales of
equity or debt securities. Any such collaborative or licensing arrangements
could result in limitations on the Company's ability to control the
commercialization of resulting drugs, if any, and could limit profits, if any,
therefrom. Any such equity financing could result in dilution to the Company's
then-existing stockholders. There can be no assurance that additional funds will
be available on favorable terms or at all, or that such funds, if raised, would
be sufficient to permit the
10
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Company to continue to conduct its operations. If adequate funds are not
available, the Company may be required to curtail significantly or eliminate one
or more of its research programs.
Impact of Year 2000
In prior periods, the Company has discussed its plans and status
relating to potential computer system malfunctions relating to the "Year 2000"
issue, whereby computer systems would not be able to distinguish between dates
in the 20th century versus the 21st century. In late 1999, the Company completed
its assessment, repair, upgrade and replacement of its computer systems and
research equipment, as well as an analysis of the readiness of third parties
with whom the Company interacts. As a result of its planning and remediation
efforts, the Company experienced no significant disruptions in its information
technology and non-information technology systems and believes that those
systems successfully responded to the Year 2000 date change.
As of September 30, 2000, the Company is not aware of any material
problems resulting from Year 2000 issues, either with its computer systems or
research equipment with embedded chips or software. The Company will continue to
monitor its information technology systems and those of its suppliers and
vendors throughout the Year 2000 to ensure that any latent Year 2000 matters
that may arise are addressed promptly. Management does not believe that any
latent Year 2000 changes will have a material adverse impact on the Company's
financial condition or results of operations. To date, costs related to the Year
2000 issues have not been material.
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ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
The following discussion about the Company's market risk disclosure
involves forward-looking statements. The Company is exposed to market risk
related mainly to changes in interest rates. The Company does not invest in
derivative financial instruments.
Interest Rate Sensitivity
The fair value of the Company's investments in marketable securities at
September 30, 2000 was $13.9 million. The Company's investment policy is to
manage its marketable securities portfolio to preserve principal and liquidity
while maximizing the return on the investment portfolio. The Company's
marketable securities portfolio is primarily invested in corporate debt
securities with an average maturity of under one year and a minimum investment
grade rating of A or A-1 or better to minimize credit risk. Although changes in
interest rates may affect the fair value of the marketable securities portfolio
and cause unrealized gains or losses, such gains or losses would not be realized
unless the investments are sold prior to maturity.
Foreign Currency Exchange Risk
At this time, the Company does not participate in any foreign currency
exchange activities, and therefore is not subject to risk of gains or losses for
changes in foreign exchange rates.
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PART II OTHER INFORMATION
Item 1. Legal Proceedings
None.
Item 2. Changes in Securities
None.
Item 3. Defaults in Senior Securities
None.
Item 4. Submission of Matters to a Vote of Security Holders
None.
Item 5. Other Information
None.
Item 6. Exhibits and Reports on Form 8-K
(a) The following exhibits have been filed with this report:
10.32* Research Collaboration and License Agreement between the
Registrant and Schering-Plough Animal Health Corporation
and Schering-Plough Ltd. effective September 1, 2000.
27.1 Financial Data Schedule
(b) Reports on Form 8-K.
No reports on Form 8-K were filed during the quarter ended
September 30, 2000.
* To be filed by amendment.
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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.
Dated: November 14, 2000
MICROCIDE PHARMACEUTICALS, INC.
(Registrant)
/s/ James E. Rurka
-------------------------------------
James E. Rurka
President, Chief Executive Officer
and Director, (principal executive
officer)
/s/ Donald D. Huffman
-------------------------------------
Donald D. Huffman
Vice President, Finance and Corporate
Development, Chief Financial Officer
(principal financial and accounting
officer)
14
